guest column

Houston innovators: Tips for turning your product idea into a reality

Product development is not easy, and there's no one right way to go about it. Here are some tips and considerations to take into account. Photo via Getty Images

Successful entrepreneurs are strategic business people. It is one thing to conceive an idea and another to know how to bring it to the market. In a competitive world, you must learn to think ahead of other entrepreneurs. This is the only way to stay on top of your game.

Here’s a guide on how you can pursue that great idea.

How to go about your product idea development if it’s not your primary business

Not every product developer or inventor designs products for a living. It may be the case that product development is a side-hustle for you. However, you should look before you leap. It is not in your best interest to dive straight into product development without first mapping out a plan.

The first step is to carry out comprehensive research on the product you want to design. Online, there's an abundance of information on similar products. Also, you get to see companies that have tried to create similar products and failed. Take out a notepad and write down why they failed.

Next is to find how to include such a project in your schedule. You must be able to keep track of the progress and also set milestones. In addition, new developers must learn to measure gaps in their skills and resources. So, you can write out what you need to do to cover these lapses.

After you have learned the basics of developing a new product, you should talk to experienced developers to guide you. Just make sure that your notes and reference materials are organized.

Later on, you can develop a plan with milestones where you have to define your responsibilities. You must make a list of one-time and recurring tasks to see what can be delegated or outsourced.

How to determine if your idea is worth it

It is unwise to spend time, energy, and resources on a project that will most likely not materialize right from the onset. Hence, you should probe the potential of a product and know if the idea is worth pursuing.

First, new developers ought to do a proper guestimate on the market size of a product. You've got to determine the Total Addressable Market (TAM) and the Serviceable Addressable Market (SAM). But note that these are not the only indexes to guestimate. Once the guestimation is done, you should estimate your potential sales and profits. This is a smart way of decoding what amount to pump into your project as capital. And don't hesitate to check out market data about trends looking upward.

If your products have already been developed, you should try to sell them on platforms like Etsy or launch a Kickstarter. This process is called Pretotyping or pre-sale launch. You are merely testing the interests of potential customers and acceptance of your products on the internet.

​How to develop a plan for creating a product

Having a plan helps you achieve your goals faster as an entrepreneur. If you are set to draw out a plan for your project, using the LA New Production Development Team's product development map is a good idea. Also, some pre and post-production activities and expenses will go a long way in determining the success of your product. Some of these considerations include legal, marketing, and other factors.

When entrepreneurs find it hard to succeed, it is not because they are not brilliant. In most cases, new developers lack consistency. You must determine how much time you can allocate to a project per week and ensure you meet that target. And don't beat yourself up when it's taking longer to develop a product. It usually takes time to turn in excellent products if you are not yet a professional.

Moreover, you need to talk to potential engineers and manufacturers to find out lead times. Then you can look forward to the best time to launch your new products. You may decide to make Christmas sales or consider other strategic events.

​How to find providers for product development

Remember we said earlier that you can’t develop a product alone if you want the best? You need business partners that you can collaborate with. Developers need to consider what kind of areas they need help with. It could be Marketing, Sales, Engineering, etc.

Your next assignment is to write a job description for each of the potential partners/suppliers. This is to let you have a clear understanding of what you need from each of them. At this stage, you have to make Google your best friend. Open your PC and search for the best partners you can ever get. They are all over the internet, including Quora, Reddit, Linkedin, Facebook groups. And you can also rely on the words of mouth of professional developers, accelerators, and incubators about potential partners.

How to define the end goals of product development

Before committing to product development, there are metrics and indicators you need to set for yourself. Knowing when you would stop product development motivates you to target milestones in your career. If the product idea is not sustainable, you shouldn't even consider making it your primary source of income.

You also have to estimate the lifetime of your product. When will you need to raise additional capital, if need be? Likewise, you must determine what it means to you if the project is successful or not.

How to set yourself up for success

Funding is the backbone of any successful project. You should be on the lookout for perfect investors or clearly evaluate your monthly allowances for the project (like a spare cash). Notwithstanding, you can waste money on a product if the project suffers attention. Your energy should be channeled towards actualizing your goals as a developer. I cannot overemphasize why you have to create a special time for your project.

And, of course, things might not go as always planned. It is a given that entrepreneurs experience challenges in their journey. There will be bad days just like the good days. But tough times don't last; only tough people do. So, you have to stay motivated and keep your head in the game.

Wrapping up

Having a plan is crucial if you must survive and succeed as an innovator. Sooner or later, you will encounter some challenges. But these challenges will be a walk-over for you. And why is that? This is because you would have identified such bottlenecks and also mapped out how to navigate them right from the beginning.

------

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

Trending News

Building Houston

 
 

Here's your latest roundup of Houston innovation news you may have missed. Photo by Tim Leviston/Getty Images

Houston's cooling down, but the city's innovation news is heating up, and there might be some headlines you may have missed.

In this roundup of short stories within Houston startups and tech, a Houston startup has a new C-level exec, two innovators join a international cohort of leaders, and more.

NanoTech names new COO

Carrie Horazeck is now the chief commercial officer for NanoTech. Photo courtesy of NanoTech

Houston-based materials science company NanoTech Inc. has appointed Carrie Horazeck as chief commercial officer for the startup, which created a fireproofing and carbon reduction through cool roof coatings. In her new role, Horazeck will lead marketing and sales strategy for the growing company.

