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Product Development Strategy – Tips to Develop a Successful New Product

Product Development Strategy - GID Company

As new products flood the market daily, the demand for improved product development continues to escalate. Various factors such as industry, product type, features, and more must be considered. Therefore, an exceptional product development strategy is imperative.

Many companies concentrate on their customers’ needs when developing a product, while others aim to address an existing issue with their product. Regardless, without a sound product development strategy, the chances of encountering failure are high. Even if a company has an exceptional idea and ideation process, it won’t amount to much without an effective product development strategy. If you prefer learning through video, you may watch the clip below, or skip ahead if not.

In this blog, we are about to discuss a lot of interesting stuff regarding new product development and product development strategy, so stay tuned and keep reading. Let’s get started.

So, What’s a Product Development Strategy?

A product development strategy involves a series of steps aimed at introducing a new product to an existing or new market. It entails conducting constant market research, conducting thorough tests, and careful planning of product concepts. Additionally, it may involve introducing an existing product to a new market. In some cases, a product development strategy may be necessary for a current product in the current market space, particularly if a new feature is being introduced, rebranding is taking place, or a new complementary product line is being launched.

As per the product life cycle theory, all products eventually reach a plateau where revenue growth diminishes. This is typically when companies adopt fresh product-led growth strategies, introduce new product lines, or implement a new marketing strategy. Some companies concentrate on new product development strategies to help augment the growth of their current products. Regardless of whether a company’s product is successful or not, a product development strategy can be employed to enhance growth.

A product development strategy typically complements a business strategy, and the product development process can vary depending on factors such as commercializing a new product, iterating on an existing one, or other considerations. Extensive market research through focus groups is typically conducted to determine the functionality of the product and gain insight into the needs of customers in different demographics and target markets. The development team can then use this data to brainstorm and formulate a suitable strategy.

Let’s Understand New Product Development Strategy Process (NPD Process)

The process of new product development (NPD process) can be condensed into eight key steps, which remain consistent for start-ups, SMEs, and enterprises alike. These steps are fundamental to the success of the product life cycle, and all development projects must undergo them.

Ideation Process

The initial step is idea generation, which involves systematically brainstorming new product concepts based on real-world issues, existing market products, and basic target audience research. To generate a few good ideas, it’s essential to come up with hundreds of them. Two methods can be used to generate ideas.

Internal idea sources involve existing company stakeholders and employees, such as research and development, product managers, marketers, and others.

Alternatively, external idea sources can be employed, including outside stakeholders, suppliers, competitors, and secondary sources of inspiration.

Screen the Best Ideas

Idea screening involves filtering all of the generated ideas and selecting a few of the best ones. The goal is to identify a specific type of idea and then pick the most promising one from among them. Once the official product development process commences, it is difficult to revert and incorporate new ideas. Changing methodologies mid-process can result in delays and setbacks.

When selecting ideas, two factors should be considered: profitability and utility. Profitability pertains to the company, whereas utility concerns the end-user.

For those interested in acquiring skills for creating an excellent product strategy, our product management certifications provide guidance on achieving this.

Product Concept Development (and Testing)

After selecting an idea, the subsequent step is to transform it into a product concept. The product concept is a more comprehensive and detailed version of the initial idea. Developing several product concepts for various ideas can be time-consuming, and it requires a significant amount of effort and resources.

To ensure the effectiveness of the product concept, it must be tested in an existing market. The precision of the product concept is vital, and testing enables this precision. Testing the concept with target audience clusters allows for a better understanding of consumer response, appeal, and reliability. During testing, consumers can be asked specific questions to aid in product design, pricing, and prototyping.

Develop Marketing Strategy

Once a complete product concept has been developed and tested, the next step is to create a viable marketing strategy. This strategy should be developed with the current market, market share, and target audience in mind. The marketing strategy typically consists of several key components, which may include:

  • Value proposition
  • Target market description
  • Profit and market share goals (focus on SMART goals)
  • Pricing outline
  • Marketing and distribution budget
  • Long-term profit goals, sales, and marketing mix.

The marketing strategy also allows you to track certain metrics.

Business Potential of Proposed Product

After the marketing strategy, it’s important to evaluate and analyze the effectiveness of the new proposed product. That includes viewing future projections, costs, and more.

