The Circuit Breaker
S1 E5 | Unpacking Supply And Demand
Apr 19, 2022
This podcast dives into the differences between supply and demand in product development. It explores supply side innovation vs demand side innovation, understanding the needs of small businesses, the dangers of being too focused on either side, and the significance of prioritizing the understanding of demand in product development.
24:30
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Quick takeaways
- Understanding the specific needs and struggles of customers is crucial for successful product development.
- Balancing the supply and demand aspects of product development is necessary for progress and market success.
Deep dives
Understanding the Small Business Owner's Needs in Accounting Software
The podcast discusses the importance of understanding the needs and struggles of small business owners when developing accounting software. The hosts highlight the story of Scott Cook and Intuit's development of QuickBooks as an example. They found that many small business owners were using the personal finance software Quickin for business purposes, despite its limitations. By focusing on the demand side, Intuit aimed to create a product that was easy enough for small business owners to use independently but also provided the necessary minimum features for accountants to do taxes. Though QuickBooks may not have a passionate fanbase, it gained market share due to its focus on addressing the specific needs of small business owners.
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