Suggestions
Mark Finkel
Entrepreneurial Mentor | President of Emerging Growth | Professor of Entrepreneurship at Syms School of Business, Yeshiva University
Mark Finkel is an accomplished academic and entrepreneur, currently serving as an Associate Professor of Entrepreneurship at the Sy Syms School of Business, Yeshiva University. He has been with the institution since January 2018 and was previously an adjunct professor from August 2017 to January 2018. In recognition of his teaching excellence, he was voted "Professor of the Year" for the 2020-2021 academic year by the student body.1
In addition to his teaching role, Finkel is the Director of the Executive MBA Program at the Sy Syms School of Business, a position he has held since August 2018. His professional experience extends beyond academia; he is the President of Emerging Growth Group, where he has worked with over 25 growing companies, focusing on operational strategies and financial management.1
Finkel holds a JD from the University of California, Davis - School of Law, an MBA in Finance from New York University's Leonard N. Stern School of Business, and a BA in Government from Oberlin College.1 His background includes significant roles in various companies, including Chief Strategy Officer at SoftWorks AI and positions on advisory boards for several technology firms.1
Highlights
Eric Ries popularized the concept of a Minimum Viable Product. I think he got the general idea right – you need market feedback to help structure your Offering. One way to do that is what he suggests; get an offering out quickly to the Market, even if it does not contain all of the ultimate features. But the phrase sounds like you are striving for mediocrity or something barely alive. (“Nurse, this is a Minimal Viable Patient – put them on a Minimum Viable life support machine.”). The tyranny of low expectations.
I prefer the phrase that 20th Century Industrial Designer Raymond Loewy developed. He called it ‘MAYA’; Most Advanced Yet Acceptable. By this he meant that customers want to be grounded in the familiar yet they want features that are new. The phrase is both guiding and aspirational.
This explains the popularity of movie sequels. This explains why my Pandora channels mix the musicians with whom I seeded my stations along with new artists to keep my interest and attention.
This not only applies to the optimal Features of a product or service offering, but also to the features of the Awareness and Branding campaigns. If you are trying to introduce a product or service that is highly innovative, you will need to emphasize the familiar.
☑ Find a metaphor that conveys familiarity. ‘Swimply is the Airbnb for Swimming Pools.’ ☑ Use a familiar spokesperson or archetype. If you can’t afford a celebrity or influencer, use a kindly figure. Out with green hair, in with tortoise-shell glasses. ☑ Use Tribalism or Community to reassure the audience that they will be in a supportive environment of customers.
By mixing innovation with familiarity, you will increase your chances of gaining customer consideration of your Offering and achieving Market Traction.
#markettraction #brandawareness
Last week I had the privilege of spending time in Brooklyn with David Hammer and Baruch Herzfeld, the founders of Popwheels. Popwheels is building America's first municipal-wide, e-bike battery swap network, and they will be opening their first locations in NYC shortly. They work to solve important problems in micro-mobility including helping delivery workers stay productive and addressing the fire risk associated with e-bike batteries.
Working closely with the NYC government, their solution is a network of battery-swapping stations and a swappable battery which has been cleverly designed to be compatible with almost all e-bikes. Thank you David Hammer and Baruch Herzfeld for the tour!
Wishing you all the best with this thoughtful and exciting new solution!