To conduct this research, you can either go for market surveys or look at similar products by other companies. Developing a sales forecast will help you estimate costs, profits, and a timeline.

Product Development

Once the business analysis is complete, the product development process begins. Up until this point, your product was just a rough idea, prototype, or a potential product. This step is crucial in turning it into a fully functional product.

This stage often requires a significant investment, as you’ll be spending on research and development. The R&D department typically creates multiple versions of the product during this phase, which is called prototyping, and can take several months to complete.

Once you have a product prototype ready, it’s time to test it. Marketers usually bring in customers for product testing, which helps them get an idea of what the customer wants.

Marketing Testing

When your product is ready to launch, the next step is to conduct test marketing, which involves testing out marketing strategies in realistic market settings. This phase is essential for marketers to understand how the product is perceived, what needs to be improved, and what other investments the company can make to ensure the product’s success. The duration of marketing testing can vary depending on the product, but it’s crucial to be as thorough as possible and follow testing best practices.

Commercialization

The last step in the product development process involves making the decision to launch the product. By this point, you have a fully functional product, a marketing strategy, and all the necessary information to make it work.

Launching the product involves introducing it to the market and promoting it through marketing and sales. It’s crucial to carefully plan the timing and location of the product launch to ensure its success. Failure to do so may result in the product’s failure despite its potential.

We Can Help You Create a Great Product Development Strategy

The success of your new product relies heavily on your product development strategy, as the latter is a prerequisite for the former. It is also essential for product managers, product marketing managers, the product team, and the marketing team to effectively perform their respective roles. At GID Company, we have a team of strategist to help pen down the best product development strategy that ensures the success. The Product Development Strategy defined with the help of experts at GID Company will help you maintain consistency and thoroughness.

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Product Development Company

Get The Best Product Development Company in California, USA – Contact Us!

Product Development Company California - GID Company

Are you interested in working side by side with the best product development company in California, USA? Do you want our professionals to build a robust, agile, and innovative product from scratch? If so, then please reach out to our team of product engineers and developers today. Unlike other product development companies, GID Company specializes in designing, developing, and prototyping new products for clients without compromising the design, quality, functionality, and performance of the product. Our product development firm will ensure to bring together teams of engineers, designers, and project managers to create innovative products according to your preferred industry.

As you may know, California is a hub of innovation and technology, making it an ideal location for customers to find the best product development company such as GID Company. With our team of experienced product designers and engineers, we have the potential to deliver premium quality product development services for a wide range of industries, such as consumer electronics, medical devices, and more. Having access to a large pool of talented professionals and a thriving ecosystem of innovation and entrepreneurship, GID Company can offer a variety of product design and development services as below:

Benefits Of Choosing The Best Product Development Company

Choosing a product development company can bring a number of benefits to businesses looking to bring new products to market. Some of the key advantages of working with a product development company include:

  1. Expertise and experience: Product development companies have teams of experts who specialize in product design and development, manufacturing, and market launch. They bring a wealth of knowledge and experience to the table, which can help ensure the success of your product.
  2. Cost savings: Working with a product development company can save businesses money compared to hiring an in-house team or outsourcing each aspect of the process to multiple companies. Product development companies typically offer a one-stop solution for product design and development, making the process more efficient and cost-effective.
  3. Faster time to market: Product development companies have the resources and experience to bring products to market quickly and efficiently. They can help streamline the development process and reduce the time it takes to launch a new product, which can be critical in highly competitive markets.
  4. Access to advanced technologies: Product development companies often have access to the latest technologies and tools, which can help bring new and innovative products to market. They can help businesses stay ahead of the competition and bring cutting-edge products to market.
  5. Reduced risk: Product development companies can help businesses mitigate the risks associated with bringing a new product to market. They can help validate product ideas, ensure that products meet regulatory requirements, and minimize the risks associated with product design, development, and launch.
  6. Improved product quality: Product development companies can help ensure that products are of high quality, which is essential for customer satisfaction and long-term success. They can help businesses achieve their product development goals while maintaining strict quality standards.

Overall, choosing a product development company can bring a range of benefits to businesses, including reduced costs, faster time to market, access to advanced technologies, reduced risk, and improved product quality.

