Full service product development coaching, manufacturing and retail sales corporation
Follow along as I breakdown the process of New Product Development. An overview of the process that Hill Innovative Solutions uses in our everyday execution of projects.
Speaker: Mike Hill
Full Video: https://www.youtube.com/watch?v=NAEA54iBFCM&t=6s
Hill Innovative Solutions is a new product development company where we work with inventors, entrepreneurs and small business manufacturers to bring products to reality from concept, all the way to market and start generating cash flow. At Hill Innovative Solutions, we use a simple new product development process. It follows the acronym Idea (I-D-E-A):
2. Design and Develop
3. Execute (and all along the way, we’re…)
STEP ONE: IDENTIFY
Start with product specification (Click to download your copy of FREE Product Development template). The product specification documents should do the following:
– what the actual physical specifications are
– what the performance specifications are
– what the customer requirements are
– what the regulatory requirements are
– what the environmental requirements (are all going to be needed to be successful with the product)
STEP TWO: DESIGN AND DEVELOP
Take the product specifications and start to mold it and create. Model it where appropriate and run simulations. Create a bill of materials. Start prototyping. Do an alpha prototype and do a beta prototype for sure.
STEP THREE: EXECUTE
Test, do final verification and validation testing of the product. It really just kind of buttoning things up in this execution phase. The final phase is the assess phase and the assessment is we have it final but it really takes place throughout the whole thing.
2 Most Important Things To Assess:
1. Assessing the actual project itself
a. are we on time
b. are we hitting our milestone
c. are we hitting our budgets
d. are we doing all the things that we need to do (to make sure that the project is moving along so we’ll assess that all along the way)
2. Post launch (and we’ll run a postmortem on the product afterwards)
a. how close were we in that identify phase
b. how close were we to knowing if the market is going to be accepting of this
c. how close were we in identifying potential sales channels for it
d. how close were we in identifying customer satisfaction or customer requirements of the product.
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