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Product Discovery (the Right Way)

Product Discovery: Sales Driven vs. Market Driven

Product discovery is a core process to any successful software company. While your engineers need to focus on building the product right (making it highly scalable and available), your product owners need to ensure they’re building the right product.

All too often, we find product owners serving essentially as “ticket takers” that run requests from sales to engineering. While the product owners may add a little design and elaboration, the ideas originate solely from the “asks” of the sales department. This “sales-driven” approach is limiting. It tends to stifle innovation and frequently allocates engineering effort to one-off features requested by a single customer. Overall, it is indicative of an immature product management process.

In contrast, mature product organizations take a “market-driven” approach, receive input from a variety of sources, and focus engineering efforts on penetrating new market segments. These differences translate into measurable business outcomes. Market-driven companies (e.g. Salesforce, Apple, Amazon, WorkDay) are routinely valued at 10-15 times revenue, while sales-driven companies (e.g. Dell, Samsung, Oracle, SAP, Rackspace, WalMart.com) typically trade for only 1.5-6 times revenue.

Highlighting the differences of these two approaches will demonstrate how organizations focused on innovation and faster time to market are better served by a market-driven approach.

Sales Led Product Discovery

In a sales-driven product organization, the product ideation process begins with sales obtaining feedback from customers (or potential customers) on desired features and functionality. These requests are then translated into requirements and added to the product backlog. Prioritization — if it occurs at all — is based on the size of the contract and/or relative importance of the customer. The process itself is simple and straightforward, but unfortunately it often leads to poor outcomes.

Frequently, features not yet implemented are promised and assigned deadlines as part of the sales contract. These binding commitments tie the hands of product and engineering anywhere from several weeks to months, forcing them on a treadmill that never quite allows enough breathing room to experiment with innovative features or new products. It becomes impossible for the product organization to pivot without months of lead time or executive intervention.

Additionally, the particular needs of each customer lead them to request features and functionality that only they will use. Product evolution therefore becomes haphazard, with the engineering team jumping from one custom feature to the next.

Furthermore, these feature commitments are often granted in an all or nothing approach with highly articulated use cases. A consequence is that releases to production are infrequent, perhaps quarterly or less, making it difficult to acquire feedback from the larger customer base. Few releases result in less feedback from customers overall and fewer opportunities to pivot away from a poorly chosen feature set.

Consequently, the product itself becomes bloated with a large number of features that one or maybe two customers use and these one-off features add complexity both to the interface (making it difficult to use) and to the code (making it difficult to maintain). This over development makes the product unsatisfying to use and a drain on engineering resources to maintain.

The bottom-line is sales-driven products simply lack vision. Your sales department (quite rightly) is too focused on selling and your customers (quite naturally) are too focused on solving the business problems of today to steer the future vision of your product. The limitations of sales driven approaches are best summarized by the old Henry Ford quote “If I asked my customers what they wanted, it would have been a faster horse.”

Market Led Product Discovery

If a sales-driven approach is a dead end, what is the alternative?

In a market-driven approach, product ideas aren’t limited to sales and customer asks but come from a variety of sources (e.g. charter customer feedback, actual usage metrics, customer service, engineering, sales, executive team). This generates a surplus of ideas — the majority of which, the product owners will have to say “no” to. In fact, the most important function of product owners is to say “no” to ideas that will divert engineering effort away from creating maximum value.

When a new product is launched, an MVP concept is prototyped and tested among a small set of charter customers. Prototypes (interactive mockups) are created with tools like Balsamiq, Axure, etc. and iterated over multiple times, allowing a huge number of ideas to be tested and refined with almost no coding. This process also identifies the minimum feature set required to solve a problem in a particular market segment, thereby minimizing the engineering effort required to implement it.