Need To Develop A New Product? Contact GID Company As Your Product Development Company Partner

If you want to develop a new product from scratch, do not hesitate to get high-quality assistance from GID Company – A leading product development company in California, USA. Get successful products developed without compromising quality, performance, and functionality. There are indeed so many things that one needs to take care of during the development process of a product. But by choosing us as your product development company, you will not have to worry about anything at all. Feel free to reach out to our courteous staff and professionals at +1714-323-1052 or Click Here. To get the latest updates, kindly follow our social media handles on Facebook, Twitter, Instagram, LinkedIn, and YouTube.

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Product Development Product Development Company Product Development Life Cycle

Product Development Life Cycle – Understanding The Steps and Stages!

Product Development Life Cycle - GID Company

The product development life cycle consists of many important aspects to consider when you want to develop a new product from scratch. As an entrepreneur or product creator may know, the product is the sole reason behind creating interest among customers and driving sales. However, the process of taking your half-baked idea from inception to product launch is hectic and somewhat complex. One should know that each process of the product development life cycle will be a little different based on the end product. However, the process is almost the same when looking at the main steps of product development.

A step-by-step plan is indeed crucial when we are talking about new product development, of course, if you want the product to succeed in the market. Each and every phase of product development has its own importance in the product development cycle. Whether you are a newcomer or an experienced entrepreneur opting for building a creative and powerful product from scratch, you will need to find an expert product development company such as GID Company. Let’s move forward to find out more about the product development life cycle and process.

What is Product Life Cycle?

The product life cycle is the amalgamation of stages a product goes through from its launch in the market to termination. There is a minor difference between the product life cycle and the product development life cycle. That’s the reason why most people often consider both terms the same. You will get more ideas by comparing the important stages of the product life cycle and product development life cycle. The main stages of the product life cycle are as follows:

Introduction

The product is in the introduction phase and new to the market. The introduction phase begins once the product is launched in the market for the end user. The customers or end users will use the product for its specific purpose.

Growth

When the product is becoming popular among its customers, it will be gaining traction and grow consistently. The growth stage will depend on various factors such as the quality of the product, the price range, and how useful it is for people.

Maturity

The product reaches the maturity stage in the product life cycle when it reaches peak market penetration. The product reaches its maximum limit to grow in the market and eventually, will keep holding its position or degrade over time but not exceed the peak point.

Decline

The product will lose its market share over time after it obtains the maturity stage. The product may have to be discontinued under circumstances where the product owners deal with the loss for a considerable period of time.

Product Development Life Cycle For New Products

Basically, a product life cycle is a process of developing a new product by generating a new idea and defining the development process to creating a product prototype model and later on, developing, and launching the actual product. The product development life cycle actually describes how a product goes through each and every stage from inception to launch.

The process actually explains how the new product ideas are actually brought to the market after their successful and precise design and development. The product development experts will craft a well-planned and efficient process to ensure reducing the risk and maximize the chances of leading the product in traction. The product development life cycle defines the accurate path for new product development.

7 Stages Of Product Development Life Cycle

Product development is a process that involves the creation of a new product or service. It starts with an idea, which is then developed into a prototype and can be tested for viability. The process then continues to the production phase, where the product is manufactured and sold to customers. Finally, the product can be improved or changed in order to meet customer needs. Highlighting the different ways to categorize steps in the product development process, here are the important 7 key stages of the product development life cycle. 

Ideation

Generating new ideas for new product development is indeed the first step in the product development life cycle. The main motive of the product development company is to identify new problems as well as opportunities and have a clear idea of how to resolve them. The best thing to not do in the ideation stage is to judge the feasibility of the idea. Take the help of professionals if you want to let creative ideas flow through the product you are developing. The ideation stage involves market research, competitive research, and customer analysis to define the product scope, features, and needs.

Validation

Following through the ideation stage in which you might have a list of creative product ideas through brainstorming, the second stage of product development begins. The validation stage actually is taken into account to filter through product ideas that are worth investing in and product ideas to avoid. In this stage, one can speak directly with potential customers to get a clear understanding of what they need in a product. It will be an advantage if you are trying to pre-sell the product in the validation product development life cycle stage.

Prototyping

Before moving on with the prototyping stage, you should ensure to have a list of the features and functions your product should have. Based on the defined requirements and scope, the product prototype model of the actual product is built and developed. Using wireframing tools such as Figma or Sketch, it will be easy to build a working prototype model. The prototype model is then tested by product testers and improvised accordingly to make it flawless.

