Like us, many engineering or manufacturing businesses have aspirations to launch their own products. After all, the equipment and infrastructure are there already, all that’s needed is the product. Simple, right?
Well, actually it’s not that simple.
Across NZ, businesses spend millions of dollars developing and launching new products each year, but the reality is failure rates are extremely high.
It’s an area, as a country, we need to get better at. The Government wants New Zealand to raise research and development (R&D) expenditure to 2% of GDP in the next 10 years. That’s why they’ve introduced an R&D tax incentive.
R&D and product development is a topic I’ve been thinking a lot about lately. After all, we supply parts for many individuals and businesses, ranging from back shed inventors right through to companies who invest heavily in R&D. Further, we’re currently going through the process of developing and launching a range of products ourselves. One thing we don’t want to do is make mistakes that could easily be avoided.
That’s why we’ve researched and compiled this list of 5 mistakes to avoid in product development.
This is one for those companies who find their own development project always takes second priority to paid work. In this situation, you need to do your research and work out your potential return on investment. If developing the product makes fiscal and strategic sense then you should find a way to give it the resource and structure it needs. If not, shelve it. Don’t just keep hoping that someday you’ll get around to it, because you probably won’t.
Before significantly investing in a product development project you need to be sure you’re developing a product people will actually need or want. No amount of hard work can make up for pursuing the wrong idea. And the only way to determine how good your idea might be is market research. Research helps manage the risk of taking on a project as well as deriving valuable insights that could help you develop a better product. You need to find out how significant the problem or opportunity that your product addresses is, and only proceed if it’s real. Don’t make the mistake of falling in love your product. Fall in love with the solution to your market's problem.
Once you have resourced your project appropriately and determined it’s likely market appeal, you need to keep track of it. This starts with articulating the product vision – “what we are trying to build here and why” and defining a timeframe and budget for the project. If you want to avoid scope creep and product cost escalations, decisions need to be reviewed against your key objectives.
Sure, you want to keep your project under wraps so you can get an edge on your competition, but not at the expense of the project’s success. As soon as you can you want to be talking about your product with potential customers, suppliers, distributors etc. Having renders, prototypes, or even sketches or a simple value proposition for the product, can help highlight potential problems or opportunities early on in a project when it’s easier and more cost effective to make changes. Securing and building important relationships (such as with suppliers and distributors) early on can also speed up the whole process.
When you’re developing a product it’s easy to imagine that once you’ve resolved all the issues, and developed a product to meet the needs of the market, the sales will start to roll in soon after the product is launched. If only! For your product to be successful you need to have the right sales and distribution set-up, as well as good marketing and sales support. You need a strategy and plan beyond your product launch.
Made any of these mistakes yourself? I know we have. We’re probably guilty of #1 and #5. But not next time! And referencing # 4 Keeping projects secret, as suppliers, we see the benefits of collaborating with our customers doing product development every day. So don’t be shy, if you’d like to discuss laser cutting and engineering solutions for your project, the sooner the better.
How many women do you work with? My guess is probably not many.
That’s because women are under-represented in the engineering field both here in New Zealand and the rest of the world. And we believe this is something that needs to change in order for our field to move forward.
Studies show that diversity within the workplace leads to increased innovation, motivation and creativity by bringing new talents, skills, perspectives and experiences to the team.
Here at FIK Laser, we are proud of the diverse culture we’re creating and want to encourage others to do the same.
Last week I sat down with some of the women from the team to see what they love about the engineering field and what we could do to encourage more females to join the field to help propel it further forward.
Here's what they had to say.
“We are problem solvers, good communicators and excellent multi-taskers. We also look outside the square and bring a totally different perspective to the problem. Innovation is big for me – approaching every problem from a different angle means more efficiency, growth and creativity. Also, I do like to hassle the guys!”
“Women are well organised, have positive attitudes, are great communicators and problem solvers and have a strong attention to detail. All of these things are required and are extremely beneficial in the office of an engineering business.”
“No two days are the same. I love the variety of customers and the work we produce. My role allows me to be creative.”
“I love working in engineering as the people are straight up, easy to get along with and really creative. We constantly work on resolving our customer's problems and we get to do cool things every day. I love that we get to contribute to the bigger picture by being part of a strong, capable team”
“Just employ more women! Females might not have the same physical strength on average, however, we bring plenty of other capabilities. In our workshop, we have three males and three females and we get “sh*t” done. Sarah also has the office, workshops and customers fully organised! We’re a great team together.”
“Give women the chance at the job, we can do just as good as men. Employing more women will make us feel much more comfortable knowing that the business has a great attitude towards women working in engineering businesses. Oh yeah, and maybe more good looking men too!”
“Have a gender-neutral attitude around engineering roles and accept that women have the same ability as men.”
“I do really enjoy the work, the people and seeing the work being accomplished. There is something so rewarding about seeing the project come together. I also love the physicality of the job and the different work styles coming together to form a great team environment”
“The most important thing for any business is to have clear, concise communication and training so that all staff are able to carry out their jobs successfully and with a sense of achievement and enjoyment. With the right tools at their disposal, everyone can succeed.”
"A well-rounded team doesn’t consist of just one skill-set, so why should it consist of one gender? A diverse team encourages growth, enjoyment in your role and innovation."
In my experience, having women on the team adds another set of eyes and a different perspective when problem-solving. I also find that women bring a focus to the shop. They make the rest of the team focus toward the goal of getting a job done well and on time.
So what do you think? Could your business benefit from some “girl-power”? Let's all be more open to having women in the industry. Unfortunately, engineering is often still considered a “mans job” when really employers should be looking at the skills women bring and being a good fit for your business.