I see hundreds of startup pitches every year. I am constantly evaluating companies, new incumbents and my competition. I live and breathe the art of business, and if there’s one thing I see emerging, it’s that convenience is king.
In a marketplace of distraction, the company’s, products and services that can save you TIME, are going to win. That is why Amazon is a market leader. That is why Prime Now wins. They have simplified the process of buying and selling. They have saved you enormous amounts of time.
It’s literally universal. AI and machine learning which is the big buzz word of the moment, is an important technology because it saves you time. It can learn and automate processes which would have taken much longer.
Virtual assistants save you time. Google Now and Siri save you time. Text messages save you time. Double clicking on a photo to like it and acknowledge someone saves you time. Emoji’s save you time. Misspelling something on purpose and having auto-correct saves you time. Abbreviations save you time.
So this is important because it’s the one commodity you can’t get more of. No matter where you are or what your economic situation is, you will never have more time. It’s why we as humans will do anything to purchase it. It’s why we choose the $24 Uber instead of walking. It’s why we pay $7 extra for delivery. It’s why we pay $500 to fly instead of drive. It’s all about time.
So I have been hosting a number of dinners lately with some close friends and powerful entrepreneurs and executives and it’s a conversation I have been having a lot. Convenience is king. If you can simplify a current market, product or experience, you have a real opportunity to provide value to the end consumer.