Marketing

As soon as the product prototype model is developed successfully, it will be time to identify your potential customers and reach out to them with an effective marketing strategy. Consider marketing on social media and your current customer base if any and request them to share feedback and pain points. Ensure to establish the KPIs (Key Performance Indicators) using your preferred advertising mediums such as paid advertising, blogging, social media, etc. A well-planned marketing plan can offer you the desired results. 

Development

Start with the product development phase once you have finished with the marketing strategy of your actual product. With our years of experience, we believe that the end goal of the product development stage is to get the product to the market at the earliest. It will be better to define a deadline for a product launch in the market and divide the time into small manageable works to get you one step closer to the finished product.  

Launch

When it is time to launch the product into the market, there are several things to finalize such as finalizing integrations, billing, user tracking, and analytics. The main thing when launching the product is to ensure everything is running smoothly and up to expectations. The product should be well-tested from each and every angle possible. You can opt for a product launch event to boost your product’s marketing and increase mouth-to-mouth advertising.  

Improvement

As you know, product development is not a one-time thing, a product will have to keep improvising with time. Once your product is launched into the market, you need to keep tabs on how it is performing and identify the flaws or weaknesses of the product and work on improvising the actual product for customer satisfaction. Take note of the end-users behavior, then tweak your existing features and functions of the product or add a new one. With consistent improvement in the product, it will be gradually successful in the market.  

Get In Touch With Us & Clear Doubts About Product Development Life Cycle

With an expert and well-experienced product development company like GID Company, it will be possible for your business to reach new heights and success in the market with a newly-launched product. We are here to help you find the right product development experts to serve your product design as well as development requirements. To clear all your doubts and questions, please feel free to give us a call at +1714-323-1052 or Contact Us. To get the latest updates, please connect with GID Company on Social Media – Facebook, Twitter, Instagram, LinkedIn, and YouTube.

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New Product Development USA Product Development

Here Are 3 Common Mistakes People Make During New Product Development

New Product Development - GID Company
New Product Development - GID Company

We are sure that you will be curious to know the 3 most common mistakes people make during new product development. Well, whether your new product or prototype model will be a success or not depends on the quality, features, functions, innovations, and the product itself. However, you should also take the time and resources needed to develop such an innovative product with the help of an efficient product development strategy. There are so many business owners and entrepreneurs out there who are launching new products every week in these competitive markets. Hence, the less time needed to develop a market-ready product, the more chances you will have to excel in the market.

While developing a product from scratch, there are several aspects that most businesses either avoid, miss out, or unknowingly skip to take into consideration and thereby, commit mistakes that they shouldn’t. Making mistakes is indeed normal when developing a product from nothing, but one should not make the same mistakes that others have already made. So, to avoid the pitfall and turn your entire product development project into a failure, you should read the below-given most common mistakes during new product development. The 3 common mistakes that one should keep in mind are:

The first and most important part when developing a new product is performing a proper market analysis and research based on the current market trends and competition. It will be beneficial to learn who your competitors are and what they are doing to attract potential customers. Avoiding market research and analysis is indeed the biggest and most common mistake entrepreneurs do when they need to build up a market-ready product from scratch.

Performing market research and analysis for the particular product will provide you with information on what your customers actually need. Hence, you can define a product with relevant and required features as well as functions that can help your customers or ease up their work.

Concentrating On Rewards and Not Product Quality

There are so many product owners and entrepreneurs who believe that a product should provide a number of benefits to its end user. However, with this kind of approach and end goal in mind, developing the final product will surely be a challenge as there are limitations to the product you have in mind. During the product development process or after the product is developed, you will regret focusing on the benefits your product can offer instead of developing the product itself.

Concentrating on your product development team to develop the product of the best quality can yield unimaginable results. Even with the limited benefits, many customers will happily purchase the product and get satisfied with its quality, durability, and functionality. So, it will be better to focus on the product entirely rather than only aiming at the benefits.

Set The Product Cost Wisely During New Product Development

Analyzing many small as well as large businesses, our observation says most people have a goal to obtain maximum return on the product they launched in the market. Keeping more profits in mind, people often make the mistake of setting high margins on the new product. But the reality strikes differently than what they desired. Most of your potential customers will think that the price of your product is too high and would look at other alternate options no matter the quality and number of features your product offers.