Once in production, these MVPs are enhanced by further feature development. However, features aren’t selected to satisfy the needs of individual customers but to meet the collective needs of the market segment (i.e. Keep the aggregate customer mostly happy). Features themselves are initially released in minimum viable fashion and further articulated in later releases, allowing for a frequent release schedule and ready feedback from the customer base. Overall, this strategy avoids over-development while capturing as much of the market segment as possible. Specific customer one-off product needs can be pushed to a professional services group (internally or externally) and built as add-ons through a mechanism like an API framework, but not incorporated into the core product.

Once the current market segment has been saturated, focus shifts to conquering another market segment. This is the expansion strategy advocated by Geoffery Moore in Crossing the Chasm: “[target] a very specific niche market where you can dominate from the outset, drive your competitors out of that market niche, and then use it as a base for broader operations.”[1]

In contrast to the sales-driven approach above, this expansion is a deliberate process. Market research is conducted to identify the needs of these new customers. In some cases this means adding a collection of features to the existing product, but often it requires the launch of an entirely new product. Again, the use of extensive prototyping and feedback from charter customers play a key role.

This quick advance – prenetrating and saturating market segments in rapid succession – explains the stark differences in investor valuations between market-driven (10-15x Rev) and sales-driven (1.5-6x Rev) companies.


While more complex, the market-driven product discovery process helps your business focus on long-term growth vs. near-term individual customer wins. It draws upon a variety of sources for ideas, allows for early testing and feedback (for both MVP products and features), minimizes wasted engineering effort, and opens new market segments quicker than sales-driven approaches.

Many of our product management ideas are influenced by Marty Cagan at the SVPG. Click here to visit his website and learn more.

[1] Moore, Geoffrey A. (2014-01-28). Crossing the Chasm, 3rd Edition (Collins Business Essentials) (p. 79). HarperCollins. Kindle Edition.

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Data Driven Product Development

When we bring up the idea of data driven product development, almost every product manager or engineering director will quickly say that of course they do this. Probing further we usually hear about A/B testing, but of course they only do it when they aren’t sure what the customer wants. To all of this we say “hogwash!” Testing one landing page against another is a good idea, but it’s a far cry from true data driven product development. The bottom line is that if your agile teams don’t have business metrics (e.g. increase the conversion rate by 5% or decrease the shopping cart abandonment rate by 2%) that they measure after every release to see if they are coming closer to achieving, then you are not data driven. Most likely you are building products based on the HiPPO. The Highest Paid Person’s Opinion. In case that person isn’t always around, there’s this service.

Let’s break this down. Traditional agile processes have product owners seeking input from multiple sources (customers, stakeholders, marketplace). All these diverse inputs are considered and eventually they are combined into a product vision that helps prioritize the backlog. In the most advanced agile processes, the backlog is ranked based on effort and expected benefit. This is almost never done. And if it is done, the effort and benefit are never validated afterwards to see how accurate the estimates where. We even have an agile measurement for doing this for the effort, velocity. Most agile teams don’t bother with the velocity measurement and have no hope of measuring the expected benefit.

Would we approach anything else like this? Would we find it acceptable if other disciplines worked this way? What if doctors practiced medicine with input from patients and pharmaceutical companies but without monitoring how their actions impacted the patients’ health? We would probably think that they got off to a good start, understanding the symptoms from the patient and the possible benefits of certain drugs from the pharmaceutical representatives. But, they failed to take into account the most important part of the process. How their treatment was actually performing against their ultimate goal, the improved health of the patient.

We argue that you’re wasting time and effort doing anything that isn’t measured by a success factor. Why code a single line if you don’t have a hypothesis that this feature, enhancement, story, etc. will benefit a customer and in turn provide greater revenue for the business. Without this feedback mechanism, your effort would be better spent taking out the trash, watering the plants, and cleaning up the office. Here’s what we know about most people’s gut instinct with regards to products, they stink. Read, Lund’s very first Usability Maxims “Know thy user, and YOU are not thy user.” What does that mean? It means that you know more about your product, industry, service, etc. than any user ever will. Your perspective is skewed because you know too much. Real users don’t know where everything is on the page, they have to search for it. Real users lie when you ask them what they want. Real users have bosses, spouses, and children distracting them while they use your product. As Henry Ford supposedly said, “If I had asked customers what they wanted, they would have said a faster horse.” You can’t trust yourself and you can’t trust users. Trust the data. Form a hypothesis “If I add a checkout button here, shoppers will convert more.” Then add the button and watch the data.

