guest column

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.

------

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

Trending News

Building Houston

 
 

The latest Houston cohort for gBETA has been announced. Photo courtesy of gBETA

The sixth Houston cohort for global startup accelerator and investor gener8tor's gBETA program is underway, and five Houston early-stage companies have joined the program.

The no-equity program, which is based out of the Downtown Launchpad, kicked off in September and lasts seven weeks. In that time, the startups are connected to a national network of mentors, customers, corporate partners, and investors.

“This gener8tor Houston cohort is among our strongest yet,” says Robert Pieroni, director of Economic Development at Central Houston Inc., in the news release. “We are excited about the caliber of entrepreneurs the Downtown Launchpad is attracting and the entrepreneurial ecosystem being created.”

The program concludes at a public showcase event at 5 pm on November 17 at Amegy Bank Courtyard.

“I’m thrilled about this cohort,” says Muriel Foster, gBETA Houston director, in the release. “We’ve seen the incredible economic impact of the gBETA program in other parts of the country, and we’re excited to bring that same impact to Houston.”

Here are the members of gBETA Houston's latest cohort:

CultureLancer

CultureLancer's all-in-one career-focused platform connects students at HBCUs with opportunities to gain industry-specific education and experience. CultureLancer also provides companies with the ability to source qualified diverse talent to meet their needs. CultureLancer has onboarded 30 students with each completing certification in digital marketing, closing on two contracts, and currently onboarding companies for beta testing.

EYF

EYF gamifies financial literacy education and provides children with a fun alternative to educational programming. EYF aims to teach financial literacy and economics in a fun, interactive, and applicable way. EYF is set to go to market at the end of of the year.

Oodles

Oodles automates the sales process and 24/7 customer service for e-commerce retailers through a conversational AI chatbot. Leveraging AI and machine learning, Oodles chatbot results in significant cost savings for retailers and improves customer retention and loyalty. Oodles has currently raised a seed round of $280,000, launched the product, and onboarded 10 customers.

SafetyKay

SafetyKay LLC promotes safety awareness to young children. SafetyKay focuses on decreasing fatality and accident rates among children ages 5-12 years by teaching them critical health and safety skills. SafetyKay's current safety awareness material has been viewed 81,359 times and it is currently in the process of transitioning into a mobile app platform.

Stobridge Education Inc.

Stobridge Education Inc. connects students with mentors and postsecondary education college, career and life resources for better outcomes. Through its comprehensive and fully integrated web and mobile platform, Stobridge Education is a safer alternative to LinkedIn for high school students. Stobridge Education has engaged with over 1,000 participants through their nonprofit partner, Adeiur and has implemented its module curriculum in two universities and four student-serving organizations.

Trending News