how service companies can benefit from product initiatives
DESCRIPTION
Why every Service company may want to look at a few product innovations.TRANSCRIPT
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About Me
1. Serial entrepreneur – co-founded two companies in India and two in USA
2. Current company – iMorph – Tools for Information and Intelligence
3. One of the mentors at Nasscom Mentoring Group in Chennai4. Started and run the Startup Special Interest Group at TiE
Chennai5. Mentor a few product companies6. Chief mentor of an Innovation Cell at an Engineering college
in Chennai7. Code for fun
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Services and Products
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Services Are AGreat Way To Start a Business
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Services HaveLess Risks
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Services MarketingIs a Well Established Process
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Services Business ModelsAre Proven
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Services Delivery Models Are Well Established
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Services HaveA Few Problems
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Services Heavily Rely OnPeople
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Services Margins DiminishAs More Competitors Arrive
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Service RevenuesDepend On People’s Time
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What about Products?
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Products Have A Higher Risk Profile
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Products Have A Higher Potential Reward
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Products Require A Culture of Innovation
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Products Have A Different Development Model
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Products Have A Different Business Model
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Products Have A Different Delivery Model
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Products RequireUnderstanding
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Products RequireUnderstanding A Domain
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Products RequireUnderstanding Technology
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Products RequireUnderstanding Customer Needs
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Products RequireUnderstanding Customer Needs
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Products Are Easier to Scale
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Products Depend On Innovation and IP
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Products Depend On Finding a Niche
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Products Depend On Finding Funding
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Products Depend On Exploration
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However Once You Get A Successful Product
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You Have Better Margins
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You Have Higher Market Value
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You Are Less Dependent On Head Count
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You Can Afford to beSmall
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So, How Do We Go From Services to Products?
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Products AsLead Generators for Services
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Productized Services
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Products Delivered As Services
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Products Generate Service Business
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Next Steps?