Finding the “Soft Spots” and Productive Iteration, What it Really Takes to Launch a New Product
Teem Ventures’ Founder and Managing Partner, Raj Amin, recently appeared on This is Product Management; a podcast produced by leading research and experimentation firm AlphaHQ and hosted by Mike Fishbein. Raj discusses lessons learned from his extensive career launching new products and ventures in multiple industries including digital TV, transportation, healthcare and online media. He talks of his time founding HealthiNation, co-creating products with Avis Budget Group and developing a new digital mental health app Personal Zen all while sharing the lessons he has learnt throughout.
In this podcast, Raj talks about how he distinguishes proof of concepts and MVPs as two separate concepts and why they hold great importance in getting a product to market.
Getting a product to market is not just about feature development. Product marketing is critical too and discussed in this podcast. “A lot of value comes from properly naming and positioning these products, and a lot of the time that ends up being an afterthought rather than a good iterative process” he says.
At a time when stress and anxiety is at its highest levels, Raj discusses the incubation of his latest venture in the Digital Therapeutics space focusing on mental health. Raj reveals how the new gamified app was incubated by Teem Ventures and the why behind the company formation. He talks through the iterative changes made to the pilot version of the app based on user reviews and research. Raj then goes on to further discuss how exposure to data on how customers feel is vital when launching a product.
He adds “You can’t plan for one big launch, that world is over. It is going to be a series of iterations where you are going to be adding features and tweaking the product until you have a really good product market fit.”
Many other “lessons learned” are shared for executives at corporations involved in new product launches and startup founders creating their first venture.