The founder of Mind Solutions, Inc., Brent Fouch serves as CEO of Black Ice Advisors, LLC, a San Diego-based investment fund that provides capital to publicly traded corporations. Brent Fouch is an inventor of products and technologies and has patented a windsurfing pulley system to hoist mast and sail easily.
Invention is the process of discovering new ideas and tools to fulfill a need and simplify or improve human life. One of the effective ways to invent new products or develop new businesses is by utilizing the problem-solution fit strategy.
Problem-solution fit centers on finding a solution to an existing customer problem. Problem-solution fit is seen as both efficient and productive because it solves a common mistake by founders or business owners - that of developing a product or service for which there is insufficient demand.
The first step in the problem-solution fit is to identify the problems that people face every day. This can be done by conducting market research, personal surveys, and interviews or by simply observing them in their natural environments. The second step is to determine how people are currently dealing with these problems and if they are willing to pay a price for a better solution. The last step is to come up with a much better product or service to solve these everyday problems, enabling them to be more productive or live a more meaningful life.
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