Posts Tagged "validation"

Lean Startup Principles for Hardware Entrepreneurs

August 8, 2016
3D Innovations

The Lean Startup methodology is a principled approach to new product development that can be applied to startups and corporations alike. While the Lean Startup approach is most often attributed to technology startups, it can be used by businesses of all kinds and at all stages of growth. The five principles of the Lean Startup guide you through the product development process while maximizing business acceleration.

The Five Lean Startup Principles:

  1. Entrepreneurs are Everywhere
  2. Entrepreneurship is Management
  3. Validated Learning
  4. Innovation Accounting
  5. Build-Measure-Learn

At the core of these principles are three goals: eliminate uncertainty, work smarter and continuously validate learning.

Eliminate Uncertainty

By eliminating uncertainty as well as a “just do it” mentality, you are able to take a measured approach to product development. Creating tools that constantly and accurately test your vision provide your startup with the necessary insight to know when to pivot or move forward.

Work Smarter

lean startupInstead of asking yourself, “Can this product be built?” the lean methodology asks you to take a step back and instead ask, “Should this product be built?” By changing your mindset in this manner you are asking the question, “Can we build a sustainable business around this product?”

Gathering the data to answer these questions will connect you with early-adopters. With each prototype, you are able to test your product with these customers and garner feedback. By the time you are ready to begin distribution, you will already have established customers in place. By working smarter, you save business resources, set a methodology around product development and ultimately eliminate uncertainty.

Validated Learning

Embracing validated learning shrinks the product development process and can save a significant amount of time and money for your startup. Validated learning stems back to the idea of finding your early-adopters and target market early on. When you have open communication with this audience you are able to rapidly adapt changes that they value.

Too many startups begin with an idea for a product that they think people want without actually asking their target customers if they would use it, and more importantly, purchase it. Speaking to prospective customers is critical and can often mean success or failure for a startup. Congruent with the validated learning concept, is the development of a Minimum Viable Product (MVP).

What is a Minimum Viable Product?

“The minimum viable product is that version of a new product which allows a team to collect the maximum amount of validated learning with the least effort.”

The core principle of the Lean Startup method is the build-measure-learn feedback loop. The first step in this process is to establish the problem that needs to be solved. Once the problem is established, an MVP is developed to find a solution as quickly as possible. At this stage, time is of the essence. Once an MVP is established, you then work to fine tune it with measured metrics and customer feedback. When the measurement and learning aspects of the feedback loop are done correctly, your team will be able to decide if the startup is moving in the right direction or if a course correction is necessary. All successful startup processes should be geared to accelerate this build-measure-learn feedback loop.

The Lean Startup Principles have been shown time and again to speed up product development and successfully launch products into the marketplace. While this business methodology has been embraced by technology startups, hardware entrepreneurs are seeing its benefits and incorporating it into their own businesses as well.

Have questions about the Lean Startup methodology or the product development process? Contact us, 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.

Startup Connector is a Manufacturing Accelerator helping companies commercialize—turning ideas into products.

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Validate Your Product Idea Early-On With Quality Feedback

May 11, 2016
3D Innovations

1lightbulbWe are a nation of makers and find profound satisfaction when we successfully bring a product to market. Nothing brings this to light more than a quick glance at U.S. Patent Statistics. In 1963 there were 85,869 utility patent applications, compared to 2015 in which the U.S. Patent Office reviewed 589,410 utility patent applications—an increase of over 580%.

While the number of applications for patents in the United States shot through the roof, the number of patents granted is usually about half of the total submitted in a given year. But the point is: more and more people are making stuff. Knowing that more people are trying their hand at inventing then begs the questions:

  • How many of these patents became profitable businesses?
  • How many inventors and makers are sustaining themselves with their products?
  • Are these patents leading to cutting-edge technologies in the marketplace?

The reality is that innovation is hard. Transitioning from a minimal viable product to a functional prototype and finally a manufacturable product takes both time and money—and a big dose of determination. The product development process is a marathon, not a sprint. Can you image spending weeks, months or years perfecting a design and having it manufactured, only to see if fail after its launch? The best way to avoid this type of failure is to prepare yourself early-on and have your idea validated by your target market.

Suggestions on obtaining feedback from your target market:

  • Develop a website around your product/startup, before you even launch, to build both excitement and solicit feedback from potential customers (a quick survey link will do the trick).
  • Send out a survey (electronically or hardcopy, depending on your target market) to those interested in your product and ask about features they would find beneficial, ask about design elements and importantly ask at what price they would purchase your product.
  • If your product is easy to manufacture in small batches, make a few and hand them out to target market customers. Then hold a customer feedback session in which you obtain their feedback on the design and functionality of the product.

The information gleaned from this customer feedback not only helps you design a better product, it helps you validate your idea and develop a product that people will actually purchase. By designing a product around your target market and features they value, inventors and startups can dramatically increase their rate of success.

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3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.

Startup Connector is a Manufacturing Accelerator helping companies commercialize—turning ideas into products.

Subscribe to the 3D Innovations newsletter on our Facebook page!

Connect with us on TwitterFacebook & LinkedIn today