We routinely speak with executives who oversee the development of complex medical device projects and lament how often they engage partners to do the development work only to find their project has either gone over budget, over time, or the device does not meet the requirements. For smaller, startup companies operating against strict timelines with limited funding and a board that expects results, a stalled outsourced product development project can not only impacts the time to market for the product but could make or break the company.
Sadly, some of these executives have seen this issue at multiple companies in their career. Each time the partner had to be replaced because they simply could not deliver. That experience has given them the knowledge to see the issues and make changes early.
Businesses often wait too long before making the change. Often they don’t see the signs until it is too late, or they are simply so invested that they continue to work with the partner long after it is clear the project is in trouble.
If you start to see the signs that your project will miss deadlines, you shouldn’t wait. Immediately identify a new partner to address your short-term or long-term product development needs. Don’t let a stalled outsourced product development project slow your company.
In our 8 years, we have successfully assisted companies with struggling projects. We have helped several small, startups regain investor confidence after a failed contract manufacturer or industrial design engagement lead to a delayed or failing project. We took over their development program, worked with management to regain investor confidence, and delivered their product to market.
We realize that when a project fails, the deliverables do not go away. The team must scramble to bring on a new partner, get them up to speed and get back on track. It is because of this we created our 911 Product Rescue Program to provide companies the following:
- A free 3-hour consultation within 3 business days with our senior level engineers, program manager and Resolution leadership to understand the business, technical, regulatory and programmatic challenges for your project.
- A detailed success plan that identifies root causes and potential solutions to bring your project back on track.
- A comprehensive quote outlining the steps and resources required for project success.
If you have a stalled outsourced product development project, start the process engaging a partner that can develop a product that not only works but meets your COGS target through a product development schedule on which you can build your business.
Learn more about our 911 Project Rescue Service.