Type approvals, market areas, production, business model and additional costs… There are so many things startups need to think about in the first stages of their journey in making a new product. It all begins with an idea though!
Haltian product development has done over a hundred projects during our years, and most of our experts have years and years of previous experience with all kinds of products during their careers. We decided to tap into the mind of one of our most experienced product development experts Pasi Pentinpuro, Haltian VP in Product Development Services, and ask him some of the most important things startups need to know.
Watch the first video in our series of Haltian Startup Videos: Getting Started.
As with many of the Haltian personnel, Pasi’s background is with Nokia, where he spent 20 years running different types of cellular phone programs.
Whether you ‘re making a brand new product, finding a way to make an existing product better or making an existing product with a lower cost, you have to have an idea and a vision. After this, according to Pasi, the hard work starts.
“Usually there are two things that you are going to be working with. First of all perfecting your product idea, but the really important thing is for you to start looking at the business model.“
When creating a business model for a new product, you have to consider to whom you are going to be selling the product. Is it going to be a consumer product or a B2B type of a product? In addition to this, the cost structure of a product has to be quite clear in the early stages of your startup journey: what kind of a price are your customers willing to pay?
The next step in getting started is to consider the target market areas. This can really determine where it makes the best sense to produce you product as well, since you have to, for example, have type approvals for the areas you are going to sell in.
There’s really no denying that there are many things startups need to consider and it can all seem quite complex. Luckily there are good and experienced partners available.
“You need to find a partner that has done it before, has experience not only in one type of a model, but many different types of models. And hopefully has experience in working with many different manufacturing partners, targeting products for different types of market segments, and this is where, for example, Haltian can help.”
What’s coming in Haltian startup videos?
Part two: Building the dream team.
Part three: How to get financing and funding
Part four: What are the main characteristics to look in an R&D partner
Do you want to talk about a product you’re creating with Haltian experts? Fill in the form below, and we’ll be in contact shortly!