Product Development

Product Development

Creating a product is a multi-step with many layers.

It involves defining your target market and product requirements, ideating on different implementations to fulfill them, prototyping and iterating on the solution, and ultimately launch mass production.

Product development directly relates to all of the other aspects of New Product Introduction. This makes it one of the most financially risky aspects of the process because a change or setback in this area could cause additional changes and unforseen costs in the other areas of your venture. However, you can use risk mitigating strategies to limit your exposure. You should consider creating a development plan as early as you can.

Product Development Principles

Over many products and many years, we’ve learned a few simple truths about the product development process.

  • Creating a product is an iterative experience that requires forming assumptions, struggling through solutions, and learning a better way.
  • It’s a bumpy ride, you have to be adaptable and can’t fear failing.
  • Progress often looks like 2 steps forward, 1 step back. Product development is a process of trial and error.
  • A prototype isn’t a product. It might look like the real thing, but prototype designs need to be optimized to balance function, appearance, and cost in mass production.
  • Economy of scale achieves lower unit prices. If you make only a few units they will be astronomically more expensive than making thousands of units.
  • Moving fast is expensive. Period.