July 23, 2012

Topic: Management & Leadership

But will the dog eat the dog food?

One of our bank directors, Tim Keane, is a serial entrepreneur who, among other endeavors, has started, bought, and sold several companies and is the head of the Golden Angels Network. Consequently, he has looked at a lot of new ideas from fledgling companies. He is also a master of the metaphor.

He has a saying that I really like: "But will the dog eat the dog food?" By this he means, is there a market that will buy this new product? You can have the most nutritious or lowest-priced dog food, but if the dog won’t eat it, it really doesn’t matter.

The reason this is on my mind is I recently met with someone who had an idea for a new business venture. She had articles and data demonstrating the need. Due to a family situation, I personally know there is a lack of providers to meet that need. So the issue isn’t about whether there is a need, it is about market acceptance. Her service is not delivered directly to the end consumer, so the dilemma is who would pay for her service.
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