Avoid Risk Factors for New Product Ideas

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How do I avoid the risks associated with new product development?

Avoid Risk Factors for New Product Ideas

There's nothing like that light bulb moment when you know you have stumbled on a new invention. There is so much to do it's hard to figure out where to start: get a patent, consider a licensee, launch the product and start over with a new invention. But, while the initial moment of discovering a new product fades fast, that product's potential can fade quickly as well due to unexpected delays. Some experts believe one of the greatest risks to a new product is delay. Many new ideas carry a short window of opportunity; once that's gone so are the potential earnings.

How can you avoid this type of risk? By focusing on the factors that often impede progress during the process of developing a new product. One of the most common such factors is not having enough help. You may not want to hire anyone to help launch your new invention, but trying to do it all yourself is one way to miss the all-too-critical window of opportunity. Another risk factor that causes delay is not having a clear vision of deliverables. There are many ways you can create a plan for action but you should have one that details a time table for tasks that must be done, when they should be done, and who will do them. If you hire personnel to launch a new product, you must make sure that communication is clear between everyone involved.

Also, concentrate on avoiding 'bottlenecks,' that is places in the flow of production where one area holds up the tasks of the next. In today's quickly changing world of commerce, you can't afford to miss the window for selling your invention because of these and other risk factors that could have been avoided.

   

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