The Right Product, The Wrong Time

One of the biggest misconceptions is believing that a great product creates a great market. It doesn’t.

I learnt this lesson in 1998.

When I look back on my entrepreneurial experience, I don’t only remember the successes, I also recall the decisions that didn’t turn out the way I had expected.

Introducing video conferencing to the Indian market in 1998 was one such choice.

At that time, I partnered with Motion Media in the UK to bring high-end video phones and video conferencing systems to India. We also introduced the video conferencing solutions offered by “Tandberg”. These were world-class products and I was certain that this technology would eventually change the way businesses communicated.

Indian businesses weren’t prepared to spend money on video conferencing. The cost was high, internet infrastructure was still developing, and very few organisations could understand the practical need for virtual collaboration. We had the solution long before the market recognised the problem.

It was a commercial failure.

At that time, I considered it one of my biggest disappointments.

Video conferencing became the cornerstone of business continuity when the globe came to a complete halt during the COVID-19 epidemic years later. What was formerly what was once considered an expensive luxury became an everyday necessity.

That takes me back to 1998.

Was it really a failure?

Or was it a concept that emerged over two decades ahead of its time?

That experience changed the way I built my business. Since then, I stopped asking, “Is this the best technology?” to “Is this the right time for the market to adapt to it?”

It’s not always advantageous to be ahead of the market. Sometimes, it is the most expensive lesson an entrepreneur can learn.

I learnt that lesson in 1998, and it continues to influence every business decision I make even today.