Considerations for Product Development & Innovation
At our recent Networking Evening in Gauteng, Bevan Davis, MD of Conver-Tek a member of PtSA, gave a presentation of what inventors or companies should take into consideration when developing new products or going through a process of innovation.
Bevan has a vast amount of experience in this field, having developed such products as the innovative Kreepy-Krauly Pool Cleaner, and more recently a world first laser-sight for use on hunting/target bow systems, which has been launched onto the international market.
Bevan’s presentation identified the following key points to be taken into consideration:-
- Why will your product succeed
- What are the opposition products
- Potential market
- Budget for development, prototyping, and marketing
- Potential market share and target pricing
- Forecast manufacturing costs
- Are there any existing copyright patents or registered designs
- Product concept design should take aesthetics and ergonomics into consideration
- Design process, 3D Modelling and Prototyping
- Protection of your idea
From proven experience over many years, Bevan concludes the following:-
- Double your best engineered assessment of Time to Market.
- Double your best and most accurate budgets for the project.
- This can, or may be close to budget and time, based on a refinement of existing product available. However, a new concept and development from grass roots never works out on time or within the budget allocated.
- You need to be realistic and self-critical of the process, have massive confidence in your R&D, and be visionary. However, you must always remember that there are never any guarantees of success, sales, or market share, irrespective of your best product research, market analysis, sales volumes and best intentions.
We wish all product developers and innovators success with their endeavors.
Please feel free to contract Bevan for any advice you may need.