I love this one. I really think this is how an Industry/Space evolves.
When a new product/service is developed, a new space is born. The first companies to develop this focus on the basic product and what problems it is solving. The entire focus is on ensuring the product works well and is able to solve the problem it addresses. Slowly once this is achieved, features get added to the product to enhance the experience of the user. Once the product is complete and the desired experience of the user is achieved, the focus shifts from the product features and experience to its cost. An expensive product can only be used by few. Now the focus shifts to reduce the cost of the product to ensure a wider acceptance of the same.
Hence, what this quote means, according to me, is that there is always opportunity to startup until the product finally becomes complete and cheap.
When a new product/service is developed, a new space is born. The first companies to develop this focus on the basic product and what problems it is solving. The entire focus is on ensuring the product works well and is able to solve the problem it addresses. Slowly once this is achieved, features get added to the product to enhance the experience of the user. Once the product is complete and the desired experience of the user is achieved, the focus shifts from the product features and experience to its cost. An expensive product can only be used by few. Now the focus shifts to reduce the cost of the product to ensure a wider acceptance of the same.
Hence, what this quote means, according to me, is that there is always opportunity to startup until the product finally becomes complete and cheap.
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