Great Products and Services begin with ideas. We help develop ideas into great businesses.
Entrepreneurs and businesses come to us with ideas at all stages of development. Our job is to help them transition from idea to product or service. This process is generally referred to as Product Development.
In general, the following activities are involved in product development, with some variation dependent upon the situation:
Idea Genesis: At RMIP, we engage with clients once they have an idea they want to pursue. Ideas are sometimes born from great effort, and sometimes from moments of inspiration. Regardless of how they spring to life, ambitious entrepreneurs can bring their concepts and ideas to us for an honest, confidential assessment and initial direction.
Idea Screening: Screening involves rational assessment of the soundness of developing a business from an idea. The goal is to determine, to the extent possible, if the idea can reasonably support a business. Expending resources towards an idea without a realistic understanding of the likelihood of success can lead to unpleasant experiences and significant distress. Many factors are considered at this stage, including market conditions, trends, extant competition, and financial or regulatory obstacles. RMIP experts have diverse backgrounds and can impartially advise entrepreneurs on the challenges they face in transitioning their ideas into viable businesses.
Idea to Concept: The difference between product ideas and product concepts lies in the level of detail. Moving from idea to concept involves significant development. Ideas transition from idea to concept with the addition of realistic business details. Developing a viable product concept requires consideration of specifics including initial marketing avenues, baseline engineering details, funding requirements, and initial pricing considerations. Additional details may be involved, dependent on the concept being developed. RMIP experts specialize in offering candid, confidential, meticulous feedback to entrepreneurs looking to develop their ideas into well-considered product concepts.
Business Analysis: Performing analysis on a product concept involves developing specific numbers associated with the product. How much must the business charge for their product in order to make money? What price will the market bear? How much can the business expect to sell? How much profit is estimated? What is the minimum sales volume needed to stay in business? Entrepreneurs must understand these numbers to launch a successful venture. RMIP has the experience and contacts necessary to help entrepreneurs best determine these essential numbers.
Prototyping and Testing: Many products require physical prototyping and testing in order to move from idea to concept or to enable reliable business analysis. This can take the form of actual physical rendering of concepts, or the testing of software components and environments. Regardless of the requirements, RMIP can help with identifying and gaining access to experts and technology necessary to best develop concepts into reality.
Product Launch: The goal of product development is to arrive at a successful, commercially-viable, profitable product launch. Success depends upon effectively implementing production, distribution, and marketing plans. In the best case scenario, success itself can become a challenge, requiring nimble accommodation of increased production, distribution, support, and supporting infrastructure. RMIP experts have experienced the entire spectrum of issues in product launch, and have the background and resources to help entrepreneurs deal with challenges of all types.