This is not A/B or even multivariate testing. It is much more than that. It’s changing the way to develop products and services. Remember, Agile is a business process, not just a development methodology. Nothing gets shipped without an expected benefit that is measured. If you didn’t achieve the business benefit that was expected you either try again next sprint or you deprecate the code and start over. Why leave code in a product that isn’t achieving business results? It only serves to bloat the code base and make maintenance harder. Data driven product development means we don’t celebrate shipping code. That’s suppose to happen every two weeks or even daily if we’re practicing continuous delivery. You haven’t achieved anything pushing code to production. When the customer interacts with that code and a business result is achieved then we celebrate.

Data driven product development is how you explain the value of what the product development team is delivering. It’s also how you ensure your agile teams are empowered to make meaningful impact for the business. When the team is measured against real business KPIs that directly drive revenue, it raises the bar on product development. Don’t get caught in the trap of measuring success with feature releases or sprint completions. The real measurement of success is when the business metric shows the predicted improvement and the agile team becomes better informed of what the customers really want and what makes the business better.

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Product Management Excellence

While not technical problem solvers, Product Managers arguably have the most difficult job in modern software development. Their core mission involves taking feedback from a diversity of sources (market trends, the business owner’s vision, the competitive landscape, customer complaints, feature usage statistics, engineering effort estimates) and somehow synthesize all these inputs into a single coherent vision (roadmap) and prioritized task list (product backlog). If that weren’t challenging enough by itself, they’re also on the hook for articulating feature implementations (through user stories and daily discussions with engineers) and for continually providing forecasts of feature release dates. (Btw, If anyone needs to know AKF’s position on whether or not you need dedicated full-time PMs read here.)

Given the difficulty of the task, it’s not surprising that many product owners fall short of excellence. In the worst cases, what was envisioned as a stream-lined agile development process devolves into waterfall by another name. Product sees developers as “ticket-takers” who can’t seem to work hard enough or fast enough to satisfy the wants of the business. To prevent this sort of downward slide into mediocrity and to keep your product management practices on point, below we’ve highlighted some key ways to differentiate a Great Product Manager from just a “Good” one.

Good Product Managers prioritize their backlog and communicate feature requirements through user stories and face-to-face discussions with engineers. Great Product Managers go beyond these core tasks and participate in Product Discovery and Product Validation. Product Discovery requires conducting market research to determine what the existing product might need to be (more) successful in the target market. This means watching market trends, tracking competitors, and keeping overall sense of where the competitive landscape is headed. Product Validation is quantifying the results of a feature release, asking if these met expectations, and learning how to make better predictions in the future. The very best PM’s establish “success metrics” for each and every feature prior to implementation.

Good Product Managers interact daily with their agile team. Great Product Managers are part of the agile team. They’re not simply interacting on an “as needed” basis; they’re an integral part of the agile process. They attend daily stand-ups and retrospectives, offer ideas on how to change course, and communicate continually with engineers about tradeoffs. They don’t just write a user story, they discuss the story with developers and test engineers to ensure everyone has a common understanding of what’s being built. If the Agile Team fails to deliver on time — or worse yet, builds the wrong feature — they own a part of that failure. If the Agile Team delivers a great release, they share that success with their teammates.

