Here’s 3 reasons why we think now is the right time to get your product developed.
1) The Markets are heating up
Analysts are touting a market rise of employment, home sales and GDP as good indicators that our economy is steadily coming back. Since getting a product to market can take a year or longer we recommend acting on that idea to prototype and manufacture before your competition does.
2) E-Commerce and retail giants are expanding their inventories and looking for product.
Another sign of a rising economy is that retail and merchandising trade shows are reporting an uptick in 2013 attendance. Retailers are clamoring to expand their inventories in order to accommodate growing market demand which means medium sized businesses with products ready to sell will have a greater advantage than those who took the “wait and see” approach.
3) Crowd Sourcing platforms help drive early product validation for small to medium sized businesses.
Many small to medium sized companies are successfully receiving investment, market validation and market exposure through Crowd Sourcing platforms such as Kickstarter. It’s good to note that although crowdsourcing platforms may seem like a simple way to bypass traditional financing, most successfully funded crowdsourced campaigns had a prototype before they started their campaign. This means no matter what route you take for raising funds your would be “investors” want to see your product in action. In order to deliver on your promises you should understand your market and develop your prototype based on manufacturability as well as design.