Standards development involves determining if a new standard is needed or existing standards can be used, and how a new standard may impact the company's market share and the overall market size. A company must consider its own strategies and products as well as competitors' strategies. It should participate in relevant Standards Developing Organizations and understand the intellectual property requirements. Developing a new standard depends on the specific SDO and can involve meetings, travel, voting, fees, and procedures, taking 1.5 years or more of monitoring or active contributing of 3-5x more effort than just monitoring. Consultation can help determine the best standards development strategy.