Product Development

Inventing 101

Your Profit Formula

As a general rule, a product needs to be manufactured for 25 percent of its expected price to consumers to make money. This is due to distribution and selling costs. That means that your manufacturing costs must be less than 50 cents if your product’s retail price is $2.

Think Marketing

Creating Careful Chaos

Innovation isn’t invention; it’s often a necessary, welcome change in the way we do things. The strategy must balance the chaos of innovation with the stability of conformity. This is the most efficient, cost-effective path to successfully launch an innovative product.

Inventing 101

Finding Opportunities

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.

Prototyping

We Have Liftoff!

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.

Prototyping

Fantasy Island

Grenada innovation workshop was memorable for beautiful innovation, people and scenery. Once the sample projects were completed, teams had the afternoon to use the parts to build their own prototypes and work on their digital prototypes.

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