Basics of Product Development

Product development should follow a standard process.

It starts with a strategy.

That strategy should align with the goals of the company and mesh with its current product roadmap. 

The specific product should further the company’s business objectives such as increasing revenue, reducing costs, or holding off a competitor.

The product development process should take into account the financial objectives such as meeting a quota line or increasing margins.

There should be a scope that defines where innovation should occur and where it should not.

Product development should have established processes for developing new products as well as upgrading existing ones.

It should draw from research both within the company and from sources outside the company.

Product development should maintain a view of the company’s portfolio and how new products will fit in.

There needs to be a process to tradeoff between risk and reward on new products.

Finally, the company needs capabilities to deliver on product development including leadership such as project management and technical skills for product development.

 

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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.