Even in winning categories, some products are better than others. Here are some ways to help you to a winning formula. These principles apply across the board—whether you are looking to produce your own product, license it to a manufacturer, or strike a joint venture deal of some kind.
Evolutionary and revolutionary product development define how companies improve existing products, introduce new products and innovate. Both approaches have their advantages and drawbacks.
This can be a nervy time for the inventor: the real test of whether the device can stand on its own in the marketplace, and whether people want to buy it. Because the launch has such high consequences, you must take the utmost care in preparation to ensure you have everything right.
Before investing too much money in an invention, it pays to consider how easy it will be to sell. Let’s look at this from two major themes—priorities for customers, and your ability to get and retain them through entry points.