How do I bring a concept to market?
Are you a technology expert? I have a new design concept for an electronics product but don't know where to start in bringing it to market. Thanks for your advice.
Asked by Samir Abid,
October 2009 - Contact this person
2 Answers
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Samir,
(1)
The best place to start is to define the features that your product will have.
(2)
Then dive into some competitive analysis - make sure that there aren't lots of others doing this already!
(3)
See this video:
Jeff Hawkins on the role of market research
www.venturenavigator.co.uk/content/jeff_hawkins_market_research?s=true
(4)
Do concentrate on the user benefits. (If you have a highly compelling concept, then you will find sales much easier and have significantly larger profit margins.)
See this video:
Edit Content
David Kelley on the importance of observation in the product development process.
http://www.venturenavigator.co.uk/content/david_kelley_observation_in_product_development
(5)
I would strongly recommend taking the General Business Viability assessment (particularly Section 2: Micro Market: Will the Fish Bite?). This assessment will give you specific feedback on the user benefits and the value proposition.
www.venturenavigator.co.uk/assessment
(6)
Finally, do use the 'star rating' to rate the usefulness of these articles, so that it helps others! -
1) Is it innovative? Will it need Intellectual Property protection? If there is nothing like it on the market you may wish to consider protecting your idea through patent application or industrial design etc. Contact IPO (Intellectual Property Office) who process all UK patent applications
2) If you have answered yes to No.1 you may want to draw up a Non Disclosure Agreement (NDA) to be signed by people you share your idea with so they dont steal it.
3) Speak to your local Business Gateway office or Scottish Enterprise who can offer some guidance and assistance also on grants, loans etc for start up business ideas.
Hope you find this useful
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