Hello, my name is Dr. Jim Watson, president of growth strategies International. Welcome to How to develop a new product and take it to market. This is an exciting new course different from anything else you have seen. This course was designed for an entrepreneur who has an innovative idea or concept for new product and wants to know how to develop the product and take it to market and make a profit. I've done that many times I'm going to share my secrets with you. At the completion of this course, you will have a thorough understanding of the technical, the marketing and the financial challenges that await you and be comfortable to confront those challenges head on with a new set of tools to start a business and make it profitable.

I'm the founder of growth strategies international have founded two other companies before pro link which was the first GPS golf course management system and avionics engineering services. Retired chief technology officer from VA Isa Where I was responsible for product development for 16 product lines. And I have 20 years of experience at Boeing and GE Aviation, as director or manager of engineering program management and business development. In addition, I'm an MBA professor for 15 years. So I'd like to share with you might secrets about new product development, we will start off with just an overview of the product development process. So let's say you have an innovative idea.

And you think there's a market for it out there. And you want to develop it at the least amount of cost and time to prove the concept is viable. So you generate the idea, you screen the idea, you talk to people, you do some concept development and testing. You develop a marketing strategy of how you're going to take it to market. You do some business analysis. You do your final product development once you've validated in the marketplace.

Do some market testing. The final product, then you're ready for commercialization, which is distribution and sales. And these steps I'm going to take you through, but I'm gonna take you through on a streamline effort. So we get your product out there as fast as possible with the least amount of cost. And it's all has to do with increasing your probability of success, I want to see you succeed. So we will focus on the probability of technical completion, increasing that probability that the product will actually work, the probability of commercialization, increasing the probability that there's a market for it, and they're going to buy it at the price that you specified to be profitable, and the economic success knowing your startup costs and your operating expenses, so that you can start a profitable business.

I've done it before. I'm going to show you how to do it. Stick with me on this course, you'll learn a lot. The major components of the course is sections To his concept analysis, which is innovation and discovery, idea generation and discovery, and turning that in that concept into a minimal viable product. In Section three, we'll talk about customer acquisition, determining the product market fit, the competition, competition and the value proposition the customer sees that they're going to want to buy your product, because it's, it solves a problem better than anything else that's out there. Finally, now you've validated the market, you've got a viable product, we need to scale your business we'll talk about commercialization, about how to scale the business, get it into production, distribution, sales, and finally protecting your intellectual property so no one else can steal your idea and and copy it and take away your profits.

Talking about profits. The last section is profitability analysis. We'll look at your sales projection. We'll look at your startup cost or operating costs and and determine And how you can get financing to start your business. We have several different methods, and I'll be discussing that. So just to dive a little deeper in section two concept analysis, the first lesson is on innovation and discovery.

Determining which features of your minimal viable product provide the highest return at the lowest risk to meet a customer need very important technical feasibility proving operationally that these features are technically possible that the product will actually work. The benefits upon completing section two, you'll be able to confirm that your product performs to your specifications and verify there's no technical production barriers. In Section three, we'll talk about customer acquisition. That's determining the customer market needs and whether your minimum viable product demonstrates superior ability over current competitive solutions. To meet those market needs, we'll discuss the product market fit, which is identifying the target market, the size of that market, the price customers are willing to pay based on your value proposition. So we'll develop your value proposition, and we'll develop a pricing model that fits in addition will determine why the customers will choose your product over the competition.

The benefits upon completing section three is you will have made critical decisions concerning your marketing approach, your product development approach or sales forecasts, how to introduce your product to the market, how to obtain the initial customer feedback to validate the product market fit prior to committing full scale production and distribution. Finally, we're ready to scale your product in Section four Section four, we'll learn commercialization techniques how to scale your business How to complete the product development, how to begin production and distribution all the different steps you need to go through to scale your business and intellectual property learn how to protect your, your product from anyone taken away from you with patents, trademarks, copyrights. So at the end of this, you'll know how to take your product to market, how to generate sales revenue. Lastly, section five is profitability. Here we're going to learn how to determine what it will cost to start your business.

Where do you get financing from bank loans, equity investments, government grants and contracts. We'll develop a breakeven analysis based on your forecasted operating expenses and associated that with you taking your product to market and achieving sufficient sales in order to be profitable. So at the end of Section five, you will have all the information you need to write a viable business plan to raise financing to start your business. You'll understand your your production, your distribution or marketing operations, you have the sales forecast, you know your startup cost and your operating expenses and you're ready to roll. So I'm really looking forward to you. Joining us in section two when we begin concept analysis.

Thank you and have a great day.