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Houston innovators: How to succeed in product development

There's no quick and easy path to product development. However, these tips should help set you up for success. rawpixel.com/Pexels

Product success is not accidental. It takes a lot of time, tools, and commitment before one can create excellent products with market success. Creating the product itself is a huge milestone, but it's also just the beginning of the journey. It takes commitment, dedication and perseverance to successfully bring a product to life and get desired ROI.

Today, we will walk you through what you should do to increase your odds of success in bringing your product idea to life.

How to get comfortable with being uncomfortable with pursuing your product idea

You will not always feel comfortable pursuing your dreams. Likely, challenges are bound to discourage you and you will have moments of doubt on your way to success. You need to have that North Star guiding you, and one of the first steps to having that star is to firmly believe and know that this product is what you want to work on.

Ask yourself if you are comfortable with not developing that product idea. If you discover that even a thought of not giving it a try makes you feel sad — try to understand why, write it down, and get ready for the journey. Equally, it is better to pull out from the start if you are comfortable with not working on such an idea. More so, don't make the plan too hard on yourself. While it is applaudable that you are getting it right, you shouldn’t see yourself as a failure if something goes wrong, especially if it's your first product. Thus, you should see the process as an experiment. Having a contingency plan will help you navigate failures. It is dangerous to put all your eggs in one basket like regular investments, so think of ways on how to utilize the developed resources in other avenues or explore that avenue simultaneously. Have an exit strategy if things go south. Knowing how to repurpose your resources is very crucial.

As we mentioned in a previous guest column, How to Take Your Product From Idea to Reality, having a board of directors or Advisors with experience in the product field is a huge plus. Build trust with them, because trust is the currency of business. They will always be by your side in the moment of doubt. Schedule a meeting with them, one or twice a month to share the progress and have brainstorming sessions.

Finally, you must learn to trust the process. Don't put too much of your focus on the final product, be open minded at every step of product development. Knowing the process and what to expect next lets you stay ahead of the game. Following the Product Development Map mentioned here [https://lanpdt.life/pdp], you will stay focused while maintaining some flexibility.

Plan on How to Minimize losses if  product development will not go as planned

At every major point of product development, developers must have a review of their set milestones and evaluate the next step which might be an investment or involvement of a new contractor or partner as an example. Make sure to set those milestones with measurable values which will help you with go/no go decisions.

When you notice that the results are deviating from the set goals (and they will), you only have to take action in minimizing losses. And making the stop decision not at a late stage. One of the ways to minimize losses is to sell resources to similar companies or those who share the sma target audience with you. It is a smart way to make enough profits to cover your losses. In the same vein, you could try to repurpose your resources to other ventures or sell the idea on Flippa-like sites. Or you could share knowledge with others as a coach or mentor in the form of a course. In essence, you must be able to think on the spot and also learn to diversify.

What tools can I use to feel more confident to start working on the idea?

Developers need tools that can help them develop their ideas better. You can get tons of information and resources online, some of the tools worth looking at are Realizr, Notion, and our favorite Demand Metrics.

Every product developer preferably needs to acquire skills in CAD, Photoshop, etc. And if your idea relates to developing an app, you should learn some basic JavaScript, however we recommend a zero-code approach for testing MVP. Getting to know the basics of 3D printing is also fantastic. And Calipers with other measuring tools are equally important.

What if I don't have enough money right now?

It's okay not to have everything figured out at the moment. You don't need to have the whole sum at the beginning. You are in a marathon and not a sprint. The most practical step is to manage your income and see if you have monthly spare to invest in your idea. If you can get partners who love your idea, you can ask them to join you and ensure you have a cash reserve.

If the capital is insufficient, you can get in touch with investors and search for grants since you're just starting. A conventional loan is the least preferred option, be careful with that.

On top of this, you should gear up and participate in pitch competitions. But make sure to practice repeatedly before attempting to convince sponsors.

Final thoughts

No successful entrepreneur has ever been made by doubting themselves. If you are not convinced about your products, how do you intend to sell that idea to prospective investors and customers? Hence, the very first step is to get comfortable with your yourself and your capabilities.

