We encourage Fab Lab ICC members, students and visitors to think about using the Fab Lab to “make things and make money.” Another way is to say “People will pay money for the things you can make here.” People in business and in their personal lives have wants and needs; i.e. problems to solve, and they are willing to spend money to fix those problems. That’s the whole premise behind this new way of thinking about entrepreneurship, finding better ways to solve problems. 

For entrepreneurs and inventors with new product ideas, Fab Lab ICC is a great place to develop prototypes in a quick and inexpensive way. At any given time, there are from one to five people working in various stages to bring new products to the marketplace. 

But wait. There’s more to introducing a new product than just making a working prototype. We have to have a pretty good idea that there are people that want the new product and that they are willing to pay for it.  

Here are five questions that need to be answered before talking to (i.e. spending money, time and/or effort to talk to) bankers, lawyers, patent attorneys or accountants about that new business idea you have. The answers can be informally written out and shared with a business coach, another service we provide through Fab Lab ICC. 

1. Describe the product or business idea, i.e. your solution. 

2. Describe the want, need or problem that your solution will solve. 

3. What are the current solutions? 

4. How is your solution different; i.e. better? 

5. How many people have the problem? 

The best way to answer these questions is to “go out into the world” and find those people that have the problem you are trying to solve and see if they think your solution would be preferable to whatever method they are currently using to deal with the problem. We believe this self-derived, informal method of determining whether or not potential customers are interested in your solution is far superior to formal market research. 

Framing your business idea in the context of how it will solve a problem is an essential first step in understanding whether or not anyone will actually buy your solution when it becomes available. It is also important to examine current solutions. Most problems are not new so one way or another people are dealing with them in some way. It is important to know as much as possible about current solutions so you can ask people if they think your solution will be better. How many people have the problem is not really a quantitative question for which you need a definite number. Another way to phrase the question might be “How wide-spread is the problem?” In a random gathering of 100 people from all walks of life, how many might have the problem you are trying to solve? 

Answering these five questions, especially after discussions with potential customers in the “real world” will most always point out that the solution you envision, in its current form, is not quite what people want. Use these five questions in an iterative process, answering them again and again after each tweak to the business or product idea. This is the best way to bring a new solution to the market without exhausting all your financial resources on a solution that most people will not buy.