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There’s a lot more to designing and manufacturing a product than having a great idea and hitting the production lines.
While these 10 commandments aren’t exactly set in stone and should be adapted to your unique operational needs and goals, they’re a tremendous starting point on your journey toward lasting success.
I. Thou shalt refine thine ideas and vet them.
Inspiration and great ideas can strike anywhere, and it’s important to get the big picture nailed down. However, you should also present your idea to family, friends and trusted potential customers and think critically about who the product is for and why they’d want it.
II. Thou shalt research the marketplace.
Do the legwork on potential customers, competitors, and more, and seek out a professional in Intellectual Property to protect your idea.
III. Thou shalt raise money, and, whence thou hast raised money, thou shalt again raise money.
Craft an elevator pitch, get an initial round of funding, and then do it again. Seek the advice of others who have been successful in raising money in the venture capital community and follow their lead.
IV. Thou shalt create requirements to convey thine ideas to product designers.
Thorough guidelines need to be established that outline what the product should and shouldn’t do, how it will be used, what it will look like, and more. Think in terms of accuracy, feasibility, whether a requirement is necessary, and more.
V. Thou shalt use an experienced, professional design team.
Avoid using a contract manufacturer’s design resources. You need a team of professionals with experience in many disciplines dedicated wholly to your success.
VI. Thou shalt verify thy design with prototypes.
Products always need to be tested in the real world with real end-users. What’s great on paper doesn’t always translate to reality.
VII. Thou shalt not produce many before thou hast made a few.
Always leverage preproduction with initial batches that can test the process and finished result before ramping up production.
VIII. Thou shalt have no regulatory requirements unverified.
Compliance with national and international regulations may be required to sell your product or recommended to reduce your liabilities. Have a plan for getting your product certified.
IX. Thou shalt honor thy sales and marketing team.
These are very different roles, but each is critical. Marketers drive awareness, and salespeople close the deal. Select people with skillsets in each.
X. Thou shalt choose thy partners carefully.
You don’t need to be skilled in everything – that’s where valuable partners come in. Carefully vet potential partners and select those who truly fill in those gaps with expert knowledge and proven results.
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To lean more about how Paragon can transform your product idea, marketing requirement, or product specification into a marketable product that’s profitable, contact them today.
