1) Validate the product idea
Notice that we said validate the product idea, not just come up with the product idea. Coming up with an idea is easy. People come up with them every day. But not every idea can become a successful product in the marketplace, and why would you waste a second developing one that can’t? Luckily, there are ways to analyze an idea to determine its viability. The main ways are:
If your product idea can withstand this type of scrutiny and still looks like a winner, by all means, pursue it. But do not spend time or money developing a product without validating the idea first.
2) Define what you want to do with it
A valid product idea is a great start, but it is not enough. To get any real traction, you need to determine what you want to do with that idea. What is your ultimate goal for this product? Is it:
Each option is attractive to different people for different reasons, and there is no one “right” option. It comes down to what your own strengths, weaknesses, needs, and risk preference are. The point is simply that whichever option you choose will influence your product development decisions, everything from how fast you have to work to how much money you spend and who you work with.
3) Develop a plan with specific, dated deadlines for each step
Once you have a valid product idea and know what you want it to ultimately become, you can develop a plan for making it happen. Remember: any plans you make in advance are subject to change when circumstances change or opportunities and obstacles prevent themselves. Don’t become obsessed with sticking to the plan. That said, it would be foolish to get started with no plan whatsoever. You should set some dates that you hope to do the following things by:
Having at least some idea of how and when these things will get done will keep you focused and ensure steady progress.
The Takeaway: Don’t jump into developing a product unprepared. Validate your idea, determine what you want from it, and write out a plan for getting it done. And get started!
]]>Think of Product Development and Management (PDM) as the process that takes place once you have an idea or invention. Taking proper steps toward development and sale of your intellectual property, will ensure the highest possible rate of success in the marketplace and the lowest out-of-pocket costs to you. Below, we will detail the most common procedures involved in effective PDM. You will learn how to save thousands of dollars AND create a more viable product, generating the highest possible return on your investment.
Don’t I need a patent lawyer first, in order to protect my idea?
Patent lawyers are costly – up to $15,000, and should not be the first step toward making an idea a productive reality. Product Development Co. provides safe, confidential and in-depth advice from beginning to end, including strategic partnerships with patent lawyers when it is time for the patent process to begin. The first question should always be “Is my idea cost effective?” A proper analysis by a reputable PDM firm will provide you with valuable information such as:
Feasibility – Can your idea be produced AND provide an effective ROI? Don’t pay legal fees to a patent lawyer without knowing if your idea is even viable! Product Development Co. will give you superior guidance and support in this crucial step of the process. They will also be able to share insight on realistic return on investment expectations. Did you know that with proper PDM and a viable product you can expect to recoup between 8-10 times your initial investment? Vallmar’s understanding of product development, combined with proven success helping inventors just like you, gives the security and assurance that honest, confidential and skilled professionals are working in your best interests.
Cost Analysis – After Product Development Co. reviews an idea, the inventor is provided with a detailed cost analysis. This will include: production costs, targeted selling price of product, preliminary engineering – including a virtual 3D prototype of the product, and an electronic package that will help sell the product, without having to invest in costly prototypes.
Protection - Now you need to protect your idea. Product Development Co. will help manage and secure future success, guiding you through the patent pending process. A much less costly way to test your product in the market, a patent pending application is quick, easy, and provides the peace of mind you need. Maybe your product needs to be redesigned. Utilizing the patent pending process and strategic partnerships with patent lawyers, Vallmar guides inventors through this legal framework, saving their clients thousands of dollars along the way.
How do I turn this into profit?
The next step in product development and management connects your invention with potential buyers. These can range from large companies to targeted industries. Your PDM firm will help guide you to buyers through companies like IdeaBuyer, taking your invention to market and getting it on store shelves.
Finally it is time to reap the rewards of your idea. Product Development Co.’s product management assures the highest ROI based on years of experience and success. With over 20 years helping inventors through this process, they will work just as diligently to make sure your idea is both feasible and profitable. After signing a confidentiality agreement with Product Development Co. your idea will be analyzed by engineers with a long history of developing and advancing successful ideas for such companies as Rubbermaid and Jane Fonda Step Aerobics accessories. They have also helped inventors develop and sell their ideas to large companies like Goodyear.
So what are you waiting for? Don’t waste another penny. Product Development Co. assures the highest level of confidentiality and peace of mind, as well as a proven success record with 20 years’ experience helping inventors just like you turn inventions into reality and profit. Take action today by calling Vallmar to discuss your options with an experienced Product Development and Management professional. An idea and a dream are all you need to get started.
Let Product Development Co. do the homework for you.
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1) The New Product Development Body of Knowledge
The new product development body of knowledge is a massive directory of helpful theoretical and how-to articles on all aspects of product development. Everything from competitive strategy to engineering to product specifications are discussed in detail by experts and fellow inventors, enabling you to benefit from their collected experience and wisdom. If you are new to product development, this is the perfect place to immerse yourself into the field. If you are an experienced inventor with specific tough questions, one of the many articles in the database is likely to contain the answer.
2) BNet.com’s product development category
At first glance, BNet.com’s product development section might look like “just another article directory”, but it is anything but. A more thorough examination reveals original, insightful, problem-solving articles and blog posts from respected experts. Inventors will find a variety of useful topics being discussed, including crowdsourcing, feature fatigue (and how to avoid it), and collaborating with customers to deliver products they are sure to want.
3) Six Principles For Making New Things
As the maverick venture capitalist behind the early stage firm Y Combinator, Paul Graham is in constant contact with innovators and product developers. These experiences led him to lay out what he believes are the six most important principles for making new things, be it new software, products, or services. In short, these principles are:
“Find (a) simple solutions (b) to overlooked problems (c) that actually need to be solved, and (d) deliver them as informally as possible, (e) starting with a very crude version 1, then (f) iterating rapidly.”
Each principle is a bit more complex than this, and Graham spends considerable time explaining them in more detail. Whether you’re stuck at a decision-making crossroads or just starting out, you will surely profit from reading this eye-opening article!
4) Time to Market Improvement in Product Development
How long it takes to bring a concept from your imagination to the marketplace goes a long way toward determining your success or failure. Not surprisingly, much thought and research has gone into getting this right. NewProductDynamics.com offers a helpful synthesis, including downloadable PDF reports on topics like “Techniques for Managing Project Risk” and “”Accelerated Product Development: Techniques and Traps.” If getting to market as fast as possible is what you’re after, taking some time to study this material will give you a leg up.
Above all, keep in mind that no matter what obstacle you are up against, someone has already faced and overcome it. The best thing you can do is turn to product development resources that explain how it was done!
]]>Product Development Co. is a new product development company that turns great ideas into great products.
Our mission is to help each of our client’s prepare their product to reach the potential for optimal sales in the market.
We help design, engineer, and create a viable product to be well-received by it’s end user.
Our staff has worked with a variety of companies, ranging from start-ups to Fortune 5000 companies, in the design, engineering, and prototyping of new products.
We are committed to delivering value-based services to you, with less hassle.
To learn more about how we can help you create a better product, while saving time and money, call us at the number above for a free consultation.
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