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Hardware Startups: Knowing Your Market Segment
Established Market
Entering an established market means that the competition is strong. Often the best way for a hardware startup to make a splash in this market segment is by offering a premium product. “Companies succeed by building premium brands, having sustainably better technology, or being close to their costs of production. The headphone market is a great example here: Think Beats (premium brand) vs. Bose (better tech) vs AmazonBasics (closest to costs of production).” (Bolt)
New Market
Some of the most creative products of today started in a completely new market—think Apple iPod & iPhone. While competition is low, failure rate is high. When you are the first in a new market segment you have to pioneer new distribution channels, find your customer base, work hard to establish product/market fit and educate the market. According to “The Startup Owner’s Manual”, startups in this market won’t spend heavily on marketing and sales since you are not yet sure that a customer base exists yet.
You hear the term “pivot” quite a bit regarding startups, and that is what many startups find themselves doing when entering a completely new market. Your product is very likely to change to meet consumer demands.
Re-segmented Market
This is the most common market segment for startups to launch a product into. Your product will either re-segment via low cost or re-segment via niche. If you are aiming for low-cost you have a product that has less frills yet still adequately meets customer demands but at a lower price point. “In other hardware markets, startups work in product categories that users already understand, but focus on a niche that really appeals to a small subset of users.” (Bolt) With a niche product, you are aiming to launch a product that is intriguing enough for brand loyalists to switch over to your product.
When it comes to the re-segmented market, you do not have to completely educate the market since your competition has spent time doing that. However, you do have to adequately educate them as to why your product is not only different, but why they need it.
Startups that have a clear idea on the type of market segment they are entering will be in a better position when it comes time to launch their product.
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3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.
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Market Validation: Test Your Product Idea Early
Below are three ways to quickly complete the first phases of market validation to test your new product idea:
Look for Competitors
Successful competitors offer proof that demand exists. While it can often be daunting to first-time entrepreneurs, competitors validate that there is a market for your product.
When you are the first to market, you are faced with the challenge of not only selling your product, but educating your target market about the major problem as well. Established competitors have already educated the market and conducted market validation, now you get to come in and offer a new solution.
You can offer the product in a new location, market it to a new group of people, or differentiate based on features or price to carve out market share. (Entrepreneurs Handbook).
Talk with Your Target Market
While your friends and family might find your idea cool, are they your target market? Will they be making a purchasing decision for your product? If the answer is “no” you need to reach out to your actual target market—the people you want to buy your product.
If your product is challenging to explain in a clear and concise manner, a visual prototype can really help you convey your idea. Depending on the size of your product, 3D printing technology allows you to design and print a visual prototype quickly.
The feedback from your target market is going to help you build the product customers will buy, so the design of your product will most likely change a bit to accommodate customer needs.
Research Search Traffic
Google is a powerful tool and can give you a glimpse into the collective mindset of your target audience. See how frequently people are searching for the product solution you want to launch.
It will be up to you to interpret the data, but this market validation strategy is a way to see what people are looking for and the words they use to describe it.
Early Market Validation is Key to Success
Due diligence is crucial in entrepreneurship because it helps you avoid losing time, money, relationship capital, and confidence on a bad idea. (Entrepreneurs Handbook). These three tests are a quick way to start the market validation process, test your idea and ultimately help your startup succeed quickly.
Do you have additional product development questions? Send us an email at info@3d-innovations.com
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3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.
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Is 3D Printing Right for Your Project?
Are you building a prototype?
3D printing is an excellent option for initial prototypes. You can get a physical prototype in hours, refine the design and print again. It will take a few iterations to get it just how you are imagining it. Startups all over the globe are now turning towards additive manufacturing technology at various stages of product development—low cost and quick turnaround times make it ideal for budget conscious hardware startups.
Eventually you will want to build a functional prototype for design validation and testing, and additive manufacturing can help with this as well.
Do you have a complex design?
One of the primary advantages of 3D printing is that you can break traditional manufacturing barriers with your product design. With 3D printing technology, complex geometries, internal features and built-in interlocking objects with no assembly required are all possible. With these additional design capabilities, additive manufacturing creates new product design opportunities.
Do you need customer feedback?
