The Costs Involved in Taking a New Product to the Market

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, or 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.

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

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.

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

Introduce a New Product

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, an 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 embedded 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 permanently is expensive and not impractical, as you will not need them frequently. 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 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 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 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. Some product design and product development companies in the USA 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 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.

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.

Engineers who can Help Bring your Product Concept to Reality

Engineers who can Help Bring your Product Concept to Reality

Product development, especially for a budding inventor, can certainly be a daunting task. It is very important that you, as an inventor, get in touch with the right engineers in order to breathe life to your product. However, oftentimes, it can be very confusing what kind of engineers you require in order to develop your revolutionary product.

Normally, it will be in your best interest to approach a good product development company that has multiple engineers with different skill sets on board. The reason for this is that your breakthrough product could be anything – an electromechanical product, a product with electronics, medical device product, or a product with imbedded software. Now, developing such products will require different engineers and not just one kind of engineers.

Here are some of the common engineers whom you should be able to find in a good product development company that you may decide to hire.

Industrial Engineer

If your potential product needs a custom plastic case, then industrial engineers are the ones who will help. Most inventors delay taking the assistance of an industrial engineer because they somehow work out with a stock, off-the-shelf case for their products. Unfortunately, such products, in most cases, fail to make an impact because they lack aesthetics and ergonomics. Off-the-shelf cases neither provide aesthetics, nor ergonomics. They are just plain old cases.

Industrial engineers can help with the ideal product design. Whether your product is too complex mechanically or too elaborate electronically, they can help create a suitable case for your product, which has excellent aesthetics and ergonomics.

If your product is too simple, mechanically or electronically, then you can get the case designed by a 3D modeler. Using a computer-aided industrial design software application, like Dassault Systèmes’ CATIA, a 3D modeler can help create detailed designs of a case, for your product. You can then take these detailed designs to a good plastic product manufacturer who can help bulk manufacture the product cases.

Electrical Engineer

If you are developing a product with electronics, electromechanical product, or a product with imbedded software, you will need the assistance of good electrical engineers. Electrical engineering is a broad field; hence, it will be a good idea to go to a product development company that has several electrical engineers with different skill sets. An electrical engineer, who can work on a high-voltage system cannot work on portable devices! Similarly, an electrical engineer, who can design schematics and PCB layouts for products with imbedded software will have difficulty programming a microcontroller for those products; it actually requires a software engineer with specialization in electronics to program a microcontroller for products with imbedded software.

Some electrical engineers specialize in analog design while others specialize in digital design. You might be able to find engineers specializing in multiple disciplines, but such professionals are very rare! Therefore, get in touch with a good product development company that has on board a handful of electrical engineers with specialization in different electrical engineering disciplines.

Mechanical Engineer

If your product has moving parts, mechanical engineers can help you design and develop that product. Similar to electrical engineering, mechanical engineering is a broad field. In fact, it is the broadest field of engineering. Mechanical engineering involves the application of mechanics, material science, kinematics, structural analysis, and thermodynamics to name a few. No single mechanical engineer has the skills to apply all these core concepts. For that reason, hire a product development company that has several mechanical engineers on board.

Aside from these, there are biomedical engineers who help with the design and development of medical device products, biomechanics engineers who help with the design and development of sports products, manufacturing engineers who help with the design and development of machines, tools and equipment, power engineers who help with the design and development of high-voltage power systems, and many more.

With it comes to new product development, it is always a good idea to go to an eminent product development company that has on board a good team of engineers having specialization in different engineering fields.

If you are in search of such a product development company, then look no further than GID Development Corporation. A leading product development company in California, USA, GID Development Corporation provides A – Z services, from new product design to taking the new product to the consumers and everything in between. They have an experienced in-house team of engineers, product designers, and other professionals that can help bring any product concept to reality.

Learn more about GID Development Corporation by heading over to their website https://www.gidcompany.com/.

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

8 Steps to Take your New Product Idea from Concept to Consumers

8 Steps to Take your New Product Idea from Concept to Consumers

steps involved to bring a simple product idea to life and take it to the market, i.e. to the intended consumers. If you are an innovator with a solid new product idea, wanting to materialize your brilliant product concept, then here are 8 steps that you need to heed and follow.

Step 1: New Product Concept

This step usually consists of rough sketches of your new product idea. If you have not put your product idea or thought, on the papers yet, then you should immediately do so. Doodle rough sketches of your concept. Along with sketches, it will be very helpful to furnish some information about your product. Write down what your product is, what features it will have, how the consumers will use it and so on. If you have knowledge of computer, then prepare the rough sketches and note down the info about your product in a good computer application.

Step 2: Extensive Research

After drawing rough sketches and writing down info about your intended product, you might now have a good overall idea about the new product. Now perform a market research: is there any demand for your new product? Whether any similar product or products exist in the market? If similar products exist, how is your new product going to be better? What region will be profitable? You need to answer such questions in order to create and launch a successful new product.

