Demystifying the Process: Commercialising a Product
Announcement posted by Procept 16 Jun 2016
The world of product development can be a mysterious one… but Procept can show you how your idea can become a commercialised reality
Melbourne, June 2016 – It takes more than just a great idea to make a product come to life. The product development process can take the best part of a year to go from idea to being in a customer’s hands. The rewards can be worth it. If your commercialised product fills a gap in the market successfully, you may be sitting on a huge, untapped revenue stream.
Aaron Maher, Managing Director and Co-Founder of Procept, a leading product development firm, states that with the right expertise and knowledge on hand, you can reduce the risks involved in getting a hardware product to market. “IoT and Wearable products are exciting, and will change our lives forever. The reality is that they are physical products, which require significant time and funds to get to market. The commercialisation stage is where the most effort lies, it needs to be designed, developed and certified with mass manufacture in mind,” he says.
“Your product is novel and exciting and the commercialisation stage is where it becomes very real. Engineering excellence during this stage is a must, but so is the ability to maintain the product vision. You can’t compromise on the benefits your product will provide to customers
Above all else, it’s vital to work with an experienced team, a safe pair of hands to ensure your product reaches the market successfully, and is revenue-ready,” Maher states.
Research conducted by Copernicus Marketing Consulting and Research suggests that the major reasons for products being unsuccessful is the failure to assess the market adequately causing disengagement with the product in its early stages. [1]
“Sitting down with a business early on and figuring out who their product is for, why they would want it, and crucially, whether there’s enough of a market to support it is of extreme importance to success” says Maher. “Hardware products require significant investment and time, so it’s best to remove risks early on through assessing product / market fit, and answering tricky technical questions first.”
A market that product developers are focussing their efforts on is the world of IoT and Wearable technology, and rightly so. Figures by Statista suggest that the wearable technology industry will have an estimated value of 19 billion US dollars in 2018, more than ten times its value five years prior[2].
There’s great opportunity in the sector, however, with so many products hitting the market daily, figuring out how to make the product that wins is becoming increasingly important.
Maher’s advice? Start by asking a lot of questions. A team of engineers and product experts that do this early on will significantly de-risk the product development process. From then on, it’s about delivery. Leaning on experience is crucial and will ensure your break out into the market is successful.
About Procept:
Procept is a leading product development company focused on bringing novel IoT and Wearable products to market. Based in Melbourne, their team consists of some of Australia’s most talented engineers, backed by a team of product people, strategists, project managers and commercialisation experts that manage the development of products from initial concept through to manufacture.
Procept designed products have won a range of industry awards including People’s Choice for Hardware & Accessory, Australian International Design Awards and have been named 100 Most Promising Innovations by Anthill Magazine.
For more information about what Procept can do, visit http://www.procept.com.au/how-we-work/
Contact:
Jenny Wong
Heard Agency
03 9020 6187
jwong@heardagency.com
Aaron Maher, Managing Director and Co-Founder of Procept, a leading product development firm, states that with the right expertise and knowledge on hand, you can reduce the risks involved in getting a hardware product to market. “IoT and Wearable products are exciting, and will change our lives forever. The reality is that they are physical products, which require significant time and funds to get to market. The commercialisation stage is where the most effort lies, it needs to be designed, developed and certified with mass manufacture in mind,” he says.
“Your product is novel and exciting and the commercialisation stage is where it becomes very real. Engineering excellence during this stage is a must, but so is the ability to maintain the product vision. You can’t compromise on the benefits your product will provide to customers
Above all else, it’s vital to work with an experienced team, a safe pair of hands to ensure your product reaches the market successfully, and is revenue-ready,” Maher states.
Research conducted by Copernicus Marketing Consulting and Research suggests that the major reasons for products being unsuccessful is the failure to assess the market adequately causing disengagement with the product in its early stages. [1]
“Sitting down with a business early on and figuring out who their product is for, why they would want it, and crucially, whether there’s enough of a market to support it is of extreme importance to success” says Maher. “Hardware products require significant investment and time, so it’s best to remove risks early on through assessing product / market fit, and answering tricky technical questions first.”
A market that product developers are focussing their efforts on is the world of IoT and Wearable technology, and rightly so. Figures by Statista suggest that the wearable technology industry will have an estimated value of 19 billion US dollars in 2018, more than ten times its value five years prior[2].
There’s great opportunity in the sector, however, with so many products hitting the market daily, figuring out how to make the product that wins is becoming increasingly important.
Maher’s advice? Start by asking a lot of questions. A team of engineers and product experts that do this early on will significantly de-risk the product development process. From then on, it’s about delivery. Leaning on experience is crucial and will ensure your break out into the market is successful.
About Procept:
Procept is a leading product development company focused on bringing novel IoT and Wearable products to market. Based in Melbourne, their team consists of some of Australia’s most talented engineers, backed by a team of product people, strategists, project managers and commercialisation experts that manage the development of products from initial concept through to manufacture.
Procept designed products have won a range of industry awards including People’s Choice for Hardware & Accessory, Australian International Design Awards and have been named 100 Most Promising Innovations by Anthill Magazine.
For more information about what Procept can do, visit http://www.procept.com.au/how-we-work/
Contact:
Jenny Wong
Heard Agency
03 9020 6187
jwong@heardagency.com