Nov 28, 2022
Product Development Process
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
There are many approaches to product development.
Here are some approaches companies use:
Defines the ideal process. This lets the process work out from project to project.
Systematizes development activities. The core systems are made available to the team to use as they like.
Focus on the customer and their needs. They align their systems to customer requirements.
Outlines the team’s duties and responsibilities. This provides a functional overview of how each team member works.
These approaches are built into well-known models such as the Scorecard-Markov model which assigns a score to new ideas and prioritizes development accordingly.
The IDEO process emphasizes the customer's needs and focuses on form, fit, and function.
The BAH model provides a set of steps for product development as follows: strategy, idea generation, screening, analysis, development, testing, and commercialization.
The Stage-Gate model funnels product development through a series of phases as follows: generating ideas, screening, testing the concept, business case analysis, product development, market testing, commercialization, and launch.
There are a variety of approaches to setting up product development and executing it.
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