Through this case example, Actuality Systems Founder Gregg Favalora offers helpful insight into the path Actuality took from founding in 1997 and product, to its acquisition by Optics for Hire in 2009 – and the ultimate patent sale (and exit) in 2011. Offering an insider’s view of building and commercializing 3D display products, Gregg offers his thoughts on some powerful lessons he learned as he grew his company.
In the video below from class above, Gregg draws out some of his key learnings from things like
Whole product and the need for a full solution
Segmentation and targeting (see this resource on how to approach this)
How he ultimately made some money from the patents he had filed along the way
Most of all, I am deeply appreciative of Gregg sharing what went wrong along the way. We are too quick to point to our successes as entrepreneurs, but in reality the greatest opportunities to learn often come from apparent failures.
Certainly that was true in the many mishaps I had in my career. We have had very positive feedback on this and more people asking for more examples of what does not work out when trying to go from building a product to building a business. I will endeavor to seek out more such stories for future cases and welcome any offers in the comments below to share your stories.