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Coming up with a product idea is exhilarating—knowing that you have an idea that will help not only yourself, but an entire segment of the population, is the very definition of exciting. So now you have an idea, but you aren’t exactly sure what to do next. Below we have gathered helpful advice and insight into the next stages of your product development journey.
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.
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.
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.
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.
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Have additional questions about developing your product idea and want to talk to an expert? Send us an email with your questions to firstname.lastname@example.org
Before you take the “leap” into the early stages of product development, you first must decide if you have a viable product idea that is worth pursuing. There is quite a difference between coming up with a fantastic product idea and then coming up with a product idea that is completely unique and solves a universal problem while simultaneously igniting a passion within you.
If you have been mulling over a product idea, but are still on the fence as to whether it is commercially viable—here are four points for you to consider.
Chances are that if you came up with this product idea to solve a problem that you regularly face, others out there are dealing with the same issue. Finding and developing a solution to a common or universal problem is how most great inventions came to be.
Action: Take a minute to write down the problem that your product will be solving and how it would make life easier for its users. You can even start to casually ask family and friends if this is a problem they have experienced. You don’t have to go into details talking about your potential product yet, if you want to keep it in stealth mode, but you can get a feel to see if others are having this same reoccurring issue and would appreciate (and purchase) a solution.
Narrowing down a target market is one of your first tasks. If your product focuses on fixing a technological issue, perhaps your target market is geared toward a younger tech-savvy crowd. Likewise, if your product solves an issue for a specific industry (i.e. automotive, financial services, restaurants, etc.) you are going to want to make sure that it is easily integrated into daily operations.
Action: Compile a list of potential customers. Focus on age range, education, location, skill set and start to narrow your target market focus. Once you have this list, take a moment to think of the ways in which you can reach this segment of the population.
Brand new products are great—they are exciting and intriguing. Brand new products also come with a requirement—you must educate your audience and customer base first about the problem and your solution before they make a purchasing decision. While it is an additional step, it is nothing that can’t be overcome.
If there are already similar products on the market to your product idea, how are you going to make your product shine? What features will set yours apart? What does your pricing strategy look like in comparison?
Action: Do your research and get a comprehensive view of the industry landscape as well as potential competitors.
Products aren’t developed and launched overnight—though it may seem like that at times from an outsider’s perspective. Often though, weeks and months go into development. Many entrepreneurs are carried through the product development cycle by their passion—they have a strong passion and obsession with their product and know that it can make a difference.
Action: Ask yourself if you have the time to dedicate to developing this idea. Will you need help? If so, what type of help?
Have additional questions about product development? We are happy to help! Send us an e-mail at email@example.com
Starting a business is hard. Beyond the long hours and sacrifices, many entrepreneurs have to overcome the nagging feeling of self-doubt. You question everything… Is this startup worth it? Will it be successful? Should I have a backup plan? What am I doing? It is particularly hard when you are in the very early stages and share your great product idea with a trusted friend, and instead of words of encouragement, they say “Get real”. Those two little words sting, and they open the flood gates of self-doubt. However, there are ways to overcome self-doubt and the naysayers.
Life is a journey full of twists and turns. Don’t be afraid to get out there and make your business idea a reality.
3D Innovations is a full service Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.