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New Product Development

The Costs Involved in Taking a New Product to the Market

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 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.

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Product Development Product Development Company

How to Take Your New Product with Electronics to the Market?

So you have a novel idea for a new product with electronics? How would you realize your product idea and take it to the market? Well, develop a product prototype, get it bulk-manufactured, and start selling! It sounds very simple, isn’t it?

The reality: nothing is simple or easy about introducing a new product into the market. And, it is even more challenging and arduous when it comes to introducing a complex product, like a new product with electronics, to the market.

Most budding innovators have the false impression that they can take a new product from concept to consumers in a short time, like within a year. That is not true for most products – even untrue for simple products.

Taking a new product with electronics to the market is expensive. Most innovators and startups do not have enough money or risk tolerance to create a definitive product in one step. If they, however, take several small steps, they can get success with their new product. Here is what an innovator or startup should do in order to realize their product and take it to the market.

Validate the Product Concept

In order to prove your product concept, the best thing you can do is create a product prototype. You will need to have a functional prototype of your conceived product. While developing a prototype, ensure to keep the cost of development as low as possible. Since your conceived idea is for a product with electronics, you will need to use breadboards as well as certain electronic modules.

A breadboard helps create an electronic prototype without the need of a specific or definitive PCB (printed circuit board). A breadboard is generic and reusable, so you can create any circuit on it again and again. It is an excellent board for creating and experimenting electronic prototypes.

To create a prototype for a product with electronics, you can also use Arduino. Arduino is a popular electronic development kit, which helps create advanced prototypes for products with electronics. Arduino is a microcontroller-based kit, and the best thing about it is, it is very inexpensive.

Electronic modules are those components that are designed to perform specific functions. For instance, electronic modules may be used to execute functions like video capture, GPS, Bluetooth, and Wi-Fi among many others.

While a product prototype is not something that you can sell into the market, it is certainly the “Thing” that helps you prove, your conceived product idea actually works.

Validate that the Product Will Sell

In order to prove that your conceived product can actually be sold in the market, you will need to create a definitive prototype – a close substitute for the final product. This close substitute or definitive prototype needs to be produced in a small quantity so that they can be sent to the market for testing and getting valuable feedback.

Innovators will never know what the customers precisely want. They can assume, but will not know what the potential users actually want. The best way to know what the customers want, however, is with their feedback!

So to create a close substitute or definitive prototype for your product with electronics, you will need to look farther than electronic development kits (breadboards and Arduino). What you will need is actual printed circuit boards, specifically designed for your conceived product. On this PCB, you will need to integrate actual electronic components. This prototype should perform all the functions that are expected in the final product.

Unlike initial prototypes, creating definitive prototypes is challenging. Therefore, partnering with a product prototype development company that has experience with the development of products with electronics is a good idea. Such a product prototype development company has the knowledge in the field of electronics, and will help create definitive product prototypes that can be put on the market for testing and getting feedback.

Now the Profit

In order to make the profit, you need to create a perfect final product or an archetype, bulk manufacture it, and send the bulk-manufactured product to the market to the actual customers. An archetype of a conceived product is created after eliminating defects and improving certain functions based on feedback received on the definitive prototype.

Once the archetype is ready, the next step is to partner with a manufacturer. Since it is a product with electronics, it will need a plastic casing. Therefore, you need to partner with a unique plastic product manufacturer who not only specializes in plastic product manufacturing but also in handling electronics. If the unique plastic product manufacturer has the experience in helping take the bulk-manufactured products with electronics to the market, then it is an added advantage. Else, you will need to find professionals who can help bring your new product to the market.

If you have a unique idea for a new product with electronics and want to realize the product and bring it to the market, then professional help is available! GID Development Corporation, an eminent product design company in California, helps innovators in designing, prototyping, and developing a wide range of products, including products with electronics, electromechanical products, products with imbedded software, sports products, medical device products, and more. Aside from product design, product prototype development, and new product development, GID Development Corporation also specializes in plastic product manufacturing. With its plastic product manufacturing specialization, GID Development Corporation can help bulk manufacture a wide range of products. The professionals at GID Development Corporation also assist innovators to take their new products to the market.

