Top tips on getting that new product to market

03/06/11

Bob Lindsey helps innovators get their products to market. He is an experienced product developer and regularly runs workshops at the British Library sharing his experiences.

Here are some of his top tips to check the viability of your idea and how you can progress with it.

Is this a commercially viable idea? Is it viable for you?

We have all had that truly ‘wow’ idea – we instantly know that it’s a winner which will sell in millions and will make us quite embarrassingly rich – or will it? And, as important as determining whether this is a viable product idea, is it an idea that the innovator can take forward themselves?

Is your new product idea truly new?

It is rare to be the first to have had this brilliant idea – by definition there can only be one! Maybe many have thought of it, but nobody has tried to produce it before. However, they might still be planning to do so. Research thoroughly before investing funds into the product and don’t look half-heartedly because you don’t want to find an existing product.

Be realistic, be thorough and be honest. The Internet makes it ten times easier to do research so there is no excuse not to do it well.

Check out the intellectual property rights (IPR)

Carry out a patent search – some expertise is required, but you can learn to do a certain amount yourself. Two elements to check; (a) if a patent is already filed and published then you might be in danger of infringement and (b) if nothing is filed then you might be able to file for a patent protection yourself if it’s appropriate.

What is the likely route to market?

Who will buy and why? And where would they find it? Would it be in a specialist or mass retail outlet, would it be mail-order, or on the Internet? Would you need to find distributors or wholesalers? Research is required to identify the range of likely buyers and their buying habits.

List the tasks that have to be done

Products don’t get on the shelf at B&Q without a long journey – sometimes easy (rarely), but sometimes tortuous (usually, particularly if this is your first product). Take into account whether there are standards to meet, technical problems to overcome, prototypes to make and thoroughly test, funds to raise, costings to examine and buyers to convince.

Do you have a team?

You’ve listed those tasks – do you have a team to do those specialist areas of which you have no knowledge? Are they partners, equity team members, contractors, consultants, suppliers? Many good innovators I have met can do it all themselves – but some are equally as good at squeezing, bribing or coercing support!

Be persistent – it’s never easy

You will need stamina and fortitude. However, you also need to know when to stop and to look for the next project when some no-go hurdles are met.

Seeking advice

You need to be good at seeking the right advice – and to develop the real skill to know when to follow that expert advice. Ron Hickman would have ditched the Workmate in 1967 if he had heeded the advice of Black and Decker - likewise I see innovators still battling away at ideas that will not be going anywhere years after they have received really good advice to this effect. The ultimate decision-maker is you!

To find out more, come to Bob Lindsey’s Product Development Clinics.