The game in basketball has changed in the last half decade, and it’s not just about the physics of shooting a three-pointer better. Similarly, in product development, firms like IDO and frog design have developed processes that ask the right questions to create successful products.
The game of investing has changed significantly in the last half decade, with hedge fund investors taking both long and short bets instead of sticking to traditional buy-and-hold methods. This shift in strategy was not due to advancements in the field, but rather a fundamental change in the game itself.
The process of product development and industrial design involves asking questions to challenge assumptions and identify new opportunities, as seen in firms like IDO and frog design. This approach can lead to seemingly infinite opportunities, as highlighted in the documentary Objectified.
The speaker likes to ask a lot of questions and study incentives, to figure out why certain things were not created earlier, such as wheels on luggage. They use Uber as an example of something that was mocked in the past but has since become successful.
Prototype with people who are price insensitive in the early stages of product development to subsidize and create a market, just like how the rich initially subsidized the costly black sedan and limousine services that eventually led to the ride-sharing market.