Product Development - the bottom-line!

"I have a great product idea… now… what do I do?"

You should develop the product from concept into the market through a well planned and funded product development process designed to increase your product's chances of success. If you are a one-person shop, then taking your product idea down to your cousin who said he "could design it, make it in his garage over the weekend and then sell it at the flea market" may be an alternative, but it will never get very far as a business prospect. There are professional marketing, design, engineering, investment and production groups that are able to help you take your concept through a process similar to what we've described. Even if you are an employee of a start-up, small, medium or large company, the process described herein still applies.

"If I spend a lot of effort to develop my product how can I make sure it will be successful?"

It's not easy, quick or free to develop a product and it's not a certainty that the product will be a success. Nevertheless we have uncovered many of the common roadblocks to a product's success, and have outlined a product development process that can smooth the 'operational' journey from concept to the market and optimize the product's chances of success within the market.

In summary, the main points to remember are:

• Offer a unique product.
• Obtain adequate funding.
• Aim for a real and reachable market.
• Develop up-front a critically considered, objective and complete business case and operational plan.
• Gather an experienced and disciplined team to execute the plan.
• Dispense appropriate ownership, accountability and incentive to team members.
• Develop contingencies to manage risk; include measured Go/No-Go milestones.
• Plan for periodic reviews and reality checks.
• Have a business exit strategy and reward structure for all stakeholders.
• Monitor and manage the process and project anchors through a change management structure.