If you own a consumer tech company, then you’re probably highly aware that the best way to stay relevant is if you are consistently improving and advancing your products. Alternatively, perhaps you don’t own a tech business, yet you have invented something that is akin to a modern marvel. In either scenario, getting new tech into the consumer market can be an arduous and time-consuming endeavor. The process implies a load of testing, market research, patenting, venture investments, etc – and that’s just in the prototype phase.
To be sure, a lot of work goes into bringing new, innovative technological products to the consumer market. To help you navigate through the phases of brilliant ideas to consumer market release, here are some useful steps to help you get through the process.
Find the Right Partnership
Not everyone has the resources or contacts of a mega tech company such as Apple or IBM. Tech startups and individuals often experience monumental hurdles when it comes to putting their new tech inventions in the hands of the public. If you find yourself struggling to manifest your idea into a reality, then you need a crackerjack partnership and support team on your side. The right team should be able to help you in all aspects of your invention. From research, manufacturing issues, testing, software development – the right partnership should help you build strategies to get your invention into the consumer marketplace.
Hire a Professional for Your New Tech
The right partnerships come from a variety of different sources. For instance, you can hire a full service product design and development team, which has the resources to get your product off the ground. This is likely one of your best options for success, because these companies have proven experience and success in bringing new tech to market. Furthermore, a dedicated company will work with you through all the hurdles and loopholes often inherent in bringing new tech from idea to fruition. If you’re challenged by the exhaustive regulations and crucial factors involved in manifesting your tech to market, hire a professional to help you take the guesswork out of the process.
Collaborate With Existing Tech Companies
Another potential partnership might be collaborating with existing tech companies. They may have the gravitas to get you through development and the marketing know-how to launch your product. An interested tech company may even invest the capital to get your gadget through the first trial phases in the consumer market. However, a mega tech conglomerate isn’t likely to help you from the kindness of its heart. In many cases, ideas pitched to tech companies are subject to ownership negotiations.
To explain, many tech companies expect a piece of the proceeds or profits if they successfully get your product to market. What’s more, this route might result in dicey negotiations about intellectual property rights, or ultimate ownership once your product hits the stores. So, if you’re thinking about pitching your tech idea to the big hitters, be wary of potential pitfalls down the road.
If you’ve already done all the pre-paving, such as testing, market research and patenting, you might find your next step is funding production. In many instances, if you already have a tested prototype, you can approach a venture capitalist (VC). These are private financing firms that fund businesses, ideas, or tech startups in their early stages. It’s rare they provide tech advice or help with the development or design stage. Venture capitalists want to see your product at its utmost point of viability. This means it should be patented, you should have proof of concept, market research, and testing all ironed out before approaching a VC.
If a venture capital investor deems your product market-worthy, they may provide terms to fund your invention. These terms might be a loan agreement, royalty payments on each sale, investor shares or a number of other options the VC can get a return on their investment.
Angel Investors for New Tech
Lastly, you could approach an angel investor. This is a private individual who, if convinced you to have the next best tech, chooses to support your venture with his or own private funds. While this might seem like a godsend, funding doesn’t (usually) come free. In many cases, an angel investor will ask for equity ownership in the business. Or, they may provide a convertible loan to be repaid once your invention is seeing profits in the marketplace.
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How Will You Proceed?
How you choose to roll out your new tech product is ultimately up to your needs and expectations. In fact, if you take a look at how early tech inventors got a start, you might be inspired to perform all the work yourself in order to get your tech released to consumers. However, it never hurts to have the support and extra experience of a professional on your side, and we hope these suggestions help you with your tech endeavors.t