[ONLINE] From Prototype to Product: Avoiding Failure & Preserving ROI

[If your business has been impacted by COVID19, please visit Maryland’s business resource page:
https://businessexpress.maryland.gov/coronavirus]

From the Learning Hub’s 10 October 2019 article (https://learn.g2.com/product-launch-statistics) :

• According to Harvard Business School professor Clayton Christensen, each year more than 30,000 new consumer products are launched and 95% of them fail. (Harvard Business School: https://hbswk.hbs.edu/item/clay-christensens-milkshake-marketing)

• Only 40% of developed products make it to market and of that 40%, only 60% will generate any revenue at all. (Marketing Research Association: http://www.marketingresearch.org/article/importance-process-new-product-development )

Following our conversation with product developers in the medical space – and supporting clients in a wide variety of industries – we see aspects of product development continue to crop up as a challenge. It is in the very early stages of product development that things can begin to go wrong in a very costly way. Product Development and all that it entails – think research-backed claims, developing a quality program, documentation, hiring appropriate staff – is only one part of running a business, but it is foundational to increasing, rather than losing, ROI.

Join us as we discuss Product Development with Marjie Cota, Vice President of Strategic Partnerships and Market Development for Harbor Designs & Manufacturing. Together, we’ll explore:

• The Product Development Cycle
• How to mitigate risks
• When to connect with a product development firm
• Product development case study
• How company IP is protected
• When to consider packaging

We’ll also get an update on work the state of Maryland is doing to support manufacturers responding to the COVID19 pandemic, discuss current needs, and how to get involved.

Our purpose is to have a conversation to better understand challenges companies are experiencing and share solid information to help you be in the “60% of 40%.” Please come curious and ask questions.

This MeetUp is for anyone currently developing a product and those just getting started. While we’ll discuss physical products in this session, the lessons apply broadly.

Note that we intend to record this MeetUp. By joining, you consent to your image and/or voice being recorded (you may, of course, block your camera and mute your mic and just join us to listen! We’re more than happy to have you).

For more information on how DefTech helps businesses grow, visit our website at https://deftechmd.net/

For more information on Harbor Designs and Manufacturing, visit: https://www.harbordesigns.net/

To learn more about our guest, Marjie Cota, visit her LinkedIn profile: https://www.linkedin.com/in/marjoriecota/