Not all product ideas that we come up with have commercial potential. So, how do we determine which ideas have the best odds of succeeding?
For some tips, check out this Inc. video interview with Valerie Casey, who is the chief product officer at Samsung’s Global Innovation Center. She talks about the difference among a feature, a product, and a business.
Self-driving cars are in the late stages of testing in the United States. Besides safety issues, consumer skepticism, the regulatory environment will have a major impact on how quickly and widely that self-driving cars make it in the market.
Given that self-driving cars will/may be sold in the very near future, we need to better understand where the marketplace will be headed. Recently, McKinsey’s Michele Bertoncello and Dominik Weewe published a thought-provoking view of self-driving cars: “Ten Ways Autonomous Driving Could Redefine the Automotive World — The Development of Self-Driving, or Autonomous, Vehicles Is Accelerating. Here’s How They Could Affect Consumers and Companies.”
- “Industrial fleets lead the way.”
- “Car OEMs [original equipment manufacturers face a decision. Automakers worldwide will likely define and communicate their strategic position on AVs in the next two to three years.”
- “New mobility models emerge. While OEMs are developing autonomous vehicles, a variety of other transport-mobility innovations are already hitting the road.”
- “The car-service landscape changes.”
- “Car insurers might shift their business model. Car insurers have always provided consumer coverage in the event of accidents caused by human error. With driverless vehicles, auto insurers might shift the core of their business model, focusing mainly on insuring car manufacturers from liabilities from technical failure of their AVs, as opposed to protecting private customers from risks associated with human error in accidents.”
- “Companies could reshape their supply chains.”
- “Drivers have more time for everything. AVs could free as much as 50 minutes a day for users, who will be able to spend traveling time working, relaxing, or accessing entertainment.”
- “Parking becomes easier. AVs could change the mobility behavior of consumers, potentially reducing the need for parking space in the United States by more than 5.7 billion square meters.”
- “Accident rates drop. By mid-century, the penetration of AVs and other ADAS could ultimately cause vehicle crashes in the United States to fall from second to ninth place in terms of their lethality ranking among accident types.”
- “AVs accelerate robotics development for consumer applications.”
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