Way before the Walt Disney Resort drew tourists to Florida like moths to a flame, they needed to buy some land. Had they waltzed over to the East Coast and declared Disney domain over central Florida, imagine what land costs would have been like. No, Walt had a plan to avoid paying “Hollywood upcharges”.
The land he wanted was soon being purchased by other companies. Little companies like Bay Lake Properties, Retlaw, The Ayefour Group, and M.T. Lott Real Estate were buying tracts of land for $80 an acre. The trick was that all these companies were Disney in disguise. Once the veil was lifted, Disney had managed to purchase more than 27,000 acres at roughly $200 per acre. Now before you start thinking Walt was out there fleecing the little land owner, understand that after people found out it was Disney buying the land, the price per acre ballooned up to $80,000.
That’s a 999% increase because they knew he could afford it.
“Ambition can creep as well as soar.” – Edmund Burke
This gets at the heart of taking little bets. Peter Sims wrote in his book, appropriately titled “Little Bets”, about comedian Chris Rock. Rock will test run jokes at a smaller venue, a laugh lab if you will, looking for the five or ten powerful lines to build an entire act around. Like Walt Disney, he’s looking for those little humor land grabs that can add up to a resort of hilarity.
We need to be doing the same thing while innovating. Ideation and business canvases can lead us to the next big things, but we can’t just build the theme park entrance out in the wild. There is some hypothesis testing and market fit analysis that should happen first. Take that big, disruptive idea and start testing those risky assumptions.
The best part is that each smallish prototype you test, only has to connect to the big, disruptive idea to you. Validating your hypotheses only has to look like another little land purchase by M.T. Lott. You’re going to be taking ground in small chunks, seemingly of little value to the market.
It is your big vision that makes the small grabs important.
“To multiply small successes is precisely to build one treasure after another. In time one becomes rich without realizing how it has come about.” – Frederick the Great
The best part of these small land grabs under little prototypes is that no one sees what you’re doing until its too late. It’s like building mini-games consisting of only one mechanic. This game you can only jump. This game you have to solve sliding puzzles. And so on until you use all your validated mini-game mechanics to build the big market disrupting game.
What will be your M.T. Lott strategy?