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Jan 18

Agility vs false confidence: The $85 Yukon watermelon

The Financial Post reported about a rare delicacy, a watermelon, flown in to a grocery store in the Northern Yukon. Like a sleek Italian sports car, it sat in the showroom – too expensive for any local resident to buy. Residents asked if they could buy a single slice, and the store manager refused. Until the melon rotted and had to be pitched in the bin.

What’s this pitch got to do with pitching your high-tech innovation to investors – and to KOLs who should be early-adopter customers and champions?

Listen and learn. Be agile enough to rethink your assumptions about the value proposition, the customer experience and the total cost of ownership. Be ready to offer your product in slices, rather than in one single $85 package, or as part of a meal, rather than as a stand-alone. Face reality if it isn’t selling – rather than claiming to be “right” and refusing to be daunted or dented by criticism.

If not, you could have the sweetest and rarest fruit in your addressable market. Something everyone wants to buy and try. But with a business model that’s so prohibitive that one is willing to embrace the sweet fruit that you’re selling.

More than anything else – what savvy investors and corporate sponsors will want to see is your agility. They’ll want to know what feedback mechanisms you’ve put into place to be a few steps ahead of your customers, but not on a different planet altogether. And to start where your customers are, and bring them with you – rather than asking them to take a giant $85 leap of faith.

Check it out on LinkedIn >> https://www.linkedin.com/pulse/agility-vs-false-confidence-85-yukon-watermelon-merom-klein?published=t

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