To learn more about GID Development Corporation, a leading product design company in California, visit https://www.gidcompany.com/.

You can now have a free 15-minute telephonic conference with one of the professionals at GID Development Corporation. Just call Jim Grimes at 714-323-1052 between 8:00 AM to 5:00 PM PST.

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Product Design

The Importance of New Product Design – Manufacturing Cost Perspective

Introducing a new product into the market is a dream come true for every inventor. Introducing a new product, however, is not easy. While conceiving an idea and outlining it on a piece of paper might be simple, creating a new product from that idea is certainly a challenging task. New product development involves the creation of a constructive new product design, development of alpha and beta prototypes, testing of the prototypes, development of production tooling, mass-manufacturing of the new product, distribution of the new product, and many other crucial processes in between. Each new product development stage is vital, but in this blog, we will shed some light on new product design.

Like every other stage involved in new product development, the stage of new product design is very important. Because it comes in the early stages of new product development, understanding the product design stage demands a bit more attention. Besides, since it is one of the primary stages of new product development, the entire outcome depends on it; hence, more care is needed during this stage – the product design stage.

The success of any product heavily relies on its product design. Product design by definition can be said as, “a process of defining and creating constructive designs for a product, so as to ensure that the new product becomes successful in the market.” New product design addresses numerous things, however. For one, during the product design stage itself, the inventor can get a clear idea whether or not it is possible or feasible to create the new product. Another crucial thing the product design addresses to is the cost of manufacturing the conceived product. Most inventors, often overlook this “new product design and cost of manufacturing” aspect. In fact, some inventors do not even know what the effects of new product design are on the cost of manufacturing the final product.

Product design is not only defining and creating alluring designs for the new product, but it is also about crafting practical, functional, and cost-effective designs for the new product. Aspects such as, how many parts the new product will have, how compact or large the parts will be, what material(s) the parts will be made of, what process will be used in the production of those parts, and many others are also included in product design. After numerous brainstorming sessions, computer analysis results and mock-ups, a perfect new product design, or at least, a near-perfect new product design for a product is realized, which is beautiful, practical, functional, and most importantly, the one that facilitates economical mass-manufacturing.

Developing an efficient new product design is indeed an overwhelming task, and it might be impossible for inventors to develop such efficient designs on their own. Fortunately, there are professional product design companies, like the GID Development Corporation, that specifically deal with creating sensible new product designs and helping inventors develop successful new products at economical costs.

GID Development Corporation, an eminent new product design company in California, USA, has the experience, knowledge, tools and a team that help inventors with constructive product designs for their new product ideas. Utilizing cutting-edge technologies, like 3D EXPERIENCE Platform from Dassault Systèmes, which includes SOLIDWORKS, CATIA V6, and other apps, and their decades of experience, the veterans at GID Development Corporation create definitive product designs that are neat and functional as well as feasible and economical to mass-manufacture. Whether it is creating an efficient product design for electromechanical products, medical device products, products with imbedded software, products with electronics, or any other generic or special-purpose products, GID Development Corporation will “Get It Done!”

Some of the product design principles that GID Development Corporation follows include:

  1. Derive visually-appealing product design that is error-proof to assemble and easy to mass-manufacture with shortened product development cycle time
    • Determine and select cost-effective material(s) and production process
    • Attain a knowledge base of tooling requirements
    • Develop efficient production tooling
  2. Create a modular product design with minimized parts count
  3. Design parts with self-locating features
  4. Design parts with self-fastening features
  5. Emphasize “Top-Down” assemblies
  6. Design for a base part to locate other components
  7. Design for component symmetry for insertion

Adhering to all the above product design principles, and other ubiquitous as well as unique design principles, GID Development Corporation creates exceptional new product designs, which facilitate economical mass-manufacturing.

Along with new product design, GID Development Corporation also helps inventors with new product development, product prototype development, product prototype testing, product pre-tooling development, product mass-manufacturing, product branding, product distribution and many other product fulfillment services.

