Bringing new ideas and product concepts to market. What to expect and why so many fail to achieve commercialization.
Many developers hoping to create products for commercialization often begin with meaningful ideas or processes but fail to bring them forward to commercialization. There are numerous factors which contribute to the success or failure of any product and often the outcome is the result of one or more of several factors.
"Necessity is the mother of invention" - Plato
In many cases the inception of a new product idea begins with identifying the need for a product device or process that makes certain tasks easier. Some products are clearly more necessary than others for example, the scraper used to de-ice a car windshield is a very useful product, during the winter months and in parts of the world that experience freezing conditions. The point is that even great products can have only limited market potential. Before considering the development of a product for commercialization, the technology should be evaluated for its feasibility.
Feasibility, looking at the whole PIE
(P)erforming due diligence - This can be as simple as looking at "The Big Picture". Do your research, search the internet, talk to industry professionals. Does the product idea make sense and is there any interest in the technology even from a grass-roots level?
(I)dentify market demand - Look at competitive products or those that may be similar if any. Determine whether or not the product is market worthy and if the demand for the product will potentially offset the expense of getting it there.