Envisioning a simple product is just the start, with the real work starting when it comes time to produce the "tight narrative" that's necessary to launch the long process of problem-solving that will ensue, say Nest CEO Tony Fadell and Hosain Rahman, CEO of Jawbone. And, says Rahman, "great work takes time, capital, talent and experienced people" who can be trusted with the freedom to try and to fail and try again.

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