“Alan Kay said something interesting in a set of lectures[1][2] he did a year or so ago.”
Kay suggests basing product ideas on human universals
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Yeah, I think you have a point. I'm not sure existing data is enough to generate ideas about all potential new products though, since behavior is shaped by what things/ideas/knowledge we have access to today. That is, what data is going to tell you that somebody wants a product that they can't even imagine yet? So I'd think consumer behavior data / demographic data / etc. is a useful guide, but I'm not sure it's sufficient in and of itself. All of that said, Alan Kay said something interesting in a set of lectures[1][2] he did a year or so ago. He brought up the idea of basing new product ideas on "Human Univerals", or universal aspects of human nature that really don't vary. A writer named Donald Brown wrote a book literally titled Human Univerals [3] which catalogs a number of these (a lot of them are pretty obvious though: food, shelter, sex, etc.). Kay suggested reading this book, pick one of the human univerals, and figure out a way to use technology to address that. [1]: link [2]: this video [3]: link
