It should be well understood that people do not buy products or services, they buy solutions to their problems. So you must first have a clear understanding of the problem you want to solve. Only then you can aim to solve that problem with a great product or service.
Once you know the problem, you need to determine how to solve it. The solution to a problem might be straightforward, or it might not. For example a straightforward solution is when engineers are confident there is at least one obvious approach. However a non straightforward solution is when engineers are confident there isn't any obvious approaches, and instead its likely there will be several attempts to solve the problem via trialing and testing. Non straightforward solutions also might involve scientific methods using existing and non existing research science.
The relative total project cost/timeline difference between straightforward projects and non straightforward projects, is significant. Simply because one does know how many attempts to solve the problem are required. Each attempt might be completely different strategies. Once at least one approach is found to work, engineers are back addressing one obvious approach.
It should be also well understood that while engineers might have at least one obvious approach to solving a problem. Engineers are still innovating and integrating with 3rd party technologies to develop a novel product for a target application. So your still doing something that hasn't been done before, which will still require trial and testing before commiting to production - this means the approach might require rework, bug fixes, and overcoming setbacks, along with unexpected or unforeseen challenges. It is for these reasons, new product development always has high uncertainty, high risk and is considered R&D.
To put it all in a different way. R&D can be frustrating - setbacks can occur and Murphy's law is common. Estimating is hard - Hofstadter's law is common. Some things can be affected by the Pareto Principle - in terms of R&D, the last 20% of the project may take 80% of the time. There is much support out there for startups. The development phase and initial sales is well known to be called the Valley of Death. We'd suggest reaching out to some innovation support spaces to share stories which maybe able to help with the stress. We believe there is much merit in Thomas J. Watson quote - "If you want to succeed, double your failure rate" and Thomas Jefferson quote "With great risk often comes great reward".
The next section outlines possible phases for a straightforward projects. For non straightforward projects, the path forward is fuzzy. So the first step is to proceed with bite-sized reviews. This allows assessment of the problems/solutions against existing technologies to propose the most feasible approaches for trial and testing. Then propose ideal methods to do the trialing and testing, such as mathematical calculations, computer modeling, computer simulations and/or real-world scale modeling via rapid prototyping methods.
Once you have a idea for a product. Have confirmed there is a market for your product. Then you are ready to start the review, planning, designing and prototyping of a new product idea. This involves the following phases:
For some projects, is it hard to know if the product idea can even be achieved in engineer terms (i.e. technically feasible), or in cost terms (i.e. financially feasible). Or perhaps one needs to determine the possible size of the market. If we believe this is the case, we might advise that two additional phases might be required after/during/before phase 1:
For more information on new product development (NPD) see wikipedia about "NPD".
We appreciate the cost of development is a significant burden. It is important to not worry too much about the development costs - it is a one-time cost (i.e. fixed cost as opposed to marginal cost). As long as you have a good product to drive sales, the fixed development cost just moves your break-even point. We would advise that you focus on reducing your marginal costs (e.g. unit cost), as that directly affects your profit.
It is well understood that New Product Development (NPD) always has uncertainty and is considered R&D. The total cost is driven by the evolution of end user (i.e. client and potential customers) testing and feedback. It is for these reasons, we appreciate the actual total project development cost is unknown. So depending on the size of the project and/or its life cycle, further funding might be required, before, during or after any of the project life-cycle steps.
Funding the development cost of a product is known as Seed money, and can be raised in various ways.
Self-funding is the best option, but if you require external funding, here are some options:
This funding option seems to be the most popular for new inventors.
Basically you could do a strategy like this:
This way someone else pays for all the development costs, and you get a business mentor (and all their contacts).
Types of Investors:
You could use the prototypes, plus a promotional video on crowd funding platforms such as http://kickstarter.com
Generally if you can not self-fund your project, you will need to draw up a business plan and use concept design material (e.g. life-like product visualisation as photos or 3D animations). Or a early prototype to explain and demostrate the purpose of your product. If this is the case, please let us know as we can provide you with life-like concept design material, or an early prototype.
To help with grant applications, business plan, etc - we'd suggest contacting the Gold Coast Innovation Hub.
Here are a few great links to further information about raising funds for your product:
Our team is comprised of a small group of very talented unique individuals, including robotics engineers and PhD scientists. Each have been passionately learning and developing their technical arts since childhood. Together we bring a wealth of experience and cross-pollination of skills. This allows us to provide you with the most ideal solution for your needs.
