Soundview Executive Book Summaries

How to Turn Ideas Into Money
January 30, 2009, 3:17 PM
Filed under: Innovation

With the recession hanging over our heads in the U.S., everywhere people are looking for ways to make money. On the individual level, folks are trying to figure out how they can turn their skill sets, talents, and even hobbies into money. On the larger, organizational level, companies are busy looking for new, cost-effective products to create to fill the current and future demand for consumers. Sure, if the application you developed for the iPhone fails to sell well on iTunes it’s a bummer, but there’s a good chance that on the individual level it will not break anyone financially. However, on the organizational scale, a product design miss can prove fatal to the bottom line. And in this recession, no organization can afford a miss.


Enter to the scene Phil Baker, who has been involved in product development for the consumer tech market for his entire career. Baker is certainly a smart guy, hailing a B.S. in physics from Worchester Polytechnic Institute, an M.S. in engineering from Yale, and an M.B.A from Northeastern University. And did I mention he holds more than 30 patents?


Baker is also the author of From Concept to Consumer: How to Turn Ideas Into Money, published by FT Press. In the preface, Baker writes, “One thing I’ve learned is that creating a successful product is much more than coming up with the idea; in fact, that’s usually the easiest part. It’s much more about what happens after. It involves a wide range of activities that bring together all sorts of disciplines, everything from engineering to product management to distribution to marketing. Each of these activities is much like a link in a chain. When one link fails, the entire endeavor can fail. … This book covers the new rules that have resulted from how quickly products are developed, their shorter life cycles, the use of outsourcing, and the Internet. All these factors have changed how things are now done.”


This is a truly exciting book to share with you; look for it in our upcoming selection.


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