A popular notion is that more than 90%+ of new products fail. Several articles and studies exist to debunk this myth and put the likelihood of new product failure across industries at closer to 35%. It is clear that deciding to bring a new product to market is risky, and that risk can have a more significant impact for startups. This makes outsourced product development and startups a critical decision point for the new company.
At Resolution, we work with companies of varying sizes. Sometimes our partner is a large, well-established corporation that needs to enhance their already vast development organization with specific skills or capabilities for a particular, strategic development project. In other cases, our partner is a startup, recently funded, and in need of product development help. Outsourced product development and startups require a different approach versus work with larger, established organizations.
When thinking about outsourced product development and startups, the new company will often be lacking in areas and resources common for larger organizations. The startup will need help “filling in the gaps”.
- Document Infrastructure — For startups developing a product in a heavily regulated market, the documentation requirements will be daunting. Without help, they will have to create much of what is needed to navigate the approvals process from scratch.
- Specialized Skills — Often, the early stage startup consists of the entrepreneur, usually an engineer, and perhaps some developers. Successful product development requires a design expertise, along with mechanical engineering, software engineering, and in the new normal of internet connected devices, a mobile app development skill.
- Quality Process — Taking a product from concept, through design and development, to be ready-to-manufacture requires a well-defined process with measurable milestones.
In nearly a decade of working with companies both large and small, Resolution Development has gained a deep understanding of outsourced product development and startups. We know what is needed to take a concept and transform it into a product that both meets the original requirements and can be manufactured within cost and other constraints. Our model leverages an ecosystem of design, engineering, and mobile application development to successfully navigate through the product development cycle, including any regulatory hurdles.
If you have a concept and a value proposition that has convinced investors that bringing it to market will reap financial rewards, now is the time to talk to the product development experts at Resolution Development Services.