- Course Title
- New Product Idea? Go From Concept to Commercialization
With technological advancements like 3-D printing its easier than ever to develop a new product. The challenge is knowing how to protect your idea, how to get your product into the marketplace and how to ensure customer demand. In this class, invention and innovation expert Louis Foreman, will provide step-by-step instruction on determining feasibility and developing a product launch plan.
Upon successful completion of this course, the student will:
- Evaluate the marketability of their idea
- Understand the financial requirements for a new product
- Know the steps involved in taking a new product to the marketplace
- Develop a plan for launching their new product
- Opportunity Analysis
- What is the product and what makes it unique?
- Who is the customer?
- Will customers buy it?
- Financial Modeling
- How much does it cost?
- How many units can you sell?
- Product Research and IP Review
- Are there similar products? (Direct competition)
- What other options meet the same basic needs (Indirect competition)
- Patent Review
- Sketching out the product
- Final design
- Will it work?
- Preliminary prototype (proof of concept)
- Final engineering and design
- Final prototype
- Engineering Documentation
- Sourcing and Manufacturing Research
- Distribution channel analysis
- Final Preparation
- Brand development
- Package design
- Web development
- Advertising and PR
- Product Launch
Method of Instruction
- Exam: No
- Demonstration of Skills: Yes
- Class participation: Yes