Tuesday, December 15, 2009

Trends, Innovation and Money

In reading and tweeting on a few news items this morning, I was compelled to write a quick blog post.  I think I am restating the obvious, but sometimes it's good to remember simple lessons.  So, here it is:

If you want to make a lot of money in the entertainment business (or any other business), solve a real problem for a price that people are willing to pay.  That's what successful companies do.

What does that have to do with trends and innovation?  Every time the ground shifts in any industry, there are new rules and new issues to be solved.  Identifying those issues early and creating great solutions is the essence of opportunity.

No reason to belabor this point.  Here is the bottom line:

1.  Watch the trends.
2.  Understand how the industry is innovating and responding to those trends.
3.  Assess what new challenges will be created as a result.
4.  Devise brilliant, practical solutions to those new problems.

So, in our business, technology is driving tremendous changes in every area of the industry.  In an hour of creative, enlightened thought, any of you could probably think of ten problems that will need to be solved as a result.  Want to make a lot of money?  Start solving.

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