Step 3: New Product Design Development

After gathering valuable info from an extensive market research, you can proceed to develop feasible product designs for your new product. New product design can be complicated; you need to answer several questions in order to create a viable product design for your new product:

  • What are the functions of my products?
  • Will it withstand rough use?
  • Will it be re-usable?
  • Can the product be developed at a reasonable price?
  • For mass manufacturing, will the manufacturing process be easy? Does the product contain multiple parts?
  • What will be the quality of the product?
  • From which materials can the new product be made?

All these questions and more need to be answered while creating new product designs for your product.

Step 4: New Product Prototype Development

When you get a viable product design, you can then proceed to create prototypes based on the design. A prototype is the first tangible form of your new product idea. You can see it, touch it and actually feel it. A product prototype can be as simple or as complex as you want. With a product prototype, you can actually get a complete picture of your new product. It also helps attract potential stakeholders, and eventually, the capital that is needed for mass manufacturing. Product prototype development in the past was expensive; however, with the advent of new technologies, for instance, Dassault Systèmes’ 3DEXPERIENCE platform, New product prototype development is now cost-effective.

Step 5: Testing & Feedback

This is a very important step. Once you have a solid product prototype, you can perform various tests on it. Test it to see whether it works the way it is intended to work. You can also test its sturdiness. After testing the prototype, give it to a group of potential consumers and see how the consumers react. The group of potential consumers will also give valuable feedback, which you can implement before developing and launching the final product. If certain tests fail, or if there are certain features that need to be added, you can go back to Step 3 and Step 4. Thereafter, you again need to perform Step 5. You need to keep on doing this until you achieve a well-accepted product prototype.

Step 6: Mass Manufacturing

Once you have a well-accepted product prototype, which has passed tests and has all the features that the potential consumers had suggested, you can proceed to mass manufacturing. For mass manufacturing, you can go to an already established manufacturer, or you can set up your own production facility; it all depends on the capital you have.

Step 7: Quality Test, Packaging, and Branding

The final product needs to pass through various quality tests. The final product should be flawless in terms of quality, design, and functionality. While the final product is going through quality tests, you need to come up with suitable packaging for the product. You cannot simply give a bare product to the consumers. You need to have a proper package for your product. Along with the packaging, you also need to develop a brand name of your product. You need to come up with unique, enticing logos for your product. Further, you also need to develop certain promotional items for your new product. Advertising and publicity are also necessary in order to let the consumers know about your new product.

Step 8: Launch

Finally, it is time to launch the product in the market. By now, you will already have enough stock of your product. Arrange for the proper channels for your product distribution. You will also need to arrange or set up proper outlets where you can sell your product.

Well, that is it. These are the steps that you need to heed and follow to bring a new product of your own into the market. Mind well, these steps may look simple, but they are not. It requires considerable time, effort and resource. While you can do these all on your own, there are certain product design and product development companies that can help you out. For instance, GID Company can help you materialize your idea, and also help take your new product to the potential consumers.

GID Company is a product design and product development company based in California, USA. They have numerous years of experience in new product design and product development. Whether it is new electromechanical products, medical device products, products with electronics, products with imbedded software, or any other types of products, GID Company can design, develop, and deliver it to the market.

GID Company is also offering a free 15-minute telephone conference with one of the product design and development veterans, Jim Grimes. You can call Jim at 714-323-1052 between 8:00 AM to 5:00 PM PST.

How to Develop a New Product

How to Develop a New Product

Follow these simple steps to develop a new product or to modify the existing product.

  1. Create an idea for a new product or to modify the existing one.
  2. Analyze how this idea will fit your strategy, market position, and manufacturing skills.
  3. Conclude whether your customers are looking for such products or not. What are the unique sales points of your product? Figure out key risks and summarize a marketing strategy accordingly.
  4. Research the level of competition for your product in the market. Learn from your competitors’ successes and failures.
  5. Build a project team responsible for undertaking and monitoring all necessary manufacturing phrases, including conceptualization, designing, prototyping, manufacturing, and marketing.
  6. Plan everything – conclude which activities must be executed first and which can be carried out later or in parallel.
  7. Plan your budget, goals, and timescales – during product development, frequently analyze your goal at a regular interval of time, and if required, modify the strategy.
  8. Analyze possible risk factors associated with the project such as technical errors, patent licensing, etc.
  9. Pen down product specification and convert special features into product requirements. Focus on key selling points.
  10. Ascertain what price your new product will have.
  11. Design the product based on decisive aspects such as marketing, manufacturing and purchasing requirements.
  12. Create a product prototype. This will help you eliminate all the technical and product issues prior to the time of bulk manufacturing.
  13. Get ready for bulk manufacturing and launch the product at the price ascertained earlier.
  14. Keep on monitoring the product success and explore opportunities for more success.

New Product Development

New / Custom Product Development is a process of designing, prototyping, manufacturing and commercializing new products to benefit targeted end-users. It can also involve enhancing an existing product line (both functionally and esthetically) for a particular market segment. This discipline is concentrated on organized methods for guiding all the processes involved in getting a new product to market.

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