Tag Archives: New Product Development Company in California

The Costs Involved in Taking a New Product to the Market

New Product Development Cost
The Costs Involved in Taking a New Product to the Market 5.00/5 (100.00%) 1 vote

When it comes to realizing a new product idea into the physical form, many entrepreneur inventors underestimate various costs that are involved. These inventors underrate not only the product development costs but most of the other vital costs as well.

Underestimating the costs is especially true for medical device products. Inventors should never make the mistake of misjudging various costs, as it can hinder their success. Rather, they should learn and know all the different types of costs involved in bringing a new medical device product into the market.

Remember, the total cost to take a new product from just a mere concept to a mass-manufactured product widely varies. If it is a complex product, the total costs may reach to a hefty figure. Anyway, let us look at some of the most common costs that are involved when it comes to realizing a new medical device product into a physical form and taking it to the market.

Product Design Costs

The conceived product idea needs to be elaborated, and product design helps in this regard. Rough, hand-drawn sketches are carefully drawn into proper drawings by the professionals. These drawings are then elucidated even more using computer applications, like CATIA, SOLIDWORKS, etc.

While creating the drawings or 3D models using a computer application, many changes are also made and tested in order to achieve a definitive and feasible product design. Making professional drawings and computer-generated 3D models requires experience and skills, and it costs a reasonable amount of money. The computer application itself, by the way, will cost a substantial amount of money.

Product Prototyping Costs

Every new product idea needs a prototype. Based on the definitive product design, a product prototype can be made. A product prototype gives the clear understanding of how the conceived product will physically look, feel and function. At the same time, a product prototype helps test the conceived product, eliminate any defects, and enhance certain functions.

Product prototype development is a complex task as it involves creating near perfect examples of the final product. It is arduous and intellectually challenging job. It will cost a substantial amount to develop definitive product prototypes.

Product Development Costs

Based on the product prototype, the final product is developed. Since it is a medical device product, the product development costs can be broken down into (normally) three groups: the mechanical, the electronic, and the plastic.

While the mechanical and electronic do all the magic, the plastic is responsible for holding the product together. Sometimes, instead of plastic, other materials may be used, but plastic is the most common, versatile, and economical material of choice.

Normally, the mechanical and electronic will be the most difficult and expensive to develop, and they will share a big proportion of the product development costs. The plastic parts or components will, comparatively, cost less to develop.

Copyright, Licensing & Certification Costs

While the normal copyright and licensing costs may not be exorbitant, the fees that inventors have to pay, if they hire professionals, are something worth considering.

For novice inventors, the process of acquiring the copyright and other licenses may seem overwhelming. At the same time, in order to protect the invention, acquiring the copyright and licenses is essential. For that reason, inventors may need to hire professionals who would help obtain the necessary copyright and licenses. These professionals will charge fees that are worth considering.

For medical device products, inventors need to obtain certain certifications from the US Food and Drug Administration (FDA). Acquiring these certifications will also cost some money.

Production Setup Costs

Inventors need to set up production facilities in order to mass manufacture the conceived product. Establishing a production facility is no easy feat, and it requires a considerable amount of capital.

Since it is a medical device product, hybrid production facility, which can mass manufacture and assemble mechanical, electronic, and plastic components, needs to be set up. Further, because it is a medical device product, the facility also needs to have a sterile environment. Forming such a facility will cost a massive amount of money.

The inventors, of course, have the option to partner with existing manufacturers, but that will also cost – not as much as establishing own facility, but a significant, nevertheless.

Well, these are just some of the common costs involved in materializing a new medical device product into a physical form and taking it to the market. Other costs such as branding, packaging, logistics, marketing, and so on are also involved.

If you are an inventor and need help in realizing a new medical device product and taking it to the market, then GID Development Corporation can help. A product development company in California, GID Development Corporation specializes in new product design, product prototyping, product development, plastic product manufacturing, and other product fulfillment services.

Whether it is medical device product development, electromechanical product development, sports product development, generic or special-purpose product development, GID Development Corporation will surely “GET IT DONE!”

Want to learn more about the professional product development company in California, GID Development Company? Just visit http://www.gidcompany.com/.

A FREE 15-minute telephonic consultation is available! Just call Patrick at 714.528.2482 between 8:00 AM to 5:00 PM PST.

5 Deadly Product Design Pitfalls for an Entrepreneur to Avoid in 2015

5 Deadly Product Design Pitfalls for an Entrepreneur to Avoid in 2015
5 Deadly Product Design Pitfalls for an Entrepreneur to Avoid in 2015 5.00/5 (100.00%) 2 votes

After conceptualization, product design is the first, and one of the most complicated steps involved in the new product development that scare entrepreneurs the most. In the beginning, everything appears to be perfect; however, gradually, the initial product design undergoes modifications to form a new design, which then undergoes more modifications to form another design, eventually bringing the entire project to halt. As an entrepreneur, while designing and manufacturing a new product for your customers, if you have ever faced such crucial situation, then here are five product design pitfalls to avoid in 2015.

Meeting a Need

The procedure of product design is intended to meet the requirements and answer the problems associated with new product development. It may sound simple, but requires experienced professionals having latest designing tools such as CATIA V5, CATIA V6, and many other CAD and designing software. With the product design step, as an entrepreneur, you should aim to solve problems without creating more. Avoid extra and unwanted features that can frustrate your customers.