Learn more about new product design company in California, GID Development Corporation, by visiting https://www.gidcompany.com/.

Currently, GID Development Corporation is offering a free telephonic conference to help answer various product design and development-related questions that inventors may have. Anyone who is interested can just call Jim Grimes, one of the veterans at GID, at 714-323-1052 between 8:00 AM to 5:00 PM PST.

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Product Design

Product Design – 3 Reasons Why Second Opinion Design Review is Good Before New Product Development

New product development being a complex and critical process, it’s always a good idea to get a second opinion product design review before you opt for product development. Whether you are looking forward to develop products with electronics, electro-mechanical products, products with imbedded software, medical device products or anything else, a second review certainly helps you save your time and money.

The GID Development Corporation shares with you some of the reasons a second opinion is a smart move when it comes to custom / new product development.

Big Brands Always Get Second Opinions on Product Development:

It’s a universal fact that a new line product hitting the shelf is reviewed by dozens of engineers and clears multiple quality checks. To avoid any manufacturing complications, big brands across the globe ensure that all engineers designing new products get lots of second opinions from other designers.

In the product design and development industry, second opinions are termed as design reviews. To ensure a fruitful second review, design engineers are required to present their new product design to other designers. This step certainly helps the designer to identify minor design issues that could lead to a major error.

Another reason why large companies emphasize on the second opinion design reviews is because electronic products, products with imbedded software and other modern day products are complex in nature, and regardless to the engineer, mistakes are almost made when designing anything complex. Therefore, it is in our favor to take every possible step to minimize the risk of design mistakes.

Second Opinions Will Reduce Your Prototyping Costs

Product prototype development is yet another expensive step involved in the process of new product development; therefore, being a responsible entrepreneur / inventor, we need to make sure that the design is accurate before prototyping.

Most product manufacturing companies prefer at least three revisions to get products ready for market; however, the number and severity of the changes required will be considerably decreased with design reviews. A second opinion design review before prototype development is one of the best ways to reduce manufacturing cost and time.

Your Wireless Design is Likely to Be Junk Without a Second Opinion

Manufacturing wireless products like WiFi, Bluetooth, or GPS is a job of high precision, and unfortunately, 75-85% of engineers get it wrong when it comes to designing wireless parts. Some mistakes are so major that the prototype may not work at all or may function in a very limited fashion.

Designing multifaceted products with imbedded software, electro-mechanical, electronic parts or something similar is quite different than ordinary products. Therefore, if you are planning a product with multiple functionalities, then you should get a second opinion.

To Conclude

The advantages of second opinion design reviews carry over into all the aspects of designing and manufacturing a new product. The opinion of multiple design veterans is always a smart move.

When it comes to new product development, hiring a product development company with years of experience and teams of engineers having specialization in different engineering fields is a wise move.

If you just had that your eureka moment, then the GID Development Corporation can certainly help you bring your ideas to life. Being one of the leading product manufacturing companies in the United States, GID offers A-Z services, from industrial design services to taking the new product to the consumers and everything in between. They have an in-house team of engineers, product designers, prototype developers, and other professionals that can help bring any idea to reality.

Along with the above mentioned reasons to partner the GID Development Corporation for your next product development venture, the NDA (Non-Disclosure Agreement) policy of the company is quite impressive. The company and its people are highly committed towards the Non-Disclosure Agreement (NDA) and protect their client’s intellectual property rights for their new product idea prior to their disclosure of any pertinent information. At the GID Development Corporation, a Non-Disclosure Agreement is placed at the apex of their product design and development process.

A Non-Disclosure Agreement covers customer-centric points such as;

  1. A complete contact information of both parties involved.
  2. Definition of Confidential Information
  3. Ownership of Confidential Information
  4. Phased Release of Discloser’s Confidential Information
  5. Term of the Agreement
  6. Termination Terms and Conditions
  7. Injunction relative to Recipient’s failure to perform
  8. Changes must be in writing and agreed to by both parties
  9. NDA does not constitute a partnership or joint venture
  10. NDA will be governed by the laws of a given State of the United States of America
  11. Brief Description of the idea and/or product
  12. Dated Signatures of both Parties

Armed with a properly crafted and executed NDA, the inventor can now freely divulge their idea and discuss it in detail while revealing their expectations for its success. Being a competent and professional design & engineering Firm, GID Company always proceed in this manner by insuring the client is protected at the start of Design & Development Process for a new or improved product idea.

