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Questions for product development planning ? ? ?

Updated: Jul 6, 2021

Say you have a product idea. Congratulations!

In a perfect world, product development should be as simple as:

Idea > Investment > Profit

Is it a high-volume sales item that will generate revenue for several years?

Is it a quick hitter sales item (toy) that rides a wave/trend?

Is it a revolutionary medical device that requires rigorous FDA submission process?

Is it a tweak on an existing product that could be licensed to a company that already makes a similar product?

Several things to consider before planning your development project:

How do you plan to monetize your idea? How do you plan to test/prototype your idea?

How much should you budget for design and development? How much should you spend on tooling/molds? How long should I plan to spend in development? How much should you spend on packaging?

How much profit can you expect once it starts selling? How can I estimate regulatory costs?

How long can you expect to have a profitable device? Where can you find vendors for all these services?

Product development is a long, complicated road.

Stay tuned next week.​

I’ll tackle these questions with free tools to help you calculate your development budget.

In the meantime, read about 3 Options for Monetizing Inventions

Have a great weekend!

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