Rocky Sharma (@rockyrunz) is Founder & CEO of ProductLedCEO, ProcurementAI, and Luxeo Platforms — 3x Head of Product, Stanford GSB alumnus, and Forbes Thought Leader
Oktoberfest in Munich, Germany, is the world’s largest beer festival, attended by over 7 million people in 2023 and taking place for more than 200 years. Oktoberfest coincided with my sixth marathon within 12 months in Berlin, Germany. Hence, I decided to experience Oktoberfest even though I don’t drink.
Teufelsrad, which translates to “Devil’s wheel,” has been a popular sporting event at Oktoberfest for many years. Scores of people sit around a giant wheel. As the wheel rotates and picks up speed, obstacles are thrown at participants, who fall off one by one until we have one winner. Many of the participants wear Dirndl, which is the traditional dress worn over a century ago.
Let’s see what we can learn about product management and business from Teufelsrad/Devil’s Wheel.
Structural advantage: First mover’s advantage can take a company far.
When it was time for about 20 participants to sit on the wheel, there was a rush to sit at the center of the wheel, and others sat on leftover spots in circles. When the wheel started rotating, participants on the outer edge of the circles started falling off due to the speed.
The participant at the center (let’s call them X) had a natural defense as X was shielded from falling by participants in the outer circles, whether they wanted to offer such support or not. I noticed the participants on the outer edge of the wheel are typically merry, not as serious and having fun—and they are the first ones to fall.
When you build and launch a product, and it is a new category (meaning nothing like it exists in the market—think of AirBnB or iPhone), it allows the product an uncrowded path to the center of the market (as there was hardly any market or demand).
Once a product starts earning engagement, competition follows, and often, even established players try to enter that space. But the market lead can be huge, and constant innovation often keeps the players at the center of the wheel, providing a natural defense/advantage. While non-serious products keep failing.
Hence, product managers should not be fearful of walking on the path less taken just because there is no market or need. It can always be created if the product addresses pain areas in a unique manner. And a new business model can create network effects for continued market lead and growth.
Support mechanism: Pull from stakeholders is key to longevity.
At some point in the game, half the participants have fallen off, and the remaining participants are trying to stay on the wheel. The speed of the wheel keeps increasing; there are sudden jerks, and the participants clinch to the wheel with no natural support, hoping that they don’t fall off the wheel.
Hope is not a strategy in games or in the real world; hence, participants keep falling. Those who don’t fall into what’s now the outer circle are sometimes offered a lending hand from others in the circle.
In the business world, think of such people offering a lending hand as professional coaches, investors and friends. Entrepreneurs can often hold on longer and keep their products in the game when they lean on others for product advice, funding or support.
Fight: There can only be one winner.
Everyone except two participants has fallen off the wheel. This is a fist fight, except the fist is a palm as both participants are trying to hold the flat surface of the wheel so they maintain their position.
Now is the time for obstacles that are thrown at the final two participants, such as ropes and small sandbags to knock them off balance. Both participants try to fend off external attacks while still trying to outsmart the other person. Maneuvers and cheers may or may not work. They are being patient until one makes a mistake or delivers the knockout punch, as there is only one winner.
In business, think of the Internet search market: Google is the dominant player with over 80% of the market share. While in the CPG market, you have Pepsi and Coca-Cola competing for the same audience.
Obstacles could include market downturns, failed product launches, funding crunch, competition from new players, government regulations, or company- and people-related controversies. This is where coaches, stakeholders and others who are deeply invested in the company’s success can offer a helping hand.
Uniform: Unite around a common purpose.
Many participants wear a traditional dress called “Dirndls,” a common working outfit in the 19th century. These outfits are often uncomfortable while on the wheel.
Many companies, especially for customer-facing roles, have employees wear company attire that represents employees as the brand ambassador.
Uniforms present a sense of belonging, showing that everyone on the team is representing the mission of an organization and is doing their part to meet organizational goals. Uniforms also help in simplifying customer experience, especially in customer-facing in-person roles, as customers are easily able to identify from the uniform that they represent the organization.
Copycats: The original often outlasts the competition.
Many other countries have started their own versions of Oktoberfest and customized them based on their own cultural aspects. However, there is only one original.
We also see this in business. For example, DoorDash launched before competitors like UberEats, and there were several copycat versions in various countries where DoorDash did not operate, which is more of a business opportunity rather than making a difference in people’s lives through radical innovation.
The difference: There’s no natural cushion in real life.
There are a few ways in which Teufelsrad or Devil’s Wheel is different from reality in product management. For example, most participants are there for fun. They are with close friends and having the time of their lives, with no ties to any business outcomes or output. There is no monetary award when you win Teufelsrad/Devil’s Wheel, except for bragging rights and social media coverage.
Additionally, there’s no natural cushion in real life: When participants fall off the wheel, they slide at top speed and are stopped by a barricade of cushions so they do not get hurt.
In real life, in product management, there are no such cushions: Your product is a success or a failure.
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This article also appeared in Forbes.