On Spec

What’s to gain by doing things on Spec? Speculation. No actual buyer identified. Could be an idea, product, program….

I have a few.

1. Spend time to get it right before you go to market with it. Beat it up. Test it. Tweak it.
2. You may be too early. May be ahead of the market. But you know you will be in position to be first or best in show when it’s time. You may not get the return you could by waiting a minute. Stay in control of the asset. Positioned to control or dominate the market.
3. Gives you a prototype or a hype piece that you may choose to give away. Give value before you get it back from a sale. Build a following or even the entire market by sharing and recruiting the fan club.
4. Gives you an asset that can give you a low risk or mitigated loss feedback piece.
5. Test your passion. If you won’t do it without a buyer ready, you’re not involved and passionate. Think about things you would do even if you know it could fail.