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.
- 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.
Seeking professional help throughout is advisable.