The Role of Product Managers in Building Successful Products and Bootstrapping New Networks

The Role of Product Managers in Building Successful Products and Bootstrapping New Networks

Introduction:

Product management is a crucial role in the success of any product. However, not all approaches to product management lead to success. In this article, we will explore different ways product managers work and identify the approach that is most likely to yield positive outcomes. Additionally, we will discuss the concept of bootstrapping new networks using token incentives and how it can revolutionize the way networks are built.

1. The Three Approaches to Product Management:

Product managers have three main ways of working: escalating every issue to the CEO, relying on design by committee, or taking ownership of their role. The first two approaches often result in mediocrity and lack of progress. Successful product managers, however, understand the importance of their responsibilities and take ownership of their job.

2. Building Great Products through Collaboration:

The success of a product depends on the collaboration between design, engineering, and product management. By working together, these teams can solve real problems for users while meeting the needs of the business. It requires smart thinking, creativity, persistence, and leadership skills. Great product managers push companies beyond their comfort zones and provide compelling evidence to drive necessary changes.

3. Bootstrapping New Networks with Token Incentives:

The bootstrapping problem in network building often hinders the creation of networks that could improve collective well-being. However, token incentives offer a solution. By providing users with financial utility through token rewards during the early stages, when network effects haven't kicked in, the lack of native utility is compensated. As the network grows, the reliance on token incentives diminishes until it reaches zero, resulting in a scaled network.

4. Fairness in Token Incentives:

Token incentives not only help bootstrap networks but also introduce fairness into the system. Instead of a centralized Web2 model, where ownership is concentrated in the hands of a few, token incentives allow those who helped build the network to own a meaningful share of it. This ensures that the benefits of network growth are distributed more equitably.

Conclusion:

To be successful, product managers need to take ownership of their role, collaborate effectively with design and engineering teams, and exhibit leadership qualities. Additionally, the concept of bootstrapping new networks through token incentives presents a fairer and more efficient way of building networks. By understanding these principles and taking action, product managers can drive the creation of great products and the growth of innovative networks.

Actionable Advice:

• 1. Take ownership of your role as a product manager and strive to understand all aspects of the business.

• 2. Foster collaboration between design, engineering, and product management to solve real problems for users and meet business needs.

• 3. Explore the potential of token incentives in bootstrapping new networks and consider incorporating them into your network-building strategies.

Remember, great product management requires smart thinking, creativity, persistence, and leadership. Don't be afraid to lead and drive positive change in your organization.