Having an innovative idea is exciting. When you realise you’ve homed in on a product idea that adds something completely novel to your product line up, has potential to reach a new market segment, or generate major revenue for your business – it’s hard not to want to dive in and start tackling the project first hand. It’s because many aspects of product development can be incredibly fun. Considering logo’s, slogans, colourways, and envisaging your end product in the marketplace are all exciting endeavours.
While it’s important to have a clear vision of your idea, the product development process can be a complex dance between a range of disciplines, often taking unpredictable twists and turns, and requiring on-the-fly problem solving. No matter how fantastic an idea is, there will be times when you’ll feel out of your depth in trying to transform it into a market-ready product. Here are 5 signs you might need a professional, fully resourced team to help you commercialise:
1. You want to profit from an idea
Perhaps you’ve been working on an idea independently and in your free time. So far, it’s been a low risk, low reward pursuit. But if you’re ready to commercialise and get something production-ready, you’re likely to need additional resources and expertise to make it happen.
2. You’re Ready To Leverage Outside Expertise
You could be an amazing squash player, have a knack for photography or know how to cook a mean steak. But if product development isn’t your core business, it’s only natural to hit roadblocks and identify limits in your knowledge and expertise. A good product development team will never disregard your experience, but aim to support and complement it.
3. You need to engage multiple disciplines
You may have a rock solid understanding your target market and your customers’ needs but not the technical know-how to solve their problems. Consider things like electronics (PCB design and electronic components), software, firmware, safety testing, load testing and endurance testing. This is where a specifically-skilled product design team can make all the difference.
4. You want to access an established network
A network of individuals are needed to successfully bring a new product to life. Manufacturers, patent attorneys, R&D consultants, trademark consultants and legal professionals are all essential pieces of the puzzle, and an established design team has a trusted network of these contacts ready to go.
5. You’re ready to evolve
Where your idea was when it started may be different from where it is today. You can strive to keep costs down and continue taking a more minimal, DIY approach, but without proper investment your idea is unlikely to develop into a profitable, market-ready product. If you feel it’s time to pursue a focused, results-driven strategy and take things to the next level – hiring a professional team is key.
If any of this sounds familiar, feel free to reach out or book a consult with us here. We’re more than happy to discuss your project and point you in the right direction.