New Product Development Plan: How to effectively manage your invention development process

From ideation to conceptualization to commercialization, every invention requires a proper development strategy and management to bring it to fruition. A clear vision and guidance will avoid inventors to be overwhelmed, especially when it’s their first time. A written new product development plan of action needs to be in place – this is where the new Product Development Plan (PDP) comes in handy.

A PDP is a step-by-step roadmap for your product development that will serve as a navigation tool for you and your team.

Developing an invention is a resource consuming process that requires organization and direction to ensure a smooth process and the greatest return on investments. To see the full picture of the resources and commitment; a complete product creation timeline, financial investments and team members’ qualifications; you need to make sure that all necessary steps are put into the consideration and planned accordingly. The product development process can be a long journey, but, by using a PDP you will be able to separate the process into achievable milestones, which will in turn encourage and motivate both you and your team.

The product development plan includes all major product development steps such as:

• Patent and Prior Art Search
• Market Research
• Product Design
• Prototyping
• Design for Manufacturing
• Manufacturing Sourcing
• Commercialization Strategy
• IP Protection
• Marketing Material

Each PDP is unique to the product developer and product.  The timeline for each project will vary depending on many factors and the specific requirements of your product. The PDP allows the inventor to subjectively view the overall anticipated process and determine the best avenue for development. Example of PDP for physical product can be seen below:[/vc_column_text] [table id=2 /] We know that you’re serious about accomplishing your goals and bringing your idea to fruition. Your best bet is PDP. Without proper planning and execution, otherwise brilliant ideas may fall by the wayside – the victim of unrealized time and expense. You don’t want to be in that situation. We want your product to realize its full potential and comprehensive planning is not only smart, but necessary to bring your idea into the marketplace. “Before anything else, preparation is the key to success.” Alexander Graham Bell