Whether it’s introducing a product for the first time or creating the next generation of an existing device, the development phase is the backbone of any technology initiative. At best, it can be a creative and exciting endeavor that helps to set your product apart and get your target audience truly invested in what you’re doing. However, it can also end in disaster if you fail to take the correct approach. 
To avoid a development disaster, here are some key considerations that every entrepreneurial tech initiative should bear in mind.
Allocate Funds
Careful allocation of funds should be dealt with in the initial stages of the product development process. Consider funds for all aspects of the operation. While it seems obvious to evaluate the costs of major items such as machinery and material first, it’s important not to overlook costs that will emerge during and after the product launches, such as advertisements and packaging. Therefore, before any major production decisions are made, all funding should be allocated to meet the needs of each major player in the process, from design to packaging engineers. Setting strict budgets will help keep engineers on track and avoid any developmental delays caused by overspending.
Expect the unexpected
The unpredictability of the development process can also lead to challenges along the way. Many engineers begin development with one concept and end up with an entirely different product when it’s time to launch. Sometimes this is due to small improvements that transform the product from one iteration to the next, and sometimes this is a response to situations that are out of the engineers’ hands.
Creating a contingency plan is an essential method of anticipating potential risks and developing strategies to alleviate them. For example, if the component ordered does not provide the feature set needed, you need to be well prepared to quickly steer developers in a new direction or specify which additional parts to order without losing too much time. In addition to contingency plans, implement extensive feedback mechanisms to keep development moving forward and head potential issues off at the pass.
Think internationally
While conducting market research prior to production, businesses may explore the possibility of expanding their product reach to international markets. However, this expansion often presents a whole new set of challenges for engineers, as the speed of globalization has surpassed that of tool standardization in the engineering community.
Lack of standardization threatens productivity and product quality, potentially putting the product’s regulatory compliance at risk. For example, electrical voltage standards vary around the world, so products need to be designed to fit different electrical outlets. In order to avoid these risks, engineers can utilize cross- collaboration between teams for more efficient product development in those regions. Engaging third- party suppliers and manufacturers in the desired markets to outsource production in those regions can also be an invaluable part of the process.
Be active in your community
Every engineer will at some point run into a technical roadblock that they can’t solve alone. Large manufacturers boast teams of accessible application engineers for customer support. However, with the magnitude of engineers using components today, individual makers and hobbyists often fall to the bottom of the priority list when compared to larger customers. This is where being part of an engineering community can make all the difference. Engaging with other engineers and makers can provide insights and spark ideas that you could struggle to arrive at on your own. Sharing experiences can also help you to build valuable connections and avoid pitfalls that others have fallen into.
At Premier Farnell we offer wide-ranging support to start-ups and tech initiatives at the product development stage and beyond. For more information, take a look at our case studies for Pi Supply and Future Home.
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