Above all, trust will take you far in business. Make sure you deliver on your promises and watch yourself blossom into something big. Good luck bringing your ideas to reality and solving the world's problems.

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Onega Ulanova is the founder of OKGlobal and partner at LA New Product Development Team.

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Building Houston

 
 

Here's your one-stop shop for innovation events in Houston this month. Photo via Getty Images

Houstonians are transitioning into a new summer month, and the city's business community is mixing in networking and conference events with family vacations and time off. Here's a rundown of what all to throw on your calendar for July when it comes to innovation-related events.

This article will be updated as more business and tech events are announced.

July 10 — Have a Nice Day Market at the Ion

Stop by for a one-of-a-kind vendor market - #HaveANiceDayHTX - taking place at the Ion, Houston's newest urban district and collaborative space that is designed to provide the city a place where entrepreneurial, corporate, and academic communities can come together. Free to attend and free parking onsite.

Have a Nice Day is a creative collective with a goal of celebrating BIPOC makers, creators, and causes.

The event is Sunday, July 10, 4 to 8 pm, at The Ion. Click here to register.

July 12 — One Houston Together Webinar Series

In the first installment of the Partnership's One Houston Together webinar series, we will discuss supplier diversity an often underutilized resource for business. What is it and why is it important? How can supplier diversity have long-term impact on your business, help strengthen your supply chain, and make a positive community impact?

The event is Tuesday, July 12, noon to 1 pm, online. Click here to register.

July 14 — Investor Speaker Series: Both Sides of the Coin

In the next installment of Greentown Labs' Investor Speaker Series, sit down with two Greentown founders and their investors as they talk about their experiences working together before, during, and after an equity investment was made in the company. Attendees will get a behind-the-scenes look at one of the most important relationships in a startup’s journey and what best practices both founders and investors can follow to keep things moving smoothly.

The event is Thursday, July 14, 1 to 2:30 pm, online. Click here to register.

July 15 — SBA Funding Fair

Mark Winchester, the Deputy District Director for the Houston District Office of the U.S. Small Business Administration, will give a short intro of the programs the mentors will discuss. There will be three government guaranteed loan mentors and two to three mentors co-mentoring with remote SBIR experts.

The event is Friday, July 15, 10:30 am to 1 pm, at The Cannon - West Houston. Click here to register.

July 16 — Bots and Bytes: Family STEAM Day

Join the Ion for a hands-on learning experience to learn about tech and robotics and gain insight into the professional skills and concepts needed to excel in a robotics or tech career. This event will be tailored for 9-14-year-olds for a fun STEM experience.

The event is Saturday, July 16, 10 am to 1 pm, at The Ion. Click here to register.

July 19 — How to Start a Startup

You have an idea...now what? Before you start looking for funding, it's important to make sure that your idea is both viable and valuable -- if it doesn't have a sound model and a market willing to pay for it, investors won't be interested anyway.

The event is Tuesday, July 19, 5:30 to 7:30 pm, at The Ion. Click here to register.

July 20 — Perfecting Your Pitch

Join the Ion for their series with DeckLaunch and Fresh Tech Solutionz as they discuss the importance and value of your pitch deck when reaching your target audience.

The event is Wednesday, July 20, 5:30 to 6:30 pm, at The Ion. Click here to register.

July 21 — Transition On Tap: Investor Readiness with Vinson & Elkins LLP

Attorneys from Greentown Labs’ Gigawatt Partner Vinson & Elkins LLP, a leading fund- and company-side advisor for clean energy financing, will present an overview of legal considerations in cleantech investing, geared especially toward early-stage companies and investors. The presentation will cover the types of investors and deals in the cleantech space and also provide background on negotiating valuation, term sheets, and preparing for diligence.

The event is Thursday, July 21, 5 to 7 pm, at Greentown Houston. Click here to register.

July 28 — The Cannon Community 2nd Annual Town Hall Event

Partner of The Cannon, Baker Tilly, has played an integral part in the success of Cannon member companies. Join the Cannon community for The Cannon's 5-year anniversary celebration!

The event is Thursday, July 28, 4 to 7 pm, at The Cannon - West Houston. Click here to register.

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