Helen Lo had recently retired and was loving retirement's greatest perk: time to travel.
“But air travel quickly became a hassle. Like most women, I was carrying a loaded purse, which aggravated my back and neck issues."
And so Lo & Sons was born, a travel bag company featuring carry-alls with elegant, feminine designs (and lots of discreet pockets).The two-year-old company has broken even, and is now paying full-time salaries to Lo and her two sons.
And, after racking up long waiting lists for several of their sold-out lines, Lo & Sons is tripling production from 2011 to 2012--all thanks to a problem solved.
Whether you're launching a company, or a new product line inside of a conglomerate, ask yourself what problem you are solving. Not your solution. The problem.
Steve Poland in TechCrunch agrees, “Businesses are solutions to problems. Solutions come from ideas. Ideas are hypotheses. These hypotheses need to come from a defined problem. Humans have problems.”