“I’ve been a fan of NanoTech since I first met co-founder and CEO Mike Francis at a Halliburton Labs event last year," Horazeck says in a statement. “It’s an incredible team, with an incredible product. They are on the precipice of major growth and I’m very honored to be a part of that journey.”

Prior to NanoTech, Horazeck spent 11 years in management consulting helping to grow her clients' businesses, staying tuned into consumer trends and behaviors to guide product development and intelligent marketing strategy. She's worked with a wide range of industries and clients including Samsung, General Mills, Newell Brands, Coca-Cola, Unilever, American Express, British American Tobacco, Anheuser-Busch, and the Department of Education in New York City. Most recently, she led commercial development and market penetration strategy for an Austin based startup in the renewable energy space.

"We are excited to have Carrie join the NanoTech team. She is going to help us get one step closer to our goal of reducing carbon emissions with our cool roof coating and fireproofing critical infrastructure," says Francis in the statement.

2 Houstonians named to global cohort

Houstonians Allie Danziger and Natasha McDaniel were announced to be joining the Fall 2022 Milestone Makers cohort. Photos courtesy

Two Houston innovators have been named to Nasdaq Entrepreneurial Center's Fall 2022 Milestone Makers cohort, which selects individuals addressing the United Nation's Sustainable Development Goals.

The virtual, 12-week program provides individualized mentorship and executive coaching, as well as access to the Center’s vast network of industry experts to help each founder with his or her milestone. The new cohort was selected through application process, and all hope to improve the lives of and support communities across the globe. The two Houstonians in the current cohort include:

  • Allie Danziger of Ampersand, which enhances employee retention by ensuring mastery in key skills required for entry-level professionals.
  • Natasha McDaniel of Lit for Life, which offers culturally relevant reading and writing resources as well as family coaching and educational consulting services.

Applications are open for the Winter 2023 program are now open.

Houston robotics company to ring the bell on Wall Street

The Nasdaq Bell Ringing Ceremony for Nauticus Robotics, Inc. will take place this Thursday. Image via LinkedIn

Houston-based Nauticus Robotics, which went public last month via SPAC, is due to ring the Nasdaq bell on Wall Street.

The company, which now trades under the $KITT ticker, will have its bell ringing ceremony beginning at 2:45 p.m. CT on October 20 and can be viewed via this link.

Nauticus continues to be led by CEO Nicolaus Radford and the current executive team.

“The closing of this business combination represents a pivotal milestone in our company’s history as we take public our pursuit of transforming the ocean robotics industry with autonomous systems,” Radford, who founded what was known as Houston Mechatronics in 2014, said in a news release about the IPO. “Not only is the ocean a tremendous economic engine, but it is also the epicenter for building a sustainable future.”

UH named 2022 Hispanic Serving Institution Leader by U.S. Fulbright program

UH — and its students — have been recognized by the Fulbright organization. Photo courtesy of UH

For the second year in a row, the University of Houston has been named as a 2022 Fulbright Hispanic Serving Institution Leader.

“As the state’s premier Hispanic-Serving Institution and a top Fulbright producer, the University of Houston strives to ensure an environment of inclusion and success for all,” said UH President Renu Khator. “This recognition is yet another milestone that reinforces what so many already know about our institution … that our students are supported both culturally and academically.”

The recognition was announced the Hispanic Association of Colleges and Universities annual conference in San Diego on Oct. 10.

The University of Houston recently announced 10 student Fulbright recipients, each prepared to travel far and wide to gain international insights, according to the news release. Since 2018, nearly 50 Fulbright scholarships have been awarded to UH students.

“Enhancing learning and research experiences for students and faculty through the Fulbright Program is important to expanding the University’s international footprint,” says Michael Pelletier, executive director of UH’s Institute for Global Engagement in the release.

Texas investor named among outstanding women in clean energy

Phoebe Wang was honored for her work at Shell Ventures. Photo via LinkedIn

The U.S. Department of Energy recently announced the nine winners of the 2022 Clean Energy Education & Empowerment Awards that honors women for outstanding leadership and accomplishments in clean energy.

“For too long, there has been a significant gender gap in the energy sector, meaning half the population have had a minimized impact on one of our most important industries,” says U.S. Secretary of Energy Jennifer M. Granholm in a news release. “As we transition to a clean energy economy, we will have to tap into the pool of amazing women working in energy and grow their ranks. That’s why DOE is proud to recognize the winners of this year’s C3E Awards, a diverse group of changemaking women tackling some of the biggest challenges in energy.”

Among the honorees, Phoebe Wang, formerly of Shell Ventures and based in Texas, was recognized in the business category. Wang "leads investments in early- and late-stage startups working on technologies to accelerate the energy transition in the areas of hydrogen, carbon capture utilization and storage, energy storage, mobility, and power," per the release. In the past decade, she has invested more than $150 million startups and has been closely involved in the Rice Alliance for Technology and Entrepreneurship. Last week, Wang was announced to be joining the Amazon Climate Pledge Fund as investment partner.

Now in its 11th year, the C3E Inititive led by the DOE — in collaboration with the MIT Energy Initiative, Stanford University’s Precourt Institute for Energy, and the Texas A&M Energy Institute — will award each winner with a cash gift of $8,000 and national recognition of their efforts.

Trending News