LISTEN TO THIS EPISODE:

Entrepreneurs are free thinkers. 

They love to see the world not for what it is but what it could be. 

Almost to a fault, entrepreneurs see the world through the lens of creating solutions. 

They tinker away in free thought, thinking of solutions. 

So much so that their eye for solutions can sometimes get in the way of launching a product that actually solves a problem. 

So, how can you tell if your product is ready to launch? 

On the latest episode of the Inner Edison Podcast with Ed Parcaut, we spoke about the three little questions that help entrepreneurs know if their product is ready for launch. 

We spoke with Thomas Seager, an associate professor of sustainable engineering at the University of Arizona, and the founder of Morozko Forge, the premier supplier of ice baths throughout the world.

He shared his experience of jumping into the entrepreneurial world and three little questions that helped him know he was ready for launch. 

What Problem Are You Solving? 

Many entrepreneurs are so excited about creating a solution that they lose sight of the problem.

Thomas stated that this is a problem he sees with many entrepreneurial-minded engineering students on campus.

Rather than focusing on solutions, Seager states it’s much more important to define the problem you’re trying to solve. 

When he set out to create his unique ice bath that creates its own ice, he had one problem in mind: 

Seager wanted to create ice baths that have an endless supply of ice. 

Thus, he was focused on eliminating the problem of having to buy bags of ice every week. 

Over time, this would save his customers money, time and provide tremendous convenience. 

Who Has That Problem? 

When Seager first set out to create his ice bath, he believed his audience were people hyper-obsessed with ice baths and craving an easier way to do it. 

However, he would realize that his first instinct was somewhat shortsighted.

As he researched the power of ice baths, he learned that ice baths may: 

• • Help you lose weight
  • Improve testosterone levels

• Prevent and or decrease tumor growth

• Reduce anxiety, stress, and depression
• Help increase the amount of ketones in the body
• Improve insulin resistance and reverse type 2 diabetes

In his goal to prevent an endless ice source for ice bath enthusiasts, he found a whole new demographic of people who could also benefit from the Morozko Forge’s ice bath convenience.

What Are They Willing to Pay for the Solution? 

Seager admits that when he first designed the prototype, he wasn’t sure what customers were willing to pay for his one-of-a-kind ice bath solution. 

He spent over $20,000 to create his prototype in the production phase. 

Still, he wasn’t sure if his customers were willing to pay that much for the convenience of having an endless supply of ice. 

In the end, he let his customers help set the price.

Seager emphasizes that setting a price is a crucial step toward knowing if your product is ready for launch. Additionally, he doesn’t advocate letting your customers set the market as he did. 

Instead, he advocates that you research your market, your customers, and any competitors in your industry.

Is Your Product Ready for Launch?

Seager explains that he’s not in the business of selling ice baths. Instead, he’s in the business of educating people about the benefits of them. 

What is your business selling?

Diving into the three questions above can help you decide the most effective way to market your product when it’s time for launch. 

Ice baths are an important tool for overall wellness. They have a number of helpful free resources on our journal page to learn more.

As always, if you’re looking for fascinating interviews about business, entrepreneurship, and more, please check out the Inner Edison Podcast with Ed Parcaut.