Good Product Managers prioritize new features that generate the greatest value to the business. They understand technical debt and aim to pay it down over time. Great Product Managers do all this, but also recognize that product management isn’t just accretive. It’s not about just about heaping feature after feature on your product until it’s saddled with bells and whistles. Great Product Managers put themselves in the end-user’s seat and choose to refactor, merge, or deprecate features when it makes sense to do so. Eliminating unused features helps to minimize technical debt. This feature selection process improves the maintainability of the code and gives end-users a clean interface that balances functionality and ease of use.

Good Product Managers avoid making mistakes. Great Product Managers recognize and retain a memory of mistakes and past failures. It’s all too easy to brush failed ideas under the carpet. Great Product Managers recognize this and choose to capitalize on their failures. They learn from mistakes and vow never to repeat them. They keep bad product ideas from being recycled and keep their teams focused on generating value.

Finally and most importantly:

Good Product Managers say “Yes” to ideas that create value to the business. Great Product Managers say “No” early and often to all but the most valuable ideas. You see, the problem most SaaS companies face isn’t a lack of ideas, but finding a way to identify the most promising ones and prioritizing them correctly. Keeping the team focused on delivering value requires the Product Manager to dish out a lot of ‘No’s to tasks that might steal from the team’s time.

It’s your engineering team’s job to build your product right, but your Product Manager is there to ensure that you build the right product. Building the Taj Mahal is no good if the customer really needed the Eiffel Tower! By no means is it an easy job, but by adopting these best practices your Product Managers can achieve excellence.

Steven Mason
Consultant, AKF Partners

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Just over a month ago, the WebscaleSQL collaboration project was launched.  This project aims to create a community-developed branch of the popular MySQL DBMS that incorporates features to make large-scale deployments easier.  As many of our clients run large clusters of MySQL on commodity hardware (as a means to reduce costs and improve scalability) the WebScaleSQL project naturally drew our attention.

The project is currently developed by a small collaboration of engineers from Facebook, Google, Twitter, and LinkedIn.  Certainly no strangers to scalability challenges, the developers from these web giants all face similar challenges and must work continuously to improve performance and scalability of their MySQL deployments to remain competitive.  Aimed at minimizing the duplication of effort across these engineering teams, WebScaleSQL’s development is run as an open collaboration between these major contributors.  Contributions aren’t limited to major companies, however, and participation from outside engineers is encouraged.

Despite having only been around a few weeks, the WebScaleSQL project boasts some significant improvements overs its upstream parent (Oracle’s MySQL ver 5.6).  These advances include an automated testing framework, a stress testing suite, query optimizations and host of other changes that promise to improve the performance, testing, and deployment of large-scale DBs.

As WebScaleSQL matures, we’ll continue to track its development and report on our clients’  experiences (both good and bad) working with this new “scale friendly” branch of MySQL.

WebScaleSQL source is currently hosted on GitHub (https://github.com/webscalesql/webscalesql-5.6) and released under version 2 of the GNU public license.

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AKF Agile Training

It is pretty self-evident that Software as a Service (SaaS) companies have to deliver customer-facing features quickly, at low cost, and high quality. Pay-by-usage models and not having to install software makes switching costs for your customers lower than ever. This makes competition even more fierce, requiring companies to be more nimble than ever in order to stay ahead.

Gartner has indicated that Agile approaches are providing the benefits of fast, accurate delivery of priority application requirements but that the methodology is approaching the trough of disillusionment in its hype cycle. This doesn’t mean that the methodology is flawed, it is simply the normal part of any IT trend that is going mainstream. As Nathan Wilson states, “The early days of any trend are full of promise, followed by a level of hype that the trend is going to be a silver bullet that will solve all problems. Of course no new trend can meet these expectations, and the trough of disillusionment follows when people realize that this is not a silver bullet.”

While no software or product development methodology is a panacea, we believe that for almost all SaaS companies the best approach is an Agile development methodology. We consider Agile as a product development life cycle methodology (PDLC) rather than a software development life cycle methodology (SDLC) because it is a business process that must include business owners on the teams. Note that this is the number one problem we see with companies implementing Agile and often the root cause is a lack of formal training.

