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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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New Product Development Product Development Company

5 Important Steps for the Development of New Products with Electronics

Development of products with electronics is as equally challenging as the development of generic, non-electronic products. New product development, whether electrical, mechanical, electromechanical, medical, or generic, is a tough task. Materializing a mere new product concept into reality involves several steps. For products with electronics, however, in addition to the standard product development steps, there are several more steps involved. Here in this blog, we shed some light on 5 important steps that entail the development of new products with electronics.

Step 1. Design the Circuit Schematic

Designing the circuit schematic for products with electronics usually involves early research so as to identify and select the ideal topology (circuit diagram) and most affordable, yet efficient components.

The step may also include running software simulations as well as bread boarding. Speaking of bread boarding, it is nothing but the creation of basic prototypes for products with electronics.

Designing the circuit schematic requires lots of thinking and considerable years of experience in the field of electronics engineering. In order to design the circuit schematic for new products with electronics, industry experts use some sort of computer software application. There are many such software applications available, but SOLIDWORKS, a part of the 3DEXPERIENCE platform from Dassault Systèmes, is the most versatile and popular.

Step 2. Develop the PCB (Printed Circuit Board) Layout

Utilizing the same software application as in Step 1., the experts now develop the PCB layout for the new product with electronics.

While some portion of the PCB layout may be auto-routed, the remaining portion would normally be routed manually. Usually, the PCB layout is very sensitive, for power components as well as RF components, such as Wi-Fi, Bluetooth, GPS, etc.

Once the final layout is ready, the software application will let the expert know, whether the PCB matches with its schematic. The software will also check wire lengths, wire widths, spacing, and so on, to ensure that the PCB layout meets all the guidelines for the specific PCB fabrication process being used.

Step 3. Create, Assess and Debug the Prototype

Based the circuit schematic and PCB layout, a prototype PCB of a new product with electronics is fabricated and assembled with all the right electronic components. With the prototype ready, it is thoroughly assessed, and if any issues or problems are found, it will be noted and rectified.

Most inventors expect to go everything right on the first try, but this is not possible. No product prototype, whether for generic, electronic, or mechanical product, is perfect or flawless on the first go. There are always some issues with the first prototype, which need to be rectified. Rectifying a prototype PCB is a difficult step because identifying the precise problem in the field of electronics is not something easy. Even after the precise identification of the problem, coming up with a right fix can take some time.

Step 4. Program the Microcontroller

Today, almost all products with electronics have some sort of microcontroller, a small computer in the form of a chip, which acts as the brain of the product.

These microcontrollers are programmable, and they are often programmed using “C” programming language. If the program needs to be fast and efficient, other high-level assembly languages may be used.

Often, the microcontroller is programmed by the expert who has designed the circuit; however, sometimes a specialist is brought to do the programming.

One a side note, because the products with electronics use a programmable microcontroller, they can also be called products with imbedded software.

Step 5. Looks and Ergonomics

This step is always handled by other professionals. An expert who is proficient in 3D modeling is needed to create the adequate looks and ergonomic (user-friendly, comfortable and functional) designs for the new products with electronics.

Creating the packaging, i.e. the outer body or casing, for the products with electronics is a challenging task. Electrical products are susceptible to various damages; thus, when designing and developing the packaging for the products with electronics, the experts need to consider the following factors:

  1. Protection from electrostatic discharge
  2. Protection from mechanical damage
  3. Protection from electromagnetic interference
  4. Protection from heat
  5. Ease of maintenance
  6. Cost

As mentioned before, the development of products with electronics is challenging. Therefore, it will be a great idea to hire an eminent product design and product development company that, along with the design and development of generic products, also specializes in the design and development of products with electronics.

If you happen to be an innovator and need help in the design and development of the new products with electronics, then GID Development Corporation is here to help. A leading product design and product development company in California, USA, GID Development Corporation specializes in the design and development of products with electronics, electromechanical products, medical device products, and other generic as well as special-purpose products. They use the 3DEXPERIENCE platform from Dassault Systèmes, which assists them in designing and developing accurate product prototypes at reduced cost and time. No matter what the new product concept is, GID Development Corporation can “Get It Done.”

To learn more about GID Development Corporation, just visit https://www.gidcompany.com/.

Currently, GID Development Corporation is offering a free 15-minute telephonic consultation with one of the veterans, Jim Grimes. You can call Jim Grimes 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.

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Product Development Company

How will you create a buzz about your new product in the market before its arrival?

As a responsible and diligent entrepreneur, in the year 2015, it is necessary that you stay focused and prepared with unique business plans that can help your business dodge the dense competition prevailing in the market. There are plenty of aspects that you need to consider before summarizing a powerful business plan. However, in 2015, new product development should be at the top on the list.

New / Custom product development, under the supervision of an experienced product development company, can help you gain a competitive edge, dominate your industry, gain more customers, and eventually make more profit out of limited efforts. Their years of experience, skilled workforce, and technical proficiency can help you manufacture a series of successful products for your end-users. Hence, to ensure success, it is essential that you build a convincing platform and find an established product manufacturing company for the product or service upon which your business will be built.