Gathering customer feedback during the product development process is always a good idea. Show potential customers your product design, let them hold it, test it and then incorporate their feedback. Remember that the feedback is going to help you build the product customers want, so the design will most likely change a bit to accommodate customer needs. Additive manufacturing allows you to quickly print a visual prototype that you can show to your target market for feedback. You can quickly incorporate their feedback and print another prototype.
Are you looking for small batch manufacturing?
3D printing isn’t quite at the mass manufacturing scale yet, but it can certainly help with small batch manufacturing. If you need just a few parts or pieces for a project, 3D printing can certainly be of assistance.
Do you need a customized part?
Customization is the “sweet spot” for additive manufacturing. The automobile, aerospace and dental industries have been utilizing 3D printing’s customization ability for years now. If you need a one-off customized part, 3D printing will most likely provide you with the quickest turnaround and best cost efficiency—depending on size of course.
Additive manufacturing is constantly evolving and so are its capabilities. As design software advances and material selection increases, 3D printing will continue to shift the manufacturing landscape and prove that it is a very useful tool for professionals and makers alike.
Are you still not sure if 3D printing is right for your project? Go ahead and send us an email, info@3d-innovations.com so we can talk further about your design and manufacturing needs.
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3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.
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Innovation and Patent Protection for Startups
“A patent for an invention is the grant of a property right to the inventor, issued by the United States Patent and Trademark Office. Generally, the term of a new patent is 20 years from the date on which the application for the patent was filed in the United States or, in special cases, from the date an earlier related application was filed, subject to the payment of maintenance fees.”
“The right conferred by the patent grant is, in the language of the statute and of the grant itself, “the right to exclude others from making, using, offering for sale, or selling” the invention in the United States or ‘importing’ the invention into the United States. What is granted is not the right to make, use, offer for sale, sell or import, but the right to exclude others from making, using, offering for sale, selling or importing the invention.”
Make: Magazine recently published an article, “Patent Pandas: How One Maker Is Turning Her Horrible Experience Into a Force for Good”. It is a real and very telling story of how a person, actually a crowdfunding backer, stole an idea from a crowdfunding website and later tried to sell the invalid patent back to the original inventor. Unfortunately, stealing and patenting ideas that are not your own has become big business.
Patent law is complicated, and it is always best to consult with an attorney. However, we have compiled a list of resources below to get you started as you begin looking into the process of patent protection.
Crowdfunding Backer Patented My Project (Patent Panda)
General Information Concerning Patents (USPTO)
Navigating IP on the Path to Commercialization
IP Watchdog
How to Prepare for Your First Patent Attorney Meeting
Our team works closely with the Hawaii State Bar Association and understands the importance of patent protection for startups. If you have a question related to patent protection, we are happy to help. Please send us an email with your questions, info@3d-innovations.com.
Additional Intellectual Property Articles from 3D Innovations
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3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.
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Product Development Strategy: Launching Your Idea
The First Steps of Your Product Development Strategy
Write Your Goal Down
Write your goal down in one or two sentences. Keep it short and concise. Then post your goal somewhere where you will see it every day—whether it is at your office, your bathroom mirror, or as a reminder on your phone. Having it around will be a constant reminder of what you want to accomplish this year.
Find a Mentor
Business mentors are a great resource. You can bounce your product development strategy ideas off them and ask for advice when faced with obstacles. It will be even better if you can schedule a monthly meeting with your mentor to help keep you on track and pushing forward. Having a measurable goal and/or accomplishing a task before your next meeting will keep your startup moving ahead.
Start a Business Plan
There are many great business plan outlines online. Find one that fits your specific startup and start filling it out. Get all of your ideas, goals and ambitions out there on paper. You will see your plan start to solidify, and the plan will show you your strengths as well as your areas of weakness. Keep in mind that entrepreneurs aren’t great at every single aspect of business—and asking for help is normal, and extremely beneficial.
Build a Prototype
By now you have an idea, you have probably sketched the product design out a few times, possibly built a rough version out of items around your home and you are ready to get going on an actual prototype. Great!
Depending on your product, 3D printing is an excellent option for initial prototypes. You can get a physical prototype in hours, refine the design and print again. It will take a few iterations to get it just how you are imaging it. Startups all over the globe are now turning towards 3D printing technology at various stages of product development—low cost and quick turnaround times make it ideal for budget conscious hardware startups.
Eventually you will want to build a functional prototype, especially if you are going to move on to patent protection.