Because we believe that any rapidly growing SaaS company must deal with scale issues, we have developed an Agile Training program specifically focused on the critical components of scalability – architecture, organization, and process. If a company misses on any of these three components they are likely to have scale issues at some point.

If you are interested in AKF Agile Training focused on scalability get in contact with us. If you are still undecided about Agile or other methodologies check out this post.


Product Focus or Diversification

One of the most common characteristics of startups is that they rarely lack great ideas. In fact there are almost always too many great ideas and too few resources to work on them. We often tell clients that they need to focus their teams on just a few key priorities at a time. Thinking about this recently I started reviewing some literature on the subject.

As we would expect the literature is mixed. First, there is this paper in which they state “managers of multiproduct firms are able to achieve greater cost efficiencies than their counterparts in more focused firms by sharing inputs and efficiently allocating resources across product lines in response to changing industry conditions.”

And then there is this paper that found “CEO turnover in diversified firms is completely insensitive to both accounting and stock-price performance, but CEO turnover in focused firms is sensitive to firm performance. Diversified firms also experience less forced turnover than focused firms.” Less forced turnover of the CEO sounds good, especially if you’re the CEO.

However, this paper suggests that “stock market’s responses to announcements of capital investments are more favorable for focused firms than for diversified firms.” A favorable stock market response sounds great…again, especially if you’re the CEO.

This McKinsey study claims that “companies that have managed to find the strategic sweet spot of moderate diversification have not only outperformed both focused and highly diversified companies 81 percent of the time but also generated higher total returns to shareholders every year except one since 1985.” This is further confirmed by this study based on a sample of 270 startups that entered the Security Software Industry from 1989 till 1998. The authors found that those startups that survived were the ones that more aggressively adopt product portfolio strategies.

I like the term used in the McKinsey study of “moderate diversification” which implies that there is some amount of diversification needed to reduce risk of a single product initiative but not enough to stretch a team too thin to the point of distraction. To me it seems that 2-3 major initiatives at a time (preferably these are large enough to take several quarters to complete) is a good balance between focus and diversification.

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Your Idea Doesn’t Matter

I’ve said recently that your opinion doesn’t matter and now I’m going to add insult to injury. Not only does your opinion not matter but your ideas don’t matter either. If you think that you’re just one great idea away from becoming a tech-legend, think again. There are two reason for my statements. The first is simultaneous discovery and the second is non-disclosure agreements.

As I’ve written before about simultaneous discovery, it happens all the time. Perhaps the earliest example is farming. Sometime around the Neolithic Age (New Stone Age) about 10,000 years ago, humans separately invented farming at least three times and possibly as many as seven times. Different civilizations from Eastern Mediterranean to China to Mexico all came up with the idea of farming, presumably without sharing this knowledge in any way. More recent examples include, in 1611 the discovery of sun spots at least four different times, in 1869 both Cros and du Hauron invented color photography, and Bell, Gray, and la Cour just to name a few invented the phone at nearly the exact same time. The list of simultaneous discoveries or inventions is so extensive that William F. Ogburn and Dorothy Thomas documented over 148 of them in 1922. The likely cause of this is that inventions are built on top of other inventions which makes them “ripe” for discovery by anyone with that combination of information.

Regarding non-disclosure agreements and how they prove that your idea doesn’t matter. If you’ve ever pitched your idea to a VC you know that they don’t sign NDAs before they hear your idea. There are several reasons for this, many documented well in this post. I would sum it up into three major reasons. The first is that they are likely to hear the same (or similar) idea from several teams. Second, VC’s know that the idea doesn’t matter nearly as much as the execution of the idea. And, the third reason is that no idea stands the test of interaction with the customer, meaning if your company succeeds it is likely going to be with some offshoot idea and not the original one.

So, if your idea doesn’t matter and your opinion doesn’t matter…what does? Execution matters. That you can build a great team, provide them leadership, establish a culture of learning and deliver products to customers all matter. Don’t wait for the perfect idea. Pick an interesting problem that needs to be solved and get the solution into the hands of your customers quickly in order to learn.