To know more about NDA or to discuss your product idea, Dial 714-323-1052 and ask for Jim Grimes or visit their website https://www.gidcompany.com/.

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Product Design Product Development Product Development Company

Outsourcing: The Best Approach to Introduce a New Product in the Market

A couple of decades ago, entrepreneurs and small companies had to do everything themselves when they wanted to introduce a new product in the market. These days, as the technology advances and people demanding more and more revolutionary products, doing everything in-house may not prove to be possible, at least, economically.

Hiring the right resources, that is, product design experts, product development engineers, prototyping geniuses, marketing gurus, sales whizzes, etc., on a full-time basis, is incredibly expensive, especially for entrepreneurs and small companies. Fortunately, these days, there are several good American product design and product development companies established to whom these small companies and entrepreneurs can turn to when it comes to introducing new products in the market. Outsourcing most of the requirements is a prudent solution, allowing entrepreneurs to get the very best, and only pay the outsource partner when they need its assistance. Here are some of the functions that an entrepreneur can outsource:

Product Design & Product Development

Unless you are a skilled engineer, experienced with creating new products, you will certainly want to outsource the processes of product design and development of your potential product. Even if you are a good engineer, many projects need multiple engineers with multiple skill sets. For instance, any electromechanical product typically needs, at least, a mechanical engineer, electrical engineer, and an industrial designer who can create a suitable casing or enclosure for the potential product. If your concept is for a product with imbedded software, you will definitely need a software engineer.

Further, if a certain portion of an electrical product, mechanical product, electromechanical product, medical device product, or any other product, is complex, you may need multiple engineers with different skill sets. Having such engineers on a permanent basis is expensive and not to forget impractical, as you will not need them on a frequent basis. For that reason, outsourcing product design and product development is the best approach.

Product Prototype Development

Product prototype development is another important function that you may definitely want to outsource. Similar to product design and product development, product prototype development is a difficult process, which requires experience, multiple skill sets, and adequate product prototyping software and equipment. Having full-time product prototyping experts with vast experience and multiple skill sets is again very expensive. Further, acquiring product prototyping software and equipment is also costly. For that reason, outsourcing product prototype development makes sense.

Bulk Manufacturing

Bulk manufacturing is one of those important functions that you should certainly consider outsourcing. Bulk manufacturing a new product means establishing a suitable-size facility, procuring expensive manufacturing equipment, setting up an assembly line, hiring different personnel, and so on. This involves a colossal investment, which may simply prove impractical or impossible for small companies and entrepreneurs. Outsourcing bulk manufacturing drastically reduces expenses as well as risks.

It will be in the best interest to outsource bulk manufacturing to a USA-based company that is capable of small production runs. Once things start to flow smoothly, you can turn to an Asian manufacturer in order to raise your profit margins.

Marketing

Marketing should be the least likely function to be outsourced. No one can do better marketing of your product than yourself. This function should be performed in-house. You can hire several marketing consultants who may perform some research and offer good marketing guidance. Having an in-house marketing team will also provide you a good control over your marketing efforts. Still, if you are a startup with limited capital, you can consider outsourcing the marketing to a specialized agency.

Sales

Similar to bulk manufacturing, this is another crucial function that you should definitely consider outsourcing. Sales representatives or manufacturers’ representatives are an important component in just about every industry. They typically work on a commission, so you do not have to pay them anything until they truly generate sales. It is really a prudent decision to outsource sales.

Outsourcing sales function not only saves money, but it also helps you establish and connect to the wide sales network channels. Selling a new product to distributors and wholesalers usually requires a strong connection, which you will certainly gain by outsourcing to sales representatives.

