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Don’t Rush Product Development to be First-to-Market
There is a lot of pressure and hype put on hardware startups to be “first-to-market”, however being first isn’t going to be worth it if you have to rush product development. Being first to market does indeed garner attention and initial praise, which can boost your company early on. The problems arise when you are first-to-market but your product design is flawed.
Blackberry v. Apple
Case in point, Blackberry dominated the smartphone market until Apple released the first iPhone in 2007. Before the release of the iPhone, Blackberry held the market share because it was the first company to create a smartphone that was, relatively, user-friendly. For Blackberry, being first-to-market gave the company a boost for eight years and they set the standard for smartphones, however, their lack of innovation and market complacency left the company vulnerable.
While Apple wasn’t the first-to-market, their innovative product design and focus on the customer allowed them to quickly take over a majority of the smartphone market. They took their time to develop and test their phone design before releasing it to the public—and the rest is history.
Product Development Takes Time
The road from initial concept idea to commercialization is not something that startups can afford to rush through. By rushing through this critical development period, you risk manufacturing and releasing a product that is flawed, and manufacturing a flawed product is an expensive error.
A quick overview of the product development process: After you work on your product idea, you want to then get a 3D digital design of your idea. With a digital design you can simulate certain factors and see how a final product would look. Once you have a 3D design ready to go, you then move on to prototyping. The prototyping stage can take a few iterations to get everything working to your specifications—this is where 3D printing really shines. Once you have a functional prototype and a design ready for manufacturing, you can then start down the road to manufacturing and commercialization.
Whether you are a startup getting ready to launch your first product or a company working on a new product line, the advice is the same: don’t rush product development. Use the product development stage to create a flawless design, even if that means you are not first-to-market. Being the best-to-market drives staying power, while being first-to-market with a flawed product can provide initial success, it often drives being first-to-exit.
Have additional questions about product development? Contact us at firstname.lastname@example.org
3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.