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Hardware Entrepreneurs: A Big Picture Mentality
When it comes to developing a hardware product, it is easy to get bogged down in the design details during product development. While the details certainly do matter, if you focus solely on them from the start it could spell trouble for your startup later on. Having a big picture mentality allows you to get a complete grasp on product development as well as other major decision milestones, such as: manufacturing, sales, partnerships and marketing.
Developing a Preliminary Design Plan
Planning ahead is always a good idea when it comes to building a hardware product and launching a startup. A preliminary design plan is a good first step to help you get a firm grasp on the “big picture”. With a preliminary design you clarify budgets and timelines—which leads to better decision making as you head towards commercialization.
“A preliminary design (pre-design) focuses solely on the decisions that impact the big picture for your product. This includes your product’s cost, profit margin, performance, features, development feasibility and manufacturability. A pre-design ignores any details that don’t impact the big picture for your product. You can worry about those later. After you complete the pre-design you need to accurately estimate all of the costs required to launch your product. This includes the cost to develop, prototype, certify, scale, and most importantly the cost to manufacture your product. Knowing these costs ahead of time will allow you to plan the best strategy forward” (Predictable Designs).
The Benefits of Planning Ahead for Your Hardware Startup
By starting with a preliminary design, you will be able to focus on the big picture and the overarching goals you have established for your startup, as well as:
- Make informed financial decisions;
- Talk knowledgably with potential investors;
- Have a clear idea on your development and product launch timeline;
- Develop a product that is manufacturable;
- Understand your break-even point and at what point your startup begins to make a profit;
- Build a realistic business plan.
Take the time now to plan ahead—your startup will thank you in the end.
Have questions about your preliminary design plan? We are happy to help. Please send us an email at firstname.lastname@example.org
3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.