IDEATION

1. Draft a foundation overview of the invention or product evolution; and

2. Provide initial design sketches (2D or 3D) if available. Hand drawn sketches, Photoshop, Illustrator, etc.

 

BRAINSTORMING SESSION

Group discussion on the basic idea to reveal initial thoughts, concerns, potential competitive threats, possible sales outlets, production concerns, etc.

 

FORMAL RESEARCH

Marketplace:

1. Competing products (relevance, existing technology advantages, etc.);

2. Category review (size, first to market opportunities, barriers to entry, room to grow, average price points, etc.);

3. Initial patent search (assuming go forward strategy);

4. Relevant market trends (social, colors, category, etc.); and

5. Identify primary and secondary sales channels.

 

Consumers:

1. Identify primary and secondary target markets;

2. Positive/negative consumer behaviors/attitudes towards the category;

3. Category buying habits (frequency, need/luxury, etc.); and

4. Surveys, focus groups and shopping observation studies.

 

PRE-PRODUCTION

Mechanical Engineering:

1. Production drawings (2D);

2. Production drawings (3D/CAD) with tolerances;

3. Identify and modify for manufacturing concerns/issues;

4. Identify and finalize any modifications; and

5. Identify material requirements (plastics, metals, rubber, etc.)

6. Prototyping:

7. Finalize engineered drawings;

8. Finalize mold flow analysis (if applicable);

9. Identify prototype process (milled, 3D print, etc.);

10. Identify sample material (plastic/type, metal, colors, etc.); and

11. Identify any finishing requirements (painting, plating, assembly, etc.)

​

SOURCING ANALYSIS

1. Determine domestic or offshore production preference;

2. Determine potential import restrictions (laws, tariffs, etc.)

3. Develop qualified manufacturer’s list; and

4. Vet manufacturers (size, years in business, credit rating, legal disputes, equipment list, production and output capabilities, terms, certifications, etc.)

 

FINAL REVIEW

1. Determine minimum purchase requirements;

2. Finalize unit cost;

3. Confirm volume discount price breaks;

4. Examine all-in cost of goods (production, freight, taxes, transportation, etc.);

5. Examine all-in projected operating overhead (rent, salaries, marketing, etc.); and

6. Calculate and finalize profitability potential and forecasted ROI.