Product Development
Industrial Innovation and Technology Inc. helps companies and others innovate and bring new products and ideas to market. Product development encompasses a large array of skills and attributes today as emerging technologies demand sophistication while users demand ease of use and function. We can help you bring your technologies forward into the future and we can help you innovate and develop current products to a higher standard.
Product development encompasses an A to Z process and we can help you bridge that gap from anywhere along the path. A new development path usually follows this 6-step process:
- Idea generating, brainstorming, opportunity analysis, intellectual property, market trends, competitor analysis, and product research. The name of the game is to bring everything to the table and consider all ideas in a new development.
- Refinement, focus, compromise analysis, practicality, rough sketching, manufacturability, size of current market, target market, and profitability. The idea here is to refine and shape your product to something that is best in terms of end user appeal, more features or less cost, and move towards a holistic view of how the product will shape and come forward. Will the product be profitable after manufacturing and delivered to the customer at a fair market price?
- Testing the opportunity, developing the concept, consumer reaction prediction, cost for production, analysis of benefits the product will provide, photo-realistic rendering, rapid prototyping, prospective customer surveys and opinion polling. Here the product will be placed on the proving grounds and out of the computer. A hands-on model is rapidly prototyped from either CNC manufacturing, stereo lithography, or other various methods. The prototype is then shown to its prospective customers and they are asked what they think about the idea.
- Business feasibility, selling price vs. competitors, re-estimate profitability, break even analysis, and sales volume estimate. The business analysis helps bring everything together and put the project together in a quantitative measure. How much money can this new product generate? What are the sales numbers we must achieve to break even and is the product worth the risk?
- Testing of both product and market. A few beta prototypes need to be made, packaging needs to be designed and tested, trade show demonstrations, and markets need to be tested. This step of the process allows last minute refinements before production manufacturing takes place and helps mitigate risk and should of, could of, would of scenarios.
- Path to market plan finalized, engineering resources allotment prediction, logistics planning, marketing plan finalized, website, brochures, product data sheets, assembly instructions, distributors, and packaging finalized. This is the last and final step where the technical aspects about developing a new product come together.
