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Finish Line PDS Product Development Process

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If you are a small company and you are interested in reducing your product development cost, increasing your product quality, or decreasing your time to market, then this would be a good place to start. Take a look at this short presentation on Product Development created by Steve Owens, owner of Finish Line PDS. Steve has over 30 years of experience in product development. Give him a call at 603-880-8484 for more information on how Finish Line PDS can help you!

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Finish Line PDS Product Development Process

  1. 1. Finish Line PDS Product Development Services A Better Way for Small Companies to Develop Products
  2. 2. This Presentation Brought to You By: Steve Owens  30+ Years of product development experience  25+ Patents  4 Technology start-ups  Founder of Finish Line PDS Finish Line PDS  Develops technology products for small companies and start-ups  Lower Development Cost / Faster Time to Market / Higher ROI  Since 2002  More than 1,000 Projects  More than 200 Customers  Mechanical / Electrical / Firmware / Software
  3. 3. Product Development Process Product: What the customer buys Development: Growing the product vision Process: A step-by-step series of activities that have a defined method The goal of product development is to generate a positive return on investment.
  4. 4. What Makes a Good Product Developer?  Fired for being “Incompetent”  Deep thinker  Obsessive compulsive disorder  Not a technologist, but process oriented  Largely an incrementalist  Only the best Steve Jobs
  5. 5. Product Development Myths  Product development is all about technology  I just need a prototype  Everyone will steal my idea  My uncle is an engineer, he can design the product at night  I will outsource my product development to the lowest bidder  I will get funding from venture capitalists, angels, kickstarter etc.  Everyone will buy my product  First to market wins
  6. 6. Truths About Product Development  You must have a realistic schedule  You must have a realistic budget  No one will steal your idea  99% of all engineers are not trained in product development  Amateurs will cost you a lot of money and time  Most ideas/companies are not fundable  Finding out if someone will buy your product costs money  Best to market wins
  7. 7. Product Development is Difficult 70 60 50 40 30 20 10 62 % of Projects with + ROI 45 Source: “New Product Development: Process Benchmarks & Performance Metrics” – Scott J. Edgett Ph.D. – 2011 0 Top Performers Bottom Performers
  8. 8. “If you always do what you always did, you’ll always get what you always got” Anonymous If you’re unhappy with your Product Development, change it. Change = a different way, a different Process
  9. 9. The Finish Line PDS Process A Proven, yet adaptable methodology – from concept through production Requirements Document Conceptual Design Detailed Design Design Verification Testing Pilot Production
  10. 10. Requirements
  11. 11. If You Don’t Know Where You’re Going… Would you tell me please, which way I ought to go from here? That depends a great deal on where you want to get to I don’t much care where… Then it doesn’t matter which way you go So long as I get SOMEWHERE Oh, you’re sure to do that, if you only walk long enough. A Requirements Document Defines Where You are Going
  12. 12. A Requirements Document is Essential  It defines the goal  It provides a vision for the product  It quantifies that vision  It helps to provide clarity of the vision  It forces an understood vision
  13. 13. Types of Requirements Documents  Marketing Requirements Document  Product Requirements Document  Requirements Analysis (Now called Customer Validation)  Technical Requirements Document
  14. 14. Some Things Defined in a Requirements Document  Development budget  Unit manufacturing cost  Compliance: FCC, UL, CE, Standards, etc.  Functional  Environmental  Design verification testing  Anything that, if not met, means you will not have a positive return on investment
  15. 15. Tips for Generating a Requirements Document  Define a budget for the requirements  Set a date that it will be completed  Force everyone to contribute  Use a template  Use a checklist  Formal sign-off: Engineering / Marketing / Production / Operations  Controlled document  Decide to Kill / Pivot / Continue
  16. 16. Conceptual Design
  17. 17. What is Conceptual Design? Conceptual Design is the Process of determining the design concept that satisfies the requirements best. “There are more things in heaven and earth, Horatio, than are dreamt of in your philosophy” William Shakespeare
  18. 18. Why is Conceptual Design Important?  Ever hear of MPMan?  How about Diamond Rio?  HanGo?  iAudio?  Archos?  Maybe you have heard of the iPod? Best to Market Wins…Not First to Market
  19. 19. Procedure for Conceptual Design  Sort requirements into “defining” and “un-defining”  Weigh the defining requirements  Develop multiple concepts  Rank concepts against requirements  Highest number wins
  20. 20. What does a Conceptual Design look like? Requirements Weight Concept # 1 Concept # 2 Concept # 3 Concept # 4 Req #1 100 100 100 80 100 Req #2 100 60 70 50 40 Req #3 75 20 30 35 100 Req #4 60 70 60 100 90 Req #5 40 100 100 80 60 Req #6 20 70 70 70 100 Req #7 20 50 75 60 80 TOTAL 28,100 29,750 27,425 32,900
  21. 21. Detail Design
  22. 22. Detail Design Tips  Find reference designs/designers  License other peoples’ technology  Take technology projects off-line  Make a drawing tree  Have design reviews – lots of them
  23. 23. Drawing Tree
  24. 24. Design Verification Testing  Must prove that design meets each requirement  Proof by testing or analysis; test is better  There are methods for reliability testing – Life Span & Mean Time Between Failures  Not all compliance testing labs are equal  Never use same engineers for design and testing
  25. 25. Pilot Production  Start at detail design  Pick a contract manufacturer and make a long-term relationship  Pick a quality plan  Keep engineers involved  Pay attention to red flags  Root cause & corrective action
  26. 26. Summary  Ideas are worthless without execution  Best to market wins; first to market means nothing  You get what you pay for  You will fail if you don’t follow a process  It will take a lot longer than you think  It will cost a lot more than you think  Focus on long-term relationships
  27. 27. Our White Papers • Top 10 Reasons Why Product Development Projects Fail • Invention Versus Engineering • Keys to Successful Product Development • What Every Contract Manufacturer Should Know About Product Development • Why Product Development is Different in a Lean Start-up http://www.finishlinepds.com/documents.php
  28. 28. Thank you!

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