How can innovators like you engage in a new product development strategy that works? Is a successful strategy even possible or is all left up to chance? On this episode, you’ll hear from author and entrepreneur, Sean Michael Ragan. In our conversation, Sean opens up about his background, his four steps for new product development, how inventors can connect with a good company for product development, why crowdfunding is helpful for inventors, and much more! Don’t miss a minute of this engaging episode featuring Sean!
New product development steps you can use!
Let’s face it, inventing, producing, scaling, marketing, and selling a product can be beyond intimidating. What if there was a way to cut through the complexity of new product development and embrace a streamlined approach? Sean Michael Ragan has developed a clear-cut method with his four steps of new product development.
- Making one.
- Selling one.
- Making many.
- Selling many.
Innovators like you no longer have to start from square one! You don’t have to wonder where to start in the product development process. Make sure to listen to this episode as Sean breaks down each of the four steps, you don’t want to miss it!
Finding a good company for product development.
At some point along the way, inventors will need to connect with an outside company to develop and produce their product. What is the best way to find a solid company to develop your product? Sean Michael Ragan suggests that inventors look for a recommendation from their network. Sean also stresses how important it is to look at their portfolio of work to make sure that they can handle the type of work you are hiring them to do. Get more helpful insights from Sean’s perspective by listening to this engaging episode!
Market testing tips.
One of the most important aspects of new product development is market testing your product. In a perfect world, this step would involve large and numerous test groups and cost a significant amount of money, time, and resources. Practically speaking, most inventors can’t engage this step as thoroughly as they’d like to. Alternatively, inventors with limited resources should get their prototype into the hands of as many of their target demographic as possible and take the time to studiously consider their feedback and criticisms. For more information about market testing your invention, make sure to listen to this episode with Sean Michael Ragan!
How crowdfunding supports innovation.
What makes the crowdfunding platform so appealing to inventors? Why does the crowdfunding approach appeal to inventors in such a strong way? On this episode, Sean Michael Ragan shares why crowdfunding and inventing go hand in hand. At the end of the day, the huge boon that crowdfunding provides to the inventor community is creating an accessible channel that lowers the social and economic barriers to funding and media exposure. In light of the rise of crowdfunding platforms, inventors who would have never dreamed of inventing now have a solid shot! What additional insights can you learn from Sean’s perspective? Find out on this helpful episode!
- [1:05] Sean Michael Ragan joins the podcast.
- [1:45] Sean talks about his background.
- [2:50] 4 steps of product development.
- [5:00] How can inventors find a good company to work with for product development?
- [6:20] What are some good market testing tips?
- [8:00] Using your network and keeping it local is the best strategy.
- [9:00] The benefits of crowdfunding to the inventor community.
- [10:00] What is the future of inventing? Follow the math!
- [11:00] Sean enters the Launch Round.
- [12:30] Why you should check out Sean’s book!
Connect With Sean Michael Ragan
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