Well, these are certain functions that are worth outsourcing. There are some product design and product development companies in the USA that can carry out all the functions on your behalf. For instance, check out GID Development Corporation. A vastly experienced product design and product development company in California, USA, GID Development Corporation provides the complete A – Z services, from new product design to product fulfillment and everything in between. Whether you want to take a new medical device product, new electromechanical product or any other type of product to the market, GID Development Corporation will assist in every phase.

Learn more about GID Development Corporation by visiting https://www.gidcompany.com/.

Currently, the leading product design and development company in the US, GID Development Corporation is offering a free 15-minute telephonic consultation with one of the veterans, Jim Grimes. You can call Jim at 714-323-1052 between 8:00 AM to 5:00 PM PST.

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New Product Development Product Development Company

Common Mistakes During New Product Development

The success of a business enterprise entirely depends upon its products and innovations. Good products and innovations arise from efficient product development strategies. Numerous new products hit the market every week, but not many actually yield the kind of return that the enterprises had expected. So what seems to be the problem?

Most businesses often miss out on several important aspects of the product development process, which ultimately factors to the failure of the entire project. Consequently, they end up overspending and missing the predetermined launch date only to introduce a new product that isn’t precisely the best. In order to avoid this pitfall, what can businesses do? Well, they should avoid the following common mistakes:

Not Performing the Market Research

Prior to the new product development, failing to carry out thorough market analysis and research is one of the biggest mistakes that businesses make.

Not performing the research leads to the failure of the entire project, as businesses have no vital information about what the consumers actually want, how they can meet their demands, and how they can address the prevailing problems.

While every business has deadlines to meet, it is essential to make a habit of performing extensive market research before moving on with the new product development process. This way, businesses can escape any likely mistakes and create a decisive plan that will lead the way for better future product developments.

Not Planning for the Future

A new product development is all about bringing new innovations for the future. Product designers and product developers spend a considerable amount of time in creating solutions that will not only give a respectable return in the present, but also in the future. Not planning for the future factors directly toward bad product development. It will also affect future product development endeavors.

In order to avoid this, ensure to design your new product for the present as well as for the future. This way, you will be able to devise simple, yet useful products with superior features that can also address the future needs. Therefore, when you have a solid idea, ensure to analyze and visualize how it will function and perform in the future with the advent of new technological advancements.

Not Focusing on Product, But on its Benefits

Most businesses believe that a successful new product should offer a number of benefits to its potential consumers. While it is an excellent approach to product development, it may raise several issues and problems in situations where the new product actually cannot provide what was suggested or quoted. Remember, the focus of the product development team has to be on the development of the product itself instead of the benefits offered. Eventually, the consumers will purchase the product for its benefits, but if you do not focus on the limitations of the product, the final result would be an exceptional new product that maybe no one would want to buy.

Pricing it Too Low or High

One of the main objectives of every business is to gain maximum return on the new product they bring in the market. Nevertheless, if the price of the new product is too high, the consumers will not buy it and if the price is too low, the business will fail to make the profit. Therefore, the price of the new product has to be on par with the advantages or benefits it offers. The business also needs to consider the purchasing power of the target market while setting the price for its new product.

Remember, if the price is high, the consumers will probably ignore the new product, and the product will remain on the shelves, leading to a big loss. Therefore, a business needs to ensure to price its new product based on the price its competitors charge.

If you want to learn more about new product development or if you want to create a successful new product, GID Company can help. GID Company, a new product design and product development company in California, USA, has vast experience in designing and developing successful new products for its clients. Utilizing the latest technologies, like Dassault Systèmes’ 3DEXPERIENCE platform, the professionals at GID Company even help develop new product prototypes at reduced costs. Aside from new product design, product development, and product prototype development, GID Company also helps with product branding, product packaging, manufacturing, inventory management, and more. To learn more about GID Company, just visit https://www.gidcompany.com/.

Currently, the new product development expert in the US, GID Company is also offering a free 15-minute telephonic consultation with one of the veterans, Jim Grimes. You can call Jim at 714-323-1052 between 8:00 AM to 5:00 PM PST.