As the cost of the product plays an important role in sales and business growth, one needs to choose it wisely. One should make sure to choose a cost price of the product that is neither too high nor too low. With a price range just right for your customers to digest, your product can beat the top competitors in the market. 

Want To Get Quality Assistance For New Product Development? Contact Us Today!

When it is about developing a new product from scratch, making mistakes that lead to product failures is the last thing anyone would want. If you are choosing GID Company to partner with for new product development then you would not have to worry about anything. We have a team of professionals with an experience of more than 15 years in the product design and development industry. Our professionals will be more than happy to provide you with quality assistance and guidance by not letting you make the common mistakes people make during new product development.

From product design to product development, GID Company can help you with almost everything related to new product development. To get more information on product development services we offer or get a quote on building a new product, kindly give us a call at +1714-323-1052 or contact us. Also, you can connect with GID Company on social media platforms – Facebook, Twitter, Instagram, LinkedIn, and YouTube.

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Product Development

3D Printing & Injection Molding for New Product Development

3D Printing & Injection Molding for New Product Development

3D printing technology and injection molding technology, both compete with each other. When utilized in synergy, however, these technologies deliver exceptional results. 3D printing and injection molding both help in rapid prototyping as well as in new product development. Despite the trend for different kinds of 3D printing processes is rising, the actual product manufacturing is done with injection molding. On the other hand, 3D printing proves to be a more effective and popular approach for rapid prototyping.

If you want to learn specifically about 3D printing, read this blog. If you want to learn specifically about injection molding, read this blog. If you just want a quick comparison between 3D printing and injection molding, then continue reading.

3D Printing & Injection Molding

Well now, what is the difference between 3D printing and injection molding? 3D printing and injection molding are both completely different. There are different types of 3D printing techniques, but among them, the most prevalent one is Fused Deposition Modeling (FDM). The FDM 3D printing technique works by melting the material, commonly plastic, and shaping an object by ejecting the molten material, one drop at a time in succession. The FDM 3D printer follows inputs from a design file, created by the CAD software, and basically “prints” the object layer by layer.

Injection molding, on the other hand, works by melting the material and injecting it with pressure into a pre-designed metal mold. The mold, usually of steel or aluminum, has a cavity of a certain shape in which the molten material is forcefully filled. The molten material in the cavity of the mold stays for a while to cool and harden. Once the material is sufficiently cool, the mold opens, and the material is ejected, as a definite object.

What about the time? 3D printing a single object takes considerable time than a single injection mold cycle. In order to 3D print a complex object, it might take many hours. Whereas, injection molding can produce the same object in a matter of minutes, provided that there is a definite mold for the object, made and available beforehand.

What about the cost? Injection molding, especially for a basic object or part, is substantially more expensive than 3D printing. When it comes to new product development, you first need to design the prototype of your product. In the case of 3D printing, this prototype design will be the first and last step. Once you have the prototype design, all you need to do is upload it to the 3D printer and press “print.” In a matter of minutes or hours, depending on the complexity, you will have your part ready.

In the case of injection molding, prototype design is the first step. After prototype design, the next step is designing and creating a definitive steel or aluminum mold, which helps produce the part. Making this mold is actually very expensive. Nevertheless, with the mold ready, you will be able to create numerous identical parts, which may prove economical in the long run.

What is the future of product manufacturing? Now, one thing is certain, the 3D printing technology is advancing quickly. Currently in the market, there are different types of 3D printers available. Among those, the most common type is a Fused Deposition Modeling (FDM) 3D printer. FDM can efficiently 3D print plastic parts. It does prove to be ideal and economical for creating plastic parts for product prototypes.

When used in conjunction with injection molding, however, the overall product development or product manufacturing will prove to be efficient and cost-effective. For product prototype development, you should use 3D printing. After developing the prototype and enhancing it to make it free from any defect or error and ready for mass production, you should employ injection molding, through which you can manufacture parts in bulk quantity, swiftly and inexpensively.

New product development is never easy. It demands significant time, money, efforts, and resources. A coherent approach to new product development, however, can ease the heartache of manufacturing new products.

