Interesting article on the lost art of big bets in the WSJ. Proceeding to build a new kind of truck without any market research seems to bet on the cult of personality rather than consumer preference. It is still a valid way to enter the market - specially that Musk has cultivated his brand carefully over the years.
The truck and anything else he makes is just an expression of that brand which his prospective buyers are sold on. It obviates the need for market research - he does not need to address those who lack the "imagination" to embrace his vision. Depending on the charisma of the founder and their individual ability to move prospects to buy, they can well exceed anything data and market research can deliver.
The article cites an interesting story about how the Polaroid came to exist
In his recent book “Loonshots,” Safi Bachcall tells the story of Edwin Land, the founder and former CEO of Polaroid, who is best known as the father of the instant camera. The idea came to him in 1943 as a simple question from his young daughter. After Mr. Land snapped few photos of her one day, she asked him: “Why can’t I see them now?”
Now that is a bit different than how Musk makes and sells things.
The truck and anything else he makes is just an expression of that brand which his prospective buyers are sold on. It obviates the need for market research - he does not need to address those who lack the "imagination" to embrace his vision. Depending on the charisma of the founder and their individual ability to move prospects to buy, they can well exceed anything data and market research can deliver.
The article cites an interesting story about how the Polaroid came to exist
In his recent book “Loonshots,” Safi Bachcall tells the story of Edwin Land, the founder and former CEO of Polaroid, who is best known as the father of the instant camera. The idea came to him in 1943 as a simple question from his young daughter. After Mr. Land snapped few photos of her one day, she asked him: “Why can’t I see them now?”
Now that is a bit different than how Musk makes and sells things.
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