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Product Invention and Development Options

January 28th, 2013 Posted in Business

product inventionWhen business owners and their key people sit down to discuss business matters, a certain part of the discussion will always be devoted to the idealization of new products or services. If you happen to be the business owner, you go about such discussions and ideation sessions with the objective of coming up with potentially new inventions. This may come in the form of ideas for new retail products, extraordinary services, or even new business models. The underlying intent, of course, is for these new inventions to be subsequently developed into viable industrial assets or commodities that can make the company more profitable.

In the technology industry where product invention and innovation happens to be the forefront of stiff competition, the retail of such products also demand an intensely vigorous amount of brainwork. Serendipity and a keen observation of tech trends are traits tech business leaders usually bear. The thirst for discovery follows suit. So much so that you may discover that there are many ways of inventing or developing new products by the way current business situations present opportunities to you.

If you have an open mind, the chances of seeing through such opportunities would definitely be more than if you have a limited vision as an entrepreneur. What’s necessary, therefore, for business owners in the tech business, whether you are a retail company or manufacturer, is for you to have a clear focus as to where you could source new tech ideas to sell to the market. These are what you will need in order to come up with new retail items.

Acquisition of new ideas

There are various companies the world over busy with developing new tech ideas for potential use as retail items for the end user market or even business. These may be independent companies steeped in industrial design or electronic engineering. While such companies may be full of marketable ideas amenable to mass production by a third party, you need to seek them out from within the industry.

Forging partnerships with such design or engineering companies require a serious amount of collaboration in terms of making it realistic for design or engineering ideas to work well when channeled into the production aspect of the trade. The retail aspect that comes later becomes a discussion about how to get the message across to the consumer with regards to the resultant new product’s usability for both end user and business-to-business markets.

In house design

You may opt to hire specific people so you can create an in house design team whose work will be to come up with original ideas for tech products. Pursuing this line of thinking allows your company to come up with exclusionary technology designed to set its products apart from the competition’s. Although this may prove cost-efficient in the long term, establishing one can take long.

The process involved in coming up with a team of crack designers and wiz kid tech doesn’t happen overnight. A design team made up of people who complement each other’s core competencies well happens only after a long drawn-out process. The compatibility of ideas, work ethics, and technical know-how necessary to create tech products from a team with great unanimity of purpose and creativity is a long tedious process in itself. This, however, will always be a good investment any company can make.

Crowdsourcing

Ideas from consumers channeled by companies to manufacturers and retailers can also be used towards this end. You can get the services of such companies to source ideas from its wide pool of thinkers and pay them the necessary royalties for ideas, innovations and new inventions. The U.S.-based Genius Crowds is one such company that pays inventors a 25% share of the royalties.

Derivative ideas

This is probably the last option to take since it is primarily bent towards copycat technology. Doing so limits your company’s chances at gaining tech industry credibility and a respectable spot in the consumer’s preferences. Derivative ideas are those behind imitation or knock-off products that exploit ongoing tech product retail trends without seriously considering brand longevity.


   

About

       

Edward is an article writer that talks about business and technology. He contributed different business and technology related articles like gadgets review, latest tech news, small business phone guides and VoIP service reviews in different websites. Aside from writing, he also loves to read books, to travel and do skydiving during his free time.

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