Not Able to Design User Centric Products

You are manufacturing a product for your customers; hence, it is your responsibility to keep their likes and dislikes in mind while designing it. Your products should be able to solve the problems of your end-users, or it should fulfil their requirements. Moreover, don’t overlook human factors such as how your product will be used, is it ready to bear rough use, is it waterproof, and similar questions. If you get a chance, interact with your potential customers and try to find out their views and feedbacks about your new product idea, and even ask for some inputs. The most successful product designs are the ones that the end users can admire for aesthetics. Keep the end-users’ requirements in mind but at the same time don’t ignore creativity or its coolness.

Designing for Design’s Sake

In many cases, it has been observed that entrepreneurs get covered up in what appears “Cool” or “How Beautiful the Design is”, and commence the designing process with the intention to hit the bull’s eye instead of handling the real issues. Don’t just design a product because you have to do it, in fact, find effective solutions to real-time problems and try to meet the requirements of your end-users. A rewarding product design is the one that meets or exceeds the needs of its end-users.

Fixing the Wrong Issues

Industrial product design is a highly creative and fluidic procedure, but do not confuse “Fluidity” with “Out of Control”. Gradually, as a product design takes shape, things are discovered, and tangents emerge. For entrepreneurs, it is wise to stay focused on the real concept and design intent, and don’t let your design raise a new problem or solve the wrong one.

Safety

Every day, thousands of new products are poured into the market to win hearts and to make profit. However, end-users prefer to buy products that are useful as well as safe. Therefore, you need to design a product that is useful, safe, as well as have some jaw-dropping features that can amaze your potential customers. Offer your customers a product, which they can share or tell their family and friends about. Spare some time to conclude likes and dislikes of your customers, and try to integrate those features into your project.

If you are an entrepreneur, then it is recommended to avoid these five deadly pitfalls mentioned above as it can ruin your entire project. Feel free to contact the GID Development Corporation, California, a full-service product design and development company specializing in a design, engineering, rapid prototyping, rapid tooling and new product manufacturing. We can be reached at 714-528-2482 or visit: http://www.gidcompany.com/contactus

7 Tips for Overnight Success in New Product Development by a Product Manufacturing Company

7 Tips for Overnight Success in New Product Development by a Product Manufacturing Company 5.00/5 (100.00%) 2 votes

Curiosity, creativity, and the zeal to bring those impossible ideas to life are the reasons behind the comfortable and relaxed life that we are enjoying today. All the tech-gadgets, household amenities, high-speed transportation means, etc. that have made our life simply simple were just concepts and somebody’s hard work or greed to earn name and fame brought them to life. Anyway, whatever would be the reasons, but we citizens are obliged to all those inventors and Product Manufacturing companies who offered us something beyond our imagination.

New / Custom Product Development is beneficial for both, the manufacturers and end users. However, looking at the fierce business scenario, it is more beneficial for the entrepreneurs because manufacturing a new product offers them a chance to stay ahead of the competition and competitors. No business can continue to offer the same unchanged product for a longer period of time; or else their customers will move to something else with more features at a reasonable price. Here, solely for entrepreneurs, we will discuss some points about how to develop an out-of-the-box product with the help of product manufacturing company to gain and maintain that sustainable cutting edge.

Here are points an entrepreneur need to consider:

1.    Identify new opportunities for your product

Open up your mind, explore your surrounding market, and find out, what’s there for your upcoming product. Think creatively, as it will open new grounds and ideas for your business and, combined with the correct manufacturing processes and equipment will let you calculate how your business can best approach innovation, including when to hire external expertise.

2.    Analyze potential in your new product idea

Access to a high-quality market intelligence, a thorough understanding of the prospective market and evidence, professional knowledge and capability, may all be required to offer proof of the market or the technical potential out there before you move ahead with a major commitment.

3.    Search Tax and Finance Efficient Ways to Support Innovation

Money is the most influential element in the new product development. Factors such as inadequate investment, the potentially lengthy development period before new concepts yield a profit, and insecurity about whether a project will be a success, can be huge hurdles towards securing investment. These factors should always be taken into consideration, along with tax incentives and access to local or national funding, which may be offered to help.

4.    Manage the innovation process

Handling new opportunities and their challenges requires systematic planning and controls. There may arise a situation where you need to develop your processes further or embrace the best practice to enhance your chance of success and strive to harness the potential of clever design.

5.    Protect Your Concept from Competitors

While developing a new product, an entrepreneur needs to consider the importance of Intellectual Property (IP). Entrepreneurs can protect their concept by many ways ranging from patent to trademarks including Non-Disclosure Agreements during early stages of development. This move will safeguard their idea from being copied.

6.    Commercialize Your Ideas and Get into New Markets

If your desire is to extract maximum profit out of your investment in innovation then the only way to do it is by protecting your idea, identifying the targeted market, locating the correct doors to enter the market, and finally, understanding the prevailing market trends.

7.    Over Come Common Problems

Once you initiate the product manufacturing process, commercial or technical problems can often delay or disturb business innovation, and this can be a serious frustration for an entrepreneur. If you face any of these problems, then it is suggested to explore and adopt new solutions or approaches for product development.

New or Custom Product Development is an important business activity for all entrepreneurs, as it keeps a brand alive and active in the market. Moreover, it also helps an entrepreneur to stay ahead of the competition. If you don’t sweat on your idea, then someone else will steal it and enjoy your share of the cake.

If you are an entrepreneur, who is looking for free tips for new product development, product design, product prototype development and product marketing, then call GID, a product manufacturing company based in California, at 714-528-2482 or visit: www.GIDCompany.com