Mon, 17 October 2022
Product Development Using Stage-Gate
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
Startups can use the Stage-Gate method to build out their product development process.
Here are the steps:
Idea generation -- use brainstorming, market research, and other tools to come up with ideas.
Idea screening -- create a set of criteria to judge the ideas and determine what to pursue.
Development and testing -- flesh out the concept for an idea and test the market with it.
Business analytics -- this step determines the business model, competition, costs to build and deploy, pricing, and other aspects of the product.
Marketability tests -- test the product in small groups for feedback and use for further development.
Product development -- build the product including the promotion and fulfillment.
Commercialization -- sell the product with support, logistics, marketing, and more.
Perfect the product and pricing -- adjust the price for the market and costs to build and deliver.
The Stage-Gate process works well for products that follow a linear development path.
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Category:general -- posted at: 5:00am CST