My brother is a Google employee and a tech geek as well. So by chance as it happened, we were traveling together after the class when we discussed about Google Wave failing and how these big companies use the technology in some other place.
Though, I was still wondering, would you call it a failure and if yes, why actually did they fail. Over a conversation with my brother, I did understand a few things better and could relate to the actual things that happen around us. One more reason, why innovations (or maybe inventions) can fail is due to the product being ahead of it’s time, and there have been multiple examples of this. That the market and the world isn’t ready to adapt to the new technology at that time, though it might actually be highly be used in the coming time. Google Wave was one such product, and we see Slack today has a big market in the same idea. Even, Google Glass that was released a couple of years ago, is ahead of it’s time, and therefore though Google went through an intensive testing and building phase, it never publicly released the invention because they saw no current value.
I think, as we move on from Virtual Reality to Augmented Reality, Google Glass will a very common thing in life when you can react with real life objects as well as virtually do stuff together.
What essentially I got to learn is that, when you create something and build a business around it, you also need to know two things apart from all the existing things that you consider while building a startup. Is the world (your target market exists) ready for your invention? If yes, then can you sell your invention. The difficult part comes where the you have a existing market segment but it’s a completely revolutionary technology in that sector, like the idea of Henry Ford but you are able to generate the need.
So it is not only important to have a great idea, it is even more important to be able to generate the need and use for what you have built to sell it.