Seeding an idea before nurturing it is easy. Everyone seems to have an extraordinary idea at some point of time in life, but only a few can make it to the headlines. When you have a concept about a new innovative product, turning it into something tangible is mandatory.
There is a reason, why all the products do not develop into a successful businesses. Whether you begin your journey at a laboratory or in the back of your garage, the framework will remain the same. It is advisable to take some professional advice whenever you reach a dead-end. Luke Sandler New York, an experienced advisor to startups and micro VCs explains a few key points that you should keep in mind during your journey:
Idea Generation and Screening:
Once you have an idea of what you want to develop (Idea Generation), the next step would be to screen it. You need to remove anything that seems abstract or impractical. A product is something that can be exchanged against a price. Something that is intangible cannot be sold. So, screen your idea, turn it into something tangible before you can proceed with making any further plans.
Conception and Testing:
Once you have a product, you need a clear concept about the product. Conceptualization of the product to explain it to anyone and testing your product beforehand should prevent you from any hassles later.
Market Strategy:
Now that your product and its concept are ready, you need a market strategy to enter the market amongst all the competitors and to survive the rumbles of the ocean. Remember the four P(s) -Product; Price; Promotion; and Placement. You need to know what exactly your product is, how you price it, the promotional channels you use and where do you place your product in the market. Often the placement is confused with a physical place, but it means the mode you use to market your product(online/offline).
Feasibility:
The product should be feasible. You cannot develop something which is impossible and plan a whole venture around it.
Technical Designing:
Conclude the technical part of the designing. You can consult Luke Sandler for any technology related queries. The product needs to be tested to assure its performance.
Test It In The Market:
Need is the mother of invention, but even if your product is innovative or not, you need to test it in the market before launching it in full swing. Make a prototype, capture a small market element and analyze the response.
Commercializing Your Idea:
The prototype testing has assured you of the market potential possessed by your product. Now it is time to market the product commercially. Whether you sell your product online or offline or both ways, it depends solely on your product and your market strategy.
These points or steps are for your reference. It isn’t necessary to follow them in the exact order. Not going by the rules and making your own rules is the beauty of new product development.
