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How do I commercialise a new product?

Monday, 30 August 2010 | By James Thomson

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.

 

Seeking professional help throughout is advisable.