Is The Product You've Scheduled To Launch Actually Feasible? Most new product teams wait until after they have developed and optimized their new product concept before they invest time, energy and resources to determine how to feasibly commercialize it. What happens if the project team experiences significant snags when seeking to do so?
The risk of incurring delays or similar problems when seeking to commercialize new product concepts can be high when the team lacks specialized technical expertise needed to execute the product (an example follows below). The team can incur project delays that can threaten product launch timing or they may need to consider sub-optimizing the product. Neither of these are good options.
To preserve program timing and reduce overall program risk, project teams should establish preliminary technical feasibility and develop viable alternatives during the concept development phase instead of waiting until after they firm up their winning concept. Here's a disguised real example:
The Acme Healthcare Company wanted to develop an effective sleep remedy that will appeal to high school and college aged males, who keep irregular hours and want to be able to fall asleep when they are ready to.
So, the project team developed a concept for a clinically proven sleep aid formulated into a flavored, shredded jerky product. Chew a pinch and start to relax. Chew three pinches, lie down and go catch your z's. The team needed partners that could formulate a great tasting jerky product that could be processed and produced in an FDA approved GMP manufacturing facility. After all, most food industry manufacturers are not certified to produce a product containing an OTC drug. Why would they need to be? So, this would require some specialized expertise that is beyond Acme's internal skill set as well as its current supplier base.
Wisely, Acme's VP of R&D commissioned a search for technically qualified food product formulators and FDA certified GMP manufacturing partners before they locked in a specific concept and product execution. This was not a trivial search effort. Still, it allowed them to make technical feasibility part of their concept selection decision making process. As a result, Acme didn't have to scramble to seek out necessary technical resources under time pressure, incurring additional expense and time in doing so.
Collaboratively conceptualizing and identifying viable technical options early on in the concept development process is smart. It is wise to identify partners and alternatives that can be put into play if necessary without having to rush to find them under duress.
Consider making this planning a standard practice for your company's new product development efforts.
"Connecting You With The Right Solutions" BFS Innovations, Inc.