I’ve seen it time and time again, I have 76 new clients that have even told me ….
… I hired a freelancer , I spent thousands of dollars, and my product doesn’t work.
They feel bad. Remorseful even. Doubt sets in. They start to lose optimism, that raw passion, they had when they had that new product idea to begin with.
How does this happen? Why does it happen so frequently?
Let’s compare the process for a typical company developing a new product vs the typical inventor…
First the company identifies the market to compete in.
Most inventors “invent” the product first.
Secondly, the company analyzes the competition and from that analysis develops a better product.
The inventor typically doesn’t know the competition.
Finally, [after many other business steps] the company budgets [a specific amount] for product development and the product’s manufacturing cost.
The inventor typically typically skips this step.
It’s not the inventor’s fault.
Where the inventor loses the most.
Most of the costs the inventor spends is on outsourced product development.
Most of the money lost when outsourcing is when the inventor hires the wrong talent.
An example of wrong talent:
Say an Inventor hires Freelancer A at a rate of $25 per hour to design some electronics and firmware. Freelancer A spends 2 months, full time, on the project and costs $8,000. The Inventor (very excited) takes the electronic design to a manufacturer and spends $2,500 on a prototype quantity of electrical boards.
Reality sets in ….
The electronics don’t work…
Freelancer A will fix it, maybe, chances are they don’t even know what the problem is.
By now, it’s been 3 months and $10,500 spent on a product that doesn’t work.
It’s a cycle, and inventor’s typically repeat…
In hindsight, Freelancer B who charges $50 per hour would have finished in 2 weeks, maybe 3 with a working prototype.
That’s a few thousand dollars of savings and weeks of time….not realized by the Inventor.
Did I even tell you…
… I used to work for a large government contractor? My role was to use an product development process that saved the government over $1B annually.
That’s why I wrote this book…
I’m tired of 90% of startups and inventors failing.
You can download it for free here: