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businesslaunch_logo.jpgThis Wednesday, Thursday and Friday, I will be a judge for the semi-finals of the GRA/TAG 2008 Business Launch Competition.

Applicants, then semifinalists, then finalists are competing for a prize that includes a $100,000 cash award and services valued at an additional $200,000, for a total grand prize of $300,000.

This event is conducted by the The Georgia Research Alliance and the Technology Association of Georgia with the goal of supporting the creation and growth of new technology companies in Georgia.

In addition to the cash and services award, entrants have an option to work with a mentor to further develop and refine their business plan. A group of Georgia's most successful high tech entrepreneurs has agreed to serve as mentors.

A preeminent panel of judges consisting of business leaders, entrepreneurs and venture capitalists includes:

Semi Final Judges:

  • Don Addington, Managing Partner, The Addington Group

  • Edward Croft, Croft & Bender

  • Aaron deSouza, Partner, Grant Thornton

  • David Eckoff, CEO, Revolutionary Ventures

  • Joe Fiveash, EVP and GM, The Weather Channel Interactive

  • Price Harding, Partner, Carter Baldwin

  • Jeff Harris, Harbert Ventures

  • Mark Morel, Chairman and CEO, XOSphere

  • Sig Mosley, President, Imlay Investments

  • Guido Sacchi, CIO, CompuCredit

  • Martin Tilson, Managing Partner, Burr & Foreman

  • Rik Vandevenne, Principal, River Cities Capital Funds

  • Finals Judges:

  • Adam Coyle, Operating Partner, Advent Group

  • Tom Crotty, General Partner, Battery Ventures

  • Cynthia Glassman, U.S. Department of Commerce

  • Mark Johnson, former Vice Chairman, CheckFree Corporation

  • Christopher Klaus, Founder & CEO, Kaneva

  • Ann Lamont, Managing Partner, Oak Investment Partners

  • Fred Sturgis, Managing Director, H.I.G. Ventures


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    BusinessWeek has an article "Why 'Good Enough' Is Good Enough", with the premise that "imperfect technology greases innovation -- and the whole marketplace."

    I'm known for saying in my keynote speeches that "perfection is the enemy of innovation." Why? Perfection is expensive, unattainable, time consuming and limits flexibility -- a quality needed for innovation.

    However, be sure that the "good enough" mantra doesn't become misunderstood as an excuse for poor quality in areas where quality matters to customers.

    My friends from consulting firm Innosight say it best: release a 1.0 version of a product that is "good enough where it has to be, better where it needs to be" (for the consumer job to be done). And then improve the product based on feedback from consumers in the marketplace.

    Or as H. Jackson Brown, Jr. said it:

    "Some things need doing better than they've ever been done before. Some just need doing. Others don't need doing at all. Know which is which."

    I had a chance to listen to Keith Cunningham's telecon the other night, and he had a lot of smart things to say about launching and running new businesses. Good reminders about important business concepts, including focusing on execution.

    Here's the link to the MP3 of the telecon:

  • MP3 of Keith Cunningham's telecon July 23, 2007.
  • You may already be familiar with Keith Cunningham if you read the best selling business book "Rich Dad, Poor Dad", a lot of the info in that book came from Cunningham.

    Related links:

  • "Beating the Odds: Characteristics of a Successful Business". Notes from presentation by Keith Cunningham (Part 1)

  • "6 big mistakes that people make in business". Notes from presentation by Keith Cunningham (Part 2)

  • Google Photo I recently attended a presentation titled "Innovation at Google", by David Bercovich, product marketing manager at Google.

    Among the highlights of his presentation, Bercovich shared key lessons learned about product management.

    People have a close connection to Google, Bercovich said, because it has opened up information to people and changed the perception people have of sharing information. Before, people who had information had power. Now, in the interconnected world, sharing information has power.

    From a marketing perspective, it's interesting to remember that Google didn't do a lot of advertising to attract new users. For most people who use Google's services, a friend said to them: "You've got to try this because it is great." Bercovich notes that as we're more networked, that kind of viral marketing happens more. That's one reason why I believe it is so critical to focus on Net Promoter Score in running a business.

    When you think about it, the consumer technology world is innovating because you're one click away from a consumer going somewhere else. For Google, "It's all about innovation, because there are no switching costs in search," Bercovich said.

    Here is a summary of Google's product management tenets, as presented by Bercovich:

    1) Fast is Better Than Slow.

    While there's an old saying "patience is a virtue", users are impatient. Google has found that if they slow search by 1/10 of a second, there are significant decreases in search usage. What does that say about user experience in other parts of the web? People don't have a lot of patience.

    There are implications to how to deploy web services. The world sped up, but for many companies how they deploy didn't change.

    In the old model: define all the requirements; evaluate build vs. buy; issue an RFI or RFP; select a vendor; conduct a bake off; define an implementation plan; customize the application; build an end user training plan; deploy the application. That takes a long time.

    In the new model: get the product out quickly, let early adopters provide feedback and have that shape the product. New product development must be iterative, not a big bang. Launch and improve. Fail quickly and learn.

    In the past, safe was better. Now, the speed at which industries are changing makes an important case for speed and taking more risk.

    2) Simple is Better than Complex.

    Google search today has essentially the same simple experience it did in 1997. Today, all the innovation happens behind the scenes, so the products are easy to use. No user manual is needed.

    3) Assume Chaos and Deal with It.

    As a basic approach, Bercovich advises: encourage risk taking, don't punish failure. "If you're not making mistakes every month or quarter, you're not taking enough risks," Bercovich said.

    In terms of dealing with chaos, Bercovich says that manual categorization and hierarchies are dead. As an example, he has 108,000 emails in his inbox. The old way of putting mail into folders isn't scalable.

    "Search is the only scalable option," Bercovich said.

    And this example applies to information across a company: rather than structurally manage each piece of content, allow people to search the information they have access privileges to.

    Of course, search isn't always the right tool: for example browse and discovery are important for media.

    Bercovich notes that there is a difference between not being structured with information categories vs. not being structured in your approach to problem solving.

    How does Google approach problem solving? "Google's core philosophy in hiring is hire athletes, not shortstop," Bercovich said. "If you hire a person to solve a particular problem, over time that problem changes."

    Organizationally, he advises forming small teams, and moving people around a lot.

    "Put a small team on something. Put it on the web. Test it," Bercovich said.

    (Photo credit: smanjo)

    HMSnackWrap_Grilled_Crispy.jpg A good article in the Wall Street Journal last week that describes the innovation process at McDonald's and the invention of the snack wrap.

    Years ago, McDonald's relied on creative franchisees to develop new items in their kitchens. Today, McDonald's uses a more sophisticated approach led by Dan Coudreaut, director of culinary innovation.

    Coudreaut and his four-person team evaluate as many as 1,800 ideas a year to arrive at a handful of items that must be tasty, inexpensive and easy to prepare.

    In developing the snack wrap, the product team started with the idea of stuffing chicken inside a tortilla with melted cheese to make a cross between a taco and a quesadilla. They named it a "tacadilla" and tested it with customers. The chefs liked the taste, but customers didn't like it.

    So Coudreaut re-vectored. Instead of melting the cheese, he kept it shredded. He also added ranch sauce. This time, customers who tested the snack wrap liked it.

    One lesson learned from Coudreaut's product development approach: keep it simple.

    "You don't have to have 20 ingredients in something to be great," Mr. Coudreaut says. According to the article, workers make the snack wrap in as few as 25 seconds.

    But I think the key here is that Coudreaut and his team focused on a customer "job to be done".

    "The idea was there were times when our consumers tell us they want something that's substantial but not so filling," says Ubong Ituen, senior director for product marketing at McDonald's U.S. division.

    The results: after six months, the snack wrap has become one of the most successful new product launches in the history of McDonald's.

    Elizabeth_Coppinger.jpg RealNetworks has launched a film and entertainment news site, Film.com, featuring film previews, movie trailers, DVD releases, and coverage of television programming and celebrity news.

    Plenty of other web sites and blogs already offer similar content - so it remains to be seen if Real can build an audience in a crowded space.

    Having said that, I'm always impressed with Real's resourcefulness, in this case putting to use the great domain name they owned (but had essentially mothballed several years ago), and creating inventory for online advertising.

    I also like that the site will offer a free full-length independent movie each week. The "Film.com Movie of the Week", supported by in-movie sponsorship and advertising, will initially draw on a catalog of movies through a deal with GreenCine, a San Francisco-based company with a library of independent, international and documentary films.

    Seeking to further differentiate the site - and no doubt get media exposure - Real introduced the new Film.com at Sundance, where Film.com contributors posted daily video reports and commentary from the film festival.

    Among my friends from Real working on the project are Elizabeth Coppinger, Vice President, Media Software & Services (pictured); Michael McMurray, Director, Product Management; and Ted Kuoppamaki, Product Manager (who was Art Director at the original Film.com, which was founded by Lucy Mohl in 1994). Congrats on the launch of your new product!

    ue-triple-fi.jpg
    My friends at Ultimate Ears will soon release "limited edition" units of their newest product innovation: the "triple.fi 10", high-end triple-driver earphones.

    As some of you may recall from my previous review, I use Ultimate Ears UE-10 customer in ear monitors with my iPod.

    I am excited to see UE releasing the triple-driver universal fit earphones for people who want an incredible listening experience, at a price much lower than the custom UE-10's ($399 vs. $900). If they are as good as these advance reviews suggest, they will be worth every penny of the $399 price.

    Here is a round up of reviews of the triple.f1 10:

    Ultimate Ears triple.fi 10 Pro Earphones
    Digital Producer Magazine

    Ultimate Ears triple.fi 10 Pro (5 stars, Editors' Choice)
    PC Magazine

    Hands On with the New triple.fi 10 Pro
    LAPTOP Magazine

    Ultimate Ears triple.fi 10 Pro Earphones (A-, Highly Recommended)
    iLounge

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