Gather Feedback
Take your prototype and start talking to friends, family and people you know to gather their thoughts on your product. In your business plan, you have outlined your target market, so try to find people that fit in this category. Remember that the feedback is going to help you build the product customers want, so the design will most likely change a bit to accommodate customer needs.
Here at 3D Innovations, no matter the stage of your business, we can help you meet your goals. Our team has a proven track record in all areas of product development and we work side-by-side with you throughout the entire design and manufacturing process. Peek at the Case Studies section of our website to see a few examples of the startups we have previously partnered with, and how they leveraged our design and manufacturing expertise to reduce time to market.
Have additional product development questions? Please send us an email at info@3d-innovations.com
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3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.
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How Hardware Startups Succeed—Planning & Research
Develop a Product Requirements Document
If you are just getting off the ground, you are going to need to start this. However, if your hardware startup is up and going, you will want to refine this. Either way, a Product Requirements Document (PRD), is good for business. According to Bolt VC, a PRD adds a tons of value in a few strategic areas: aligning your team, seeing around corners and constraining the design.
Professional Tip: Don’t let your PRD become too cumbersome, the documents that are short and direct are often the most beneficial.
Design a Marketing Plan
Products don’t sell themselves. Maybe you had some buzz around your crowdfunding campaign, you beat your funding goal and now you believe that your product will be flying off shelves—wrong. You need a marketing strategy. Whether you are a one-man operation or there are a handful of people working on your startup—your hardware startup needs a go-to market strategy. Top hardware startups have a solid marketing strategy that is easily communicated.
Professional Tip: This Forbes Marketing Plan template is an oldie but goodie. It has amassed almost four million views since 2013. It’s a clear marketing roadmap that helps you sculpt a true vision of where you see your business going.
Research Partnerships
Product development, manufacturing, distributors, retail, channel partners—all of these need to be thoroughly researched and vetted. Take these next two weeks of December to look into potential partnerships and ideal partners. Learn all you can about them, write questions down, research their past and current clients, try to schedule a meeting—all of this research and face-time will payoff.
Here are a few good business articles to consider:
Asses Past Goals & Make New Ones
Millions of people now are actively making their goals for the New Year—your hardware startup should be doing the same. Top hardware startups take time to define measurable goals. Take time to critically assess your 2018 goals—what went right, where did you misstep, where did you excel, how can you do better in 2019 and beyond? After you have gone through those goals, set new ones and make sure you have a system in place to keep you on track.
Professional Tip: Setting SMART (specific, measurable, achievable, relevant and timely) goals can help you evaluate the goals you wish to set. Think about whether they are realistic. You should write down your goals in your business plan to help keep you on track to achieve them. (Australian Government—Business)
Take time now to plan ahead and align your startup up for success in the New Year.
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3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.
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Harnessing 3D Printing Technology for Business
3D printing has been a favorite tool of makers and product design professionals alike because of its quick turnaround time and the fact that it is relatively cheap compared to all other manufacturing methods. 3D printing technology allows designers to quickly, easily and efficiently design and produce a product prototype for review within hours, instead of weeks. While prototyping is where additive manufacturing is most popular and widely used, the technology is beginning to mature and find its way into manufacturing for end-use parts as well.
3D Printing for Prototyping
Our design team regularly uses additive manufacturing technology during the product development cycle when we are working with entrepreneurs and startups on prototyping and finalizing a product design. 3D printing technology is still growing and maturing, it seems that every week new filaments are being developed and new uses for the technology are being discussed. However, as the technology stands today, its strength, its competitive advantage and its usefulness remain in the realm of prototyping. Visual and functional prototyping are imperative when designing a product and this is where 3D printing excels.
3D Printing for Manufacturing
When it comes to manufacturing, 3D printing technology has an advantage on short-runs, however, at this time, it is not able to compete with other traditional forms on a mass-manufacturing scale.
Due to the speed, quality and cost of additive manufacturing, “the technology is best suited for the production of specialty parts in smaller batches, rather than mass-manufactured goods. However, there is an industry shift towards expanding 3D printing technology to take a more prominent role in mass manufacturing. This technology brings some important qualities to the world of manufacturing that make it ideal for certain jobs. For instance, parts can have complex geometries impossible with traditional manufacturing processes. It is also possible to 3D print goods on demand, allowing for easy creation of custom parts” (Engineering.com).
