Developing Products for Markets Which Don’t Yet Exist
The existing framework of a vendor arriving with a catalog of devices to help his customers perform the job better only works when the manufacturer knows years ahead of time what their potential customers will require. Such visibility, looking into the future, allows the manufacturer to develop the perfect product line.
The challenge now becomes locating commonalities with customers, so as to develop a product which is deliverable in multiple locations – a customized product with flexibility for multiple end users. Criteria, which previously was the focal point, i.e. confidentiality, contractual agreements, prices, etc. must now become flexible – what was once the main aspect of the vendor–customer relationship now must move aside and allow ‘innovation’ to take its place. These traditional elements can only remain of interest for those products which are fairly generic – these roles are now mere tools within the process.
Innovatively, interests need to be looked at reasonably – a user may want an exclusive, sophisticated solution requiring extensive developmental effort, but in exchange for the required resources may be willing to trade exclusivity with ways to maintain his interest and make the innovation worthwhile for the manufacturer. It is imperative to focus on the interdependent aspects and common interests rather than dwell on specific negotiations. The implementation of products in laboratories, product trials, can easily transition to early sales. Such trials involve both sides extensively, but the customer is provided with an innovative advantage within the industry and the manufacturer has been fast tracked into the market.
Biosero – along with several of our partners follow such a model and develop our products under similar circumstances. The products developed are an output of collaborative efforts with customers rather than an input. Early customers are an active role in defining the products – these customers will have a more active role in the development and industry and will have more innovative products earlier in the process. On the other hand, those vendors who ‘arrive with a catalog’ instead of arriving with ‘an innovative approach’ will seemingly be relegated to offering generic products. Our approach – working together with customers to develop relevant products to their needs and looking toward