We take you through the process of ideation to realization when launching a new product. See the steps necessary to take to make sure you launch on-time and not go over budget. The presentation was to the Undergraduate and Graduate level classes at The University of Tampa Entrepreneurship Program. For more information, please visit our website https://www.baysourceglobal.com

1. Launching a New Product
UT John P Lowth Entrepreneurship Center
Back of the Napkin and Back

2. Back of the Napkin and back
Great ideas
• Every great product started as an idea
• Thousands of ideas and concepts are still sitting on a shelf
• Lack of resources, confidence and follow through = lost opportunities
• Lack of Experience
• Lack of resources and Capital
. . .

3. Back of the Napkin and back
Reasons people don’t follow
through with their ideas
• Lack of resources—time, contacts, CAPITAL
• Lack of know how—market research, IP protection, patent
process, manufacturing
• Lack of a business plan—go to market strategy, distribution,
sales forecast
• Fear of failure

4. Proper Planning and Research

5. What’s The Plan?

6. Product development, also called new product management, is a series of
steps that includes the conceptualization, design, development and
marketing of newly created or newly rebranded goods or services.
The objective of product development is to cultivate, maintain and increase
a company's market share by satisfying a consumer demand. Not every
product will appeal to every customer or client base, so defining the target
market for a product is a critical component that must take place early in the
product development process.
Quantitative market research should be conducted at all phases of the
process, including design, pricing, and market potential before the product
or service is conceived, while the product is being designed and after the
product has been launched.

7. Market potential

8. Patent search www.uspto.gov

9. Break Even Analysis

10.  Develop a Minimal Viable Product (MVP)
 Design for manufacturability or scalability
 Proof of Concept
 Don’t let patent delays stop progress
 Be “First to Brand!”

11. Selling your product

12. PricingCost of Goods
Freight, Duties, Taxes, Insurance and
Inventory!
Broker,
Distributor/Wholesaler,
Direct?
Margin
$SRP

13. Pricing
Legal, research, marketing, office, web,
travel, tradeshows SGA, Product design
Tooling (molds) Samples,
shipping, travel
Minimum Order
Requirements &
Inventory Costs
$TLC
Startup Costs

14. Back of the Napkin and back
Marketing Strategy
• Opportunity analysis
• B2C or B2B?
• Best go-to-market strategy (e-commerce? Brick and mortar? Specialty retail?)
• Merchandising and packaging recommendations
• Distribution channel strategy
• Highly successful creative campaigns—DRTV, SEM, SEO & Media Buying
• Direct link to major CPG companies; LICENSING?
• Production assets (demo videos, infomercials)
• HSN, QVC and other distribution channels
Retail Channels

15. Back of the Napkin and back
• Proven model for direct response
• Direct link to major CPG companies
• Production assets (infomercials)
• HSN, QVC, and other distribution channels
• Build consumer awareness and brand equity
Direct Response Marketing (DRTV)

16. Back of the Napkin and back
Develop a Product Deck
• Narrative about the product; some business plan info, what
makes your product fill a void / The Opportunity
• Should have professional 3D drawings
• Material specifications
• Finishes
• Packaging—primary and secondary
• Fit and function requirements—QC
• Volumes—initial run and annual

17. How to first approach a supplier

18. How not to communicate your project

19. Back of the Napkin and back
Finding the right Manufacturing Partner
• Identify a direct link to qualified, fully audited suppliers
• Boots on the ground
• Tooling, sample coordination, manufacturing, quality control
and logistics
• Complete, bi-lingual support staff in place
• Lowest total cost solution
• End to end China Project Management
• Ask for references

20. Back of the Napkin and back
Finding the right Manufacturing Partner
• Keep good records
• Initial inquiry date, response dates
• Contact info, address, phone, emails, web site, etc
• Broker or Manufacturer
• Current products produced and markets served
• Number of employees, year established
• Notes
• NDA signed √
• Build a map

21. Back of the Napkin and back
Idea Marketing Plan Manufacturing