It is also important to understand that having a skilled team like us, will not mean your project is going to cost more then a company that does not have robotics and PhD scientists. In fact, because we have these skills on the team, your project can be completed cheaper and quicker then companies without such skills (e.g. companies that specialise in just mechanics, or electronics, or software, or concept artistic design). Furthermore, having our team on your project, means the design can be optimised for minimum viable product (MVP) - which is important for maximizing return on investment.
For more information, please see our about us page.
Great products evolve through user testing and feedback from bench/field testing. Because of this, it is very common that the end/final product is very different then the initial concept/plan/prototype.
From our experience, th- best approach for NPD is agile-like methods. That is: one tries to get an initial prototype very fast and then show it to the end users, to get feedback and improve. The user testing and feedback and improvement cycle should be short to minimise risk. This also means NPD projects should not try to solve all the problems at once, as this increases the development risk/cost/timeline.
It is for these reasons, the following terms best fit this type of work:
To proceed, please contact us to advise us of your project brief, concept and/or list of objectives, so that we can start the project review phase.
Crudine and its surrounding communities are steeped in rich history and natural beauty.
The area is famous for its rolling hills, scenic rural landscapes, and historic townships like Duck Creek, which evoke a sense of nostalgia and community spirit. As you explore the area, it's easy to see why local businesses are fiercely proud of their heritage and eager to preserve the region's character while pursuing growth and innovation.
That's where COLETEK comes in – our company is deeply committed to supporting local businesses throughout Crudine and the Central Tablelands. With a national reach and extensive expertise, we've earned a reputation as a trusted advisor to entrepreneurs and corporate leaders across various industries.
We understand that every business has unique needs and challenges. By taking the time to listen to our clients' stories and goals, we can tailor our services to align with their aspirations. Whether you're starting from scratch or looking to expand your operations, our team will work tirelessly to help you achieve success within this beautiful region.
At COLETEK, we're passionate about innovation, collaboration, and community engagement.
We believe that by building strong relationships with local businesses, we can drive growth, create jobs, and contribute to the overall well-being of our community. Our presence in Crudine is more than just a physical location – it's an expression of our commitment to being an active and supportive member of this vibrant community.
When you partner with COletek, rest assured that your business will benefit from:
We're proud to be a part of the Crudine and Central Tablelands business community. If you're looking for a trusted partner to guide your business towards success, look no further than COLETEK.
Contact Us here to schedule a consultation and let's work together to build a brighter future for your business in Crudine, Central Tablelands, New South Wales, Australia.
As the proprietor a DIY environmentally pest control products business I have been more then impressed with COLETEK's design capability and professionalism in assisting to realise an idea into reality. From concept, CAD drawings, 3D modelling, alterations right through to the finished product. I am extremely happy with our new termite control product. I have no hesitation in recommending COLETEK's services.
Intuitive, innovative & efficient are three words that would appropriately describe the COLETEK service. Luke and the team at COLETEK have taken our concepts to the next level.
We have used COLETEK on a couple of occasions and found their service to be professional and on time. We specialise in engineering and design of height safety equipment and since a lot of parts are made by casting from stainless steel we require a quick model before we proceed with the tool manufacture. COLETEK has been able to provide this quickly saving us valuable time and giving us peace of mind knowing our parts will look right when casted from stainless steel.
I was grateful to find Luke Cole at COLETEK in the early days of an invention idea. He was very patient and generous with information to guide me along the way. And even though I did not preceed with my project, I would still recommend his services. Thank you.
COLETEK have provided one to one communication throughout the development process and gone above and beyond in bringing our ideas closer to becoming a reality! Luke's expertise and knowledge with computer software and electronics is Jedi like, but what I liked most about working with him was his willingness and ability to think outside of the box.
I have been working closely with COLETEK for the past 6 years now, and I must say, it is a success story :-). I highly respect their team, they are a pleasure to work with and top skilled professionals. In addition to their top Technical service, their customer service is brilliant and it is a rare find. Their PCB repair rework skills are top notch and a rare find in this industry. I have been working in the IT industry for the past 20 years in various fields and seen it all so I can say with certainty that they are the best around and I am looking forward to keep working with them in the future.