If you believe in creating the ultimate product, you will stop at nothing to make it real. However, a lot of time and money will be needed to bring your idea to fruition.
Speaking on the My Business Podcast, Robert Tiller of Tiller Design says business owners with aspirations of taking a new product to market need to expect a tough experience, with approximately one in 100 product ideas surviving the process.
Tiller Design assists businesses in prototyping products, but Robert explains that a lot of planning needs to take place before a prototype is even created.
“The basic phases are specifying what you're doing to catch the requirements of the product. And that's not just ‘What is the object?’, it's about the commercial reality, it's about the end-user, it's about all of the intangible things of, ‘How do you want this to make people feel?’, ‘Who do you want to interact with?’, and so on,” explains Robert.
Following all this planning, the next steps are creating concepts, then creating data, and only then building the prototypes, which are refined and then tested.
After this prototype testing, assuming the product has proved successful, it is finally manufactured.
“And that's the 30-second [explanation]; that [process actually] takes a long time,” Robert says.
As well as surviving through a lengthy process, Robert warns business owners to expect to pay a great deal of money to manufacture their products.
“If you climb into the process of design and development, you're going to spend quite a bit of money. The money you spend at the [beginning] is probably a tenth of what you're going to need to take the whole journey to market,” he explains.