Along with a product development strategy, you need to focus equally on the marketing plans. Nowadays, the trend of creating a prelaunch buzz about a product to be launched is in fashion. Companies are intentionally leaking specs and rumors in their respective markets to generate curiosity in the minds of the targeted end-users. This is an effective method to promote your product before its arrival and ensure its success. With the intention to help inventors and entrepreneurs to ensure success with their new product development, the GID Development Corporation offers tips about how to create a prelaunch buzz and ensure success of your to-be-launched product.

Tips to Create a Prelaunch Buzz in the Minds of End-users

Create a buzz about features – If you believe that your product is faster, superior, and smaller, or comes in different sizes, colors, and configurations than other competitors’ products available in the market, then you hold a powerful selling strength, and there’s nothing wrong in publicizing it. Release product specifications, contact retailers, and contact your targeted end-users via social networks to create curiosity in the respective market.

Create a buzz about its price – Nobody loves to pay more for any product. If, somehow, you can position yourself in the place of a low-cost provider (not letting go your profit margin), then you have another powerful selling advantage. Nowadays, choosy-generation demands high-quality products, that also is within their budget. However, when it comes to high-end products, saving money isn’t always the issue.

Create a buzz about its productivity – Is your product more productive than competitors’ products available in the market? Can your product save time and efforts? If yes, then revel its features and explain to your customers about its enhanced productivity. If your product is exceptional and can help your customers, they will want it. In the age, where time is money, your products and services should be more productive and valuable.

Create a buzz about its portability – The smartphone revolution has taken the world by storm. Instead of sitting in front of bulky desktops and laptops, people prefer using their smartphones to go online. So, an important question arises — how mobile is your product? Smartphone-addicted generation likes to carry things with them­ — they demand products that are portable.

Create a buzz about its availability – The easy availability of your product is extremely good for your business. Make your products and services easily accessible to your customers. Today, thanks to the internet, you don’t need to confine your products and services in a brick-and-mortar location.

Create a buzz about its innovative features – If your product, which is to be launched, is blessed with something that’s not on the market, then you have a major selling point or competitive edge. Introduce your product in style and sell it before your competitors come along and steal your concept.

Create a Buzz about customer service – Impeccable before- and after-sales service is the most significant thing you can add to any products or services. In the world, where everything travels fast, you should offer top-notch customer service to maintain your reputation in the market.

Do you need more pre-launch marketing tips? If yes, then contact the GID Development Corporation at https://www.gidcompany.com/contact-us. GID is a product design and manufacturing company based in California, USA.

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New Product Development Product Manufacturing

Why a Company should Consider New Product Development in 2021

The year 2014 was quite competitive for businesses, and the competition is expected to reach new heights in the year 2015. Therefore, every business needs to innovate in order to survive and to stay ahead of the competition. Offering the same unchanged products to your customers will decrease your profit margin as well as the reputation of your brand in the respective market. Here, we will summarize some facts about why a company should consider new product development after a periodic interval of time.

Customers “Needs and Wants” Change– Customers’ requirements and necessities continuously change with the time. Therefore, to survive, a company should answer these changes through their services and innovative products. If they fail to cope up with the “Needs and Wants” of their customers, the customers will instantly switch to competitors’ products that meet their requirements and necessities. The tech-giants Google and Apple are the best example. Both of them frequently update their product offerings to satisfy end users’ requirements.

Life Cycle of a Product– Every product comes with an expiration date. The product that you introduced a ways back may be at the end of its life cycle; therefore, as a smart entrepreneur, you should launch new and improved to please and attract your customers. For example, Apple Inc. recently introduced iPhone 6 and iPhone 6 plus as iPhone 5 and 5s were outdated, and end-users were waiting for something amazing and incredible.

Product Reaches its Maturity Stage– Technology has penetrated in every industry, helping them create innovative and more functional products in less time. Because of this penetration, products very soon reach their maturity stage. End-users also constantly search for innovative products with version updates and new features. Introducing new or updated products can stimulate sales.

Level of Competition in the Respective Market– Either small, medium or large, the level of competition around every business is constantly intensifying. A healthy competition inspires a company to come up with new products regularly. This is very common in the technology market, where new products with advanced features are constantly being launched to a target market that welcomes innovation and change. If a product successful, then competitors will try to create a similar product with better features.

Unsuccessful Products– Unfortunately, if your products are facing poor sales or experiencing negative reviews, then it is time to upgrade your product offering.

Despite the size of your business, new product development is a significant activity for every business. There are many over the top advantages of product development, but the most important ones are it allows you to stay ahead of the competition. To know more about why a company should consider new product development in 2015, contact the GID Development Corporation at www.gidcompany.com/contact-us

While considering these facts, businesses should also look into Product Development and Factors to Consider Before New Product Development, which will help them create a new product to survive and to stay ahead of the competition.