> For the complete documentation index, see [llms.txt](https://rhys-nemo.gitbook.io/tokenomics-bible/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://rhys-nemo.gitbook.io/tokenomics-bible/wisdom/creating-a-new-product.md).

# Creating a new product

Tips on creating new projects & protocols

![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..."