The 3D printing metal segment is making great strides towards high volume manufacturing and McKinsey forecasts the industry to be worth as much as $10 billion by 2030 to 2035. Read more about developments in the metal 3D printing segment on our blog.
3D Printing Quote
At 3D Innovations, we offer 3D printing services to a range of startups, businesses and makers. If you have a design ready to be printed, and would like a quote, please visit our 3D Printing Quote Request page. We have made the quote process quick and easy. Whether you need a prototype or a short manufacturing run, we can help.
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3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.
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Domestic v. International Manufacturing for Your Startup
Domestic Manufacturing Advantages
Domestic Manufacturing Disadvantages
International Manufacturing Advantages
International Manufacturing Disadvantages
Ultimately the decision to manufacture either domestically or internationally is based on your budget, timeline and customer preferences. With our heightened political climate and a shift in attitude, many people now prefer to buy products that are made in the U.S., and are willing to pay more for these products.
Do you have additional questions about manufacturing your product? Send us an email at info@3d-innovations.com
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3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.
Subscribe to the 3D Innovations newsletter on our Facebook page!
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Get Your Product Idea Off the Ground
Developing a Product Idea Isn’t a “One-Size-Fits All” Process
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, however in actuality, this process is more of a maze with twists and turns on your way to success.
Each product and each startup will face their own challenges on the way to market; by preparing yourself for any hiccups you encounter along the way, you will be in a much better position to successfully navigate them.
Consider and Research Intellectual Property Protection
Navigating the world of intellectual property is challenging for seasoned entrepreneurs, and even more stressful when you are working on designing and launching your very first product. Intellectual property (IP) is often moved to the bottom of the priority list because it is full of unknowns. When is the right time to file? Do I need a design patent? Is a trademark necessary?
With the spread of technology and globalization, a solid intellectual property strategy has never been more critical. Copycat products are popping up at an alarming rate—which is bad for business and dangerous for consumers. Having a strong intellectual property strategy early-on or having the patent process started, is a great way to protect your invention, attract or solidify partnerships and secure funding.
Add Value Through Product Design
The Design Hierarchy of Needs is a good starting point during the product development process. As an entrepreneur, you can look at your product, or product idea, through this lens and determine where your product excels, and which areas need a little more help before your product design is finalized.
Understand Common Startup Roadblocks—Then Avoid Them
We can all learn from failure, we can even learn from other startup’s failures. Making yourself aware of the challenges associated with building and launching a product, you are more likely to make educated decisions that allow you to avoid failure altogether.
Diving into the product development process is an exciting time for an entrepreneur. With the right knowledge and information, you are setting yourself and your startup for success.
We would also suggest you check out these additional blog posts:
Have additional questions about developing your product idea and want to talk to an expert? Send us an email with your questions to info@3d-innovations.com
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3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.
Subscribe to the 3D Innovations newsletter on our Facebook page!
Connect with us on Twitter, Facebook & LinkedIn today
3D Innovations: Product Case Studies
We are sharing product case studies over on the 3D Innovations website. Within these case studies you will see the type of projects we have partnered on and how customers have leveraged our design and manufacturing expertise to reduce time to market. (Note: This is a small sample of our client projects, as many projects are required to stay confidential.)
The case studies on our website are from a range of industries. Below you can see some of the industries we support and have experience working with.
Developing ideas from concept to product is where our expertise shines. With a knowledgeable team, we help bring products from initial concept to store shelves.
About 3D Innovations
3D Innovations provides product development services assisting companies with all stages of development. Our suite of services includes product design/engineering, prototyping, 3D Printing, additive manufacturing, supply chain management, packaging design, and production manufacturing sourcing. Using our experience in Design for Manufacturing (DFM) processes, we develop custom solutions for clients that accelerate their commercialization activities.
We provide 3D Printing and Rapid Prototyping services to quickly validate designs and make improvements for production manufacturing. Experience the benefits of 3D Design and see how 3D Innovations can develop innovative solutions to engineer, design, and manufacture your product.
Interested in learning more about our product development process? Send us an email at info@3d-innovations.com or give us a call 1.808.722.8667 so that we can schedule a meeting to talk about your project’s individual needs and requirements.
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3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.
Subscribe to the 3D Innovations newsletter on our Facebook page!
Connect with us on Twitter, Facebook & LinkedIn today