# Creating a new product ![Reece](https://3505330573-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F17Y4ZB0dl280NH9CAMkR%2Fuploads%2FHxrQPBq6aDKZhP6cQJCg%2Fimage.png?alt=media\&token=5087809b-eebb-4643-b801-308a8ba2fe90) Below are a few tips i've received from some smart people at the Solana hacker houses. I'll be fleshing these ideas out more over time, providing some of my own (low quality) insights. Use **existing infrastructure** - don't reinvent the wheel. Ie Liquidity & Data Interweave **multiple contracts** into one product Beware of future Issues - regulatory headwinds, open sourcing Crypto idealist - open source vs proprietary products. Need to balance between economics & ideals. What **best fits** the market - Need to serve actual financial needs as apposed to speculative investment Compete with **traditional financial services** "Looking for the defi consolidator across all of the chains. Solanas competitive advantage is its computing power. Only the strongest chain will survive" Look at Steen. It's about the application not the chain. "Looking for a better rate" - is going off chain better? #### Invention VS Innovation **Invention** Discovering & developing a new idea Ie inventing the light bulb **Innovation** Bringing the idea to market/consumers Ie Making a new screw (to connect to a socket) for the bulb so it fits a larger number of houses, increasing the number of potential customers User experience & interaction is the most important analysis of creating a new product\ \ It is about the utility that that product provides, not the product itself Ie When someone buys a drill, they are buying a 10mm hole #### Perspective VS Heuristic #### PERSPECTIVE An appropriate representation of the problem at hand that will make the process of solving it (i.e., applying a heuristic) simple and effective #### HEURISTIC A solution to a problem once it is represented in an amenable way (i.e., through an appropriate perspective) #### Learn to move on "Don't get married to your own ideas" - If don't revolve your actions around your ideas/your passions. An example of this is continuously building out a product that is not succeeding. Use the path of least resistance - aim for the low hanging fruit. #### **Seeds-driven vs Needs-driven innovation** **Seeds-driven** Process of innovation starting with the capability that a technology can offer **Needs-driven** Process of innovation starting with the deep understanding of a customer's needs and wants #### FUNCTIONAL ANALYSIS (FUNCTIONAL THINKING) A systematic process of innovation that involves deconstruction of a technology to its core functions and value offerings **Parameters of value**\ What provides value to a product? What I get and what it costs me Parameter = ability to measure Ie affordability, Safe "Improve the convenience of..." --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://rhys-nemo.gitbook.io/tokenomics-bible/wisdom/creating-a-new-product.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.