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The Agile Organization Solution

Having discussed why organizations arranged along functional boundaries (e.g. production or engineering, operations, infrastructure, QA, etc) and multi-disciplinary Agile teams are often at odds and counterproductive, we now propose a method of organizing product teams more aligned with the Agile process and Agile methods.

The potential solution is really very simple.  The design goals behind the solution are: maximization of individual capabilities of any given team to quickly and efficiently create solutions and solve problems; creation of ownership of individual products (or portions of products) and the business success metrics associated with that product in order to maximize innovation; maximization of morale through a sense of ownership and delegation of decision making; and reduction in time to market through the elimination of non-value added conflict.

The solution is clear given these goals – eliminate functional organizations and align the organization to architecture specific services.   In the ideal case, each of the senior leaders of these organizations are capable of owning and leading one more complete agile teams.   The number of teams that an executive has is likely going to depend on the size of the company, the size of the engineering and product teams and the number of discrete services in the company’s product architecture.

Here we come to a very important point – it is critically important that the architecture, the process and the organization structure be aligned to reap the benefits of such a change.  If the product architecture continues to be monolithic, nothing is solved.  The solution described above will get you no further than an “agile overlay across functional organizations”.  Each division of agile teams needs to own their own services so that disputes, problems and opportunities can be resolved or capitalized within the team.  This rapid resolution starts to slow down when outside resources are necessary to resolve a problem or capitalize on an opportunity.

We readily admit that this new approach to eliminating functional organizations in favor of agile teams isn’t for everyone.  Some companies don’t have the need to segment their architectures into services as they aren’t experiencing rapid growth.  As such, they shouldn’t pay the price of re-architecting their product.  Some companies deliver to very clearly defined specifications and as a result can’t really benefit from the product discovery aspects inherent to Agile or the questionable “final dates”.  These companies are probably better off continuing to develop in a waterfall fashion.  Many companies won’t have the right skill sets at the top to have former functional executives own product sections.

This last issue sets up a topic for another post.  The question we aim to answer is “What are the qualities and attributes of the Agile Executive?”

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The Agile Organization

We’ve done a lot of work with organizations attempting to become more Agile by implementing Agile development practices.  One common problem we see time and time again is that the “old school” way of defining organization structure starts to lose its value in an Agile world.  Here I am specifically talking about organization structures developed around functional roles such as development (or engineering), QA, Operations, Infrastructure, etc.

This old method of organizing, which resembles a Y axis split within the AKF scale cube served our industry well for a long time.  And, for many organizations, it can continue to work well.  It particularly works well in organizations that follow waterfall models as the organization structure mimics the flow and passage of work through certain gates.  The structure is also comforting in its familiarity as most long tenured managers and individual contributors have worked within similarly structured organizations their entire professional careers.

But in the Agile world, this organization structure doesn’t add as much value as in the Waterfall world.  In fact, I argue that it’s counter-productive in many ways.  The first and perhaps most benign issue is that the actual structure of the organization does not foster work-flow.  Unlike waterfall development where one group hands off a project to another in phases (development to QA, QA to operations, etc), Agile methods seek to develop and deploy seamlessly.  To be successful the Agile team needs representation from multiple stakeholders within functional groups.  As individuals now spend most of their time in cross functional teams, what value does the functional group offer?  In essence, these functional organizations become the analog to the “home room” in school.

The next problem is the inherent conflict created between the Agile team and the functional organization.  To be truly effective, the team must be empowered to some degree.  What power or responsibility does the functional leader then have?  If he or she isn’t responsible for a specific product, are they to be given some sort of veto power?  Such a notion has meaning in the waterfall world but really runs counter to the time to market and discovery objectives of Agile methods.  The resulting affective conflict simply doesn’t add value to the overall product.  In fact, as research shows, it destroys value.  Some proponents of continuing with functional organizations might indicate that the functional groups allow for more effective management and mentoring of individuals within their domain.  Given how little time managers truly spend on mentoring relative to other tasks, I highly doubt this is the case for most organizations.  Our experience is that the functional groups spend more time arguing over ownership of certain decisions (affective conflict) rather than mentoring, training and evaluating individual contributors.

