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In the first in a series of blog posts looking at how to bring a new product to market, Teddington MD James Henderson discusses the importance of choosing the right design and manufacturing partners.

 

Introducing a new product to market is not too different from trying to start a new business. It is a very real combination of optimism, realism and perspiration. I personally love the passion that goes with the development of a new product. 

On the flip side however, I hate to see when people get themselves into trouble because they have overstretched or misjudged what they can realistically achieve.

I am sure we’ve all been there when the financial business case is created: "If the market place is 1,200,000 potential users and we get 10% of that market over the first year, we will need to build 10,000 per month... starting tomorrow."

This is all good stuff and helps to decide if the project is something you should go for. It does not, however, tell you the answers to some very important questions:

  • How do I prove the product I am suggesting is correct?
  • How do I develop the product as quickly as possible?
  • How do I make sure the product is can be manufactured at the correct price point for the volumes I actually sell?

This is why you engage with a development and manufacturing partner.

The harsh reality is that once the initial enthusiasm for a new development has died down, all you are really left with is a project full of risks.

How do you make sure, therefore, that you have the right partners on board?

I’m a firm believer that everybody involved in a project must bring something tangible to the table.

All development and manufacturing partners will tell you they are the best at what they do, but it also devalues the statement to a virtually pointless custom. It is therefore essential that you very quickly uncover those potential partners who are adding value.

Even if you are a one man band, there will be many components and many people involved in the product development process - and the whole chain needs to be treated with realism and respect. But that will only be built over time, through partnerships where all parties contribute fairly.

Over the course of the next few blogs I will discuss the process in greater detail. But for the time being I’ll leave one final point hanging, “more is not always the merrier”. Find a team you can trust and then trust them to do what you’ve asked.

James 

Read the second blog post in this series - how to engage a design and manufacturing partner