Author: August Wagner

As an entrepreneur, you have gone through the challenges of outlining a business opportunity
and have understood your target customer’s unarticulated needs. In addition, you have done the market research and analysis to define a preliminary market requirements document leading to a
preliminary product requirement document. These are relatively simple processes that lead to a minimum viable product (MVP) definition. The intent is to move rapidly and frugally to a point
where you can test your product and its fit against the latent market needs as well as understand whether your original business concept can make money at the scale envisioned or whether it requires changes in direction, strategy, or technology.
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Getting the product just right is perhaps the most difficult challenge an entrepreneur
will face in the early days. You have defined a market space, you think you see a need that is not being fulfilled, or you are an expert in a new emerging technology that can disrupt the market—these are all very reasonable starting points in your thought process, but they may not be the best place to start defining the product. The temptation to build on the existing familiar platforms will be very strong. As engineers, we often equate the market and product with the core technology.
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So you are ready to take the plunge and become an entrepreneur. Most successful entrepreneurs
know they do not have all the answers, maybe they have none of the answers, as they set forth on their journey. However, there is almost always a latent need in the market that is visible to them, possibly only to them. Nobody is clamoring to have this need filled, and there is certainly
no budget for purchasing a solution to fill this need. Legacy competitors are behemoths with legendary technology gurus in their ranks, with spectacular products that defined “cool” just a
few years back.
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For most people, their final objective as they train to become engineers is to be gainfully employed, and there is no dearth of opportunity for power electronics engineers. Existing markets, ranging from wind, photovoltaic, industrial, power quality, robotics, aerospace, automotive, power supplies, and transmission/distribution control, continue to offer robust job opportunities as the new ones emerge. Hence, it is not surprising to see global giants vying for young talents with start-ups and quickly growing companies.
<a class=”fasc-button fasc-size-xlarge fasc-type-glossy fasc-ico-before dashicons-arrow-right-alt2″ style=”background-color: #eeb221; color: #ffffff;” href=”http://ieeexplore.ieee.org/stamp/stamp.jsp?arnumber=6766840″>Read More</a>