Perhaps the largest problem – larger than the lack of support for work flow and the creation of conflict – is that implementing agile processes across functional organizations sub-optimizes innovation.  Research indicates that innovation happens most frequently and beneficially within groups of individuals with diverse and non-overlapping experience across a number of domains (functional and experiential diversity) and with non-redundant links to individuals outside of their organization.  By engaging in beneficial debate (cognitive conflict) on approaches to a certain problem or opportunity, the perspective and networks brought by each person widens the potential solution set.  Alas, this is the true unheralded value of agile development teams that properly incorporate multiple disciplines within the team (QA, dev, product, infrastructure).  Each of these individuals not only brings new and valuable expertise in how to develop a product, they also have contacts outside the organization unlikely to be matched by each of their peers.  Innovation quality and frequency therefore increases.  But the inherent conflict in multiple competing organizational affiliations will dampen this innovation.  So not only is there conflict and a lack of workflow, the potential major benefit is removed or at the very least diminished.

Having discussed the problems inherent to functional organizations and agile processes, we’ll next discuss how a company might “organize” around agile to be more effective.

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Simultaneous Discovery

The Paleolithic Era (Old Stone Age) lasted roughly from 2.5M to 10,000 years ago. During this time humans moved around in small bands as hunter/gatherers. Sometime around the Neolithic Age (New Stone Age) humans invented or discovered farming. While turning unedible crops like wheat into food is impressive, what’s even more impressive is that humans separately invented farming at least three times and possibly as many as seven times. Different civilizations from Eastern Mediterranean to China to Mexico all came up with the idea of farming, presumably without sharing this knowledge in any way.

While the discovery of farming might seem an evolutionary necessity for long term survival the coincidental simultaneous invention by disparate individuals is apparently not uncommon at all.  In 1611, sun spots were discovered at least four different times, in 1869 both Cros and du Hauron invented color photography, and one that you might be more familiar with the invention of the phone by Bell, Gray, and la Cour to name a few of the individuals involved.  Napier and Briggs are credited with logarithms but Burgi also invented them a few years earlier.  Another popular one is the theory of natural selection being developed independently but simultaneously by Wallace and Darwin. There are so many of these simultaneous discoveries or inventions that William F. Ogburn and Dorothy Thomas published a paper “Are Inventions Inevitable? A Note on Social Evolution” in 1922 that documented 148 of these simultaneous discoveries.

No one is really sure why this happens. Some believe in a sort of efficient-market hypothesis, which in financial markets means that information is ubiquitous and therefore you cannot consistently beat the market because everyone knows the same information almost simultaneously. Ogburn and Thomas postulated in their paper that because there are very few completely new discoveries, most inventions are inevitable.  Inventions are built on top of other inventions such as the steam boat being dependent on boats and steam engines being invented prior.

While a curiosity, you’re probably wondering how this applies to hyper growth startups. The key takeaway is that while you’re coming up with a great idea so is everyone else. The ability to iterate quickly on ideas is more critical than ever. Combine this absolute need for quick iterations with the requirement for measuring results of effort, lest it be completely wasted and you have A/B testing on features that are launched in weekly sprints. SaaS companies have no excuse for not releasing in very short sprints (if not continuously), watching user behavior to learn what works and what doesn’t, then iterating again.

Despite the plethora of articles and books to the contrary, there are very few million dollar ideas, just million dollar executions of ideas. If investors are looking for key attributes about a team that make them more likely to succeed or not, I’d suggest looking for a team that can deliver quickly and knows the importance of measuring success.