It sounds like a cool idea. A smart bike light.
And the idea excited a group of product designers here in Tartu. They went for it. They did a Kickstarter campaign. And it just didn’t work out.
Why not? Here are the answers from the team.
The key takeaway – while the team was able to sell a certain amount of their smart bike light, Veledroom. They could not make and sell enough to allow them to focus on this alone. From the above link
To execute well, we needed to focus on Velodroom. To produce VD lights without making compromises in quality, we needed a reasonable budget. To raise funds we had to work on the project and only on the project. To make sales we had to sell. And we needed time, with 100% commitment. This we failed.
Lesson learned — great ideas take you only so far in the startup world. Even if the idea is attractive, you need to think strategically to get beyond the so-called “valley of death” – That is the period after you have committed to a project and before you are bringing in significant revenue to sustain it. This is a lot harder than it might appear, and especially when you are intoxicated by the cool idea itself.
Double the challenge — or more — when you are launching a product into a crowded space. And that is exactly what the bike light space is. There are some big players in this space who would be hard to compete with even if the new product has cool new features.