- Five things to consider when searching for the right partner -
By: Mike Hoggatt, CEO at Leardon Solutions
Not all product development companies are created equal and when it comes down to spending your hard earned money and valuable time developing an offering, you need every advantage possible to avoid cost overruns, missed delivery schedules and quality control issues. All of these risks can be minimized or avoided by choosing the product development company that best fits your needs. Here are five things that entrepreneurs and small businesses should take into account when searching for the right partner.
1) End-to-end solution provider.
In an effort to save significant time and money, it’s extremely beneficial for an organization to work with a team that specializes in end-to-end product development solutions. With so many variables already working against the entrepreneur, going this route can eliminate a lot of areas of risk. These include, but are not limited to, the common pitfalls of communication issues between engineering and manufacturing groups, cultural differences when doing business overseas and negotiating costs with suppliers.
2) Product development experience.
If you’re an entrepreneur, you’re most likely passionate enough to consider getting a professional prototype or product produced. You’ll want to select a team of development professionals that feel the same way about providing the best experience. A dedicated firm will go far beyond delivering a baseline product and will have enough vision to build a viable offering that can be iterated upon as needs or markets change. In addition, it’s important to review potential product developers’ portfolios. Are you impressed with their work? Do they have experience in the same or similar market as your idea? These could be key indicators that you will benefit from working with this company.
3) Company involvement.
While it can be information overload in the beginning, it’s a good sign that you’ve found a great team if your first or second meeting has more than just a sales person discussing the product idea with you. Passionate teams like to work together and will often bring electrical and mechanical engineers, industrial designers and a project manager to the first few meetings to discuss and evaluate options. If you’re only talking to a sales person, this could mean that you’re missing out on valuable feedback from key parts of the team. The more people involved in the initial discussions, the better.
4) Product development lifecycle.
The best product development companies follow a time-tested and proven product development lifecycle. Each product varies greatly in shape, size and function, but the process in which that offering becomes a reality should be well established and with a successful track record. The best firms rarely stray from their product development strategy because it’s been developed to be efficient in managing the project management triangle that consists of scope, time and cost constraints.
5) Communication and relationships.
One of the most important things that set apart the best product development companies from others is their relationships with their customers, vendors and suppliers. It’s important that the firm you hire can pull a few strings and call in some favors. Great product development rarely goes without few snags or unexpected hiccups. If the company you choose has long-standing relationships with their partners, problems can be resolved quickly and often at a fraction of the cost. They can be critical to success especially overseas where greater weight is put on the value of a relationship in regards to business.
While there are many factors to take into consideration when looking for a product developer, focusing on these five tips will set your organization up for success. Finding a team to work with from beginning to end that has an impressive portfolio, great communication skills and relationships is a must. In addition, look for a firm who places an emphasis on bringing in all members of the team and has a time-tested product development lifecycle. While you’re likely anxious to get the ball rolling, it’s important to find the right company before moving forward.
About the Author
Michael Hoggatt is the CEO of Leardon Solutions, a turn-key product developer that provides small and medium-sized businesses, entrepreneurs and startups with the tools required to take a product idea to market. He can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.