Need help with new product design and product development? Get in touch with GID Development Corporation today. GID Development Corporation is one of the leading product development companies in the US. Based in California, GID Development Corporation provides agile and economical product design, rapid prototyping, product development, product manufacturing, and other product fulfillment services.

No matter how complex the conceived gadget or product is, GID Development Corporation, an expert product development company in California, will help you realize it. To learn more about GID Development Corporation, visit https://www.gidcompany.com/.

Have any questions regarding 3D printing, injection molding, product design, or product development? GID Development Corporation is offering a 15-minute, FREE telephonic consultation. Just call Jim Grimes at 714-323-1052 between 8:00 AM to 5:00 PM PST.

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Product Design Product Design Engineer

Rapid Prototyping – A Boon for Innovators, Product Designers & Industrial Engineers

Rapid Prototyping – A Boon for Innovators, Product Designers & Industrial Engineers

Product prototype development is one of the most crucial steps in the life-cycle of new product development. As the need to build product prototypes faster increased, better techniques were developed, which eventually lead to the inception of rapid prototyping.

Developed by 3D Systems, a company providing comprehensive 3D products and services, rapid prototyping today has revolutionized the product design and development industry, allowing innovators, product designers, industrial engineers, and product manufacturers to rethink their product development approach.

Rapid Prototyping – What is it?

Rapid prototyping is a bundle of techniques, which help in crafting various materials, including plastics and metals, into models that represent the product concept. Rapid prototyping gives innovators, product designers, and industrial engineers the ability to hold, feel, and test as many product prototypes as they need in order to make the final product fully functional and safe to use. Rapid prototyping has ousted the need for conventional casting, molding, or machining in the manufacturing process.

Rapid prototyping is a common term for the process that quickly fabricates a conceived object or product with the help of three-dimensional (3D), computer-aided design (CAD) data. The 3D CAD data is uploaded to a special machine or printer that swiftly constructs the required component. The popular term, “3D Printing” is a prevalent example of the rapid prototyping technique.

Today, the rapid prototyping practice has been widely embraced by product development companies that design and develop electromechanical products, mechanical products, electrical and electronic products, medical device products, sports products, and other complex products.

Advantages of Rapid Prototyping

Due to its ability to construct an object or product quickly with the help of computer data, rapid prototyping is a resourceful tool to build product prototypes in a faster and more efficient way. Innovators rely on product prototypes to prove that their concept really works. By being able to develop their conceived item swiftly, innovators are able to share the concept efficiently with potential stakeholders and manufacturers in a real, tangible form. This is an essential step, also known as “Proof of Concept,” and it is quickly becoming an important standard in the new product development process.

Product prototypes also play a very vital role in detecting any design defects prior to the product manufacturing process. In order to eliminate design defects completely, numerous product prototypes are needed, and rapid prototyping is just able to do that, in a swift and efficient manner. After rapid prototyping an item, defects are detected, which are then corrected, and again a new prototype is created. The process is perpetual until all the design defects are eliminated. Product development companies that employ rapid prototyping techniques are eventually saving their clients substantial sums in product development by repeatedly and swiftly delivering a number of product prototypes, which are worked upon to make the final product better.

Although not a core part of the product development process today, rapid prototyping has begun to help shape and reshape the approach towards new product manufacturing. The revolutionary techniques are making things easier for product prototype development. Product designers, industrial engineers, product development companies, and product manufacturers who have embraced these contemporary techniques are already helping their clients (the innovators) in a much better way.

Need help with rapid prototyping? Perhaps with product design or product development or product manufacturing? Contact GID Development Corporation today.

We are a leading product development company in California, US, and we provide fast, efficient, and economical product design, rapid prototyping, product manufacturing, and other product fulfillment services.

At GID Development Corporation, our product designers, industrial engineers, and other personnel have vast experience and knowledge in bringing product concepts to life. No matter how complex a conceived product is, we will bring it to reality. Whether it is developing an electromechanical product, electrical product, electronic product, mechanical product, medical device product, or any other novel product, we will “GET IT DONE!”

To learn more about us, the leading product development company in the US, visit https://www.gidcompany.com/.

A free 15-minute telephonic consultation is available. Just call Jim Grimes at 714-323-1052 between 8:00 AM to 5:00 PM PST.