It is a common misconception that building a hardware startup is a straightforward and linear process: Find a Problem—Design a Solution—Sell the Product—Make Money. In theory this is how it should work, but in actuality, this process is more of a maze with twists and turns on your way to success. What you don’t see in this high level linear description are the many challenges and pitfalls you and your startup must navigate before you “Make Money“.
Below are three challenges that first-time hardware entrepreneurs don’t always foresee.
Importance of Customer Feedback
Feedback is critical during product development. You aren’t going to know if you are on the right track without feedback from your target market. You are going to want people in your target market to test your product (not just family and friends). It is helpful to get feedback that is both honest and actionable.
By creating an inexpensive prototype, and gathering feedback from it, you will be in a much better position as you build your product. This feedback loop is important until the final design is ready.
Long Lead Times
Developing a hardware product takes time. Product development doesn’t happen overnight, especially if you are gathering customer feedback along the way and making the necessary adjustments. Depending on your product, product development could take months or even years before you are confident that it is ready to head into manufacturing.
Manufacturing is another area that has a long lead time. Whether you decide to manufacture locally or internationally, you are going to be playing the waiting game. The thing with long lead times is that if you know they are coming, expect them, and plan accordingly, they are less likely to derail your journey to success.
Understanding the Product Space
To understand your market, you need to research it. What products succeed in this space? Is there a similar product to yours that has found success in this product space? What did their journey look like? Has a similar product failed? What information can you glean from other startups’ success and failure in this space?
If possible, get out and talk to people already in this product space to see what they say about it. By understanding the market, you will get a better understanding of where your product will fit into it.
Each product and each startup will face their own challenges on the way to market; by preparing yourself for these twists and turns along the way, you will be in a much better position to successfully navigate them.
Have additional questions about bringing a product to market? Send us an email at email@example.com
3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.