How do I commercialise a new product?

The process of commercialising a new product or idea is a long and potentially difficult one. Entrepreneurs generally requite patience, support and money to see an idea through to market.

The commercialisation process will typically feature these steps:

• Idea generation.
• Market research to ensure the idea is a viable one.
• Design.
• Prototype development.
• Initial testing and trialling.
• Modification and redevelopment.
• Further testing, including market testing.
• Further modification is necessary.
• Development of a marketing plan.
• Marketing the product.

All of these steps carry with them their own specific challenges and timeframes. Design and development can be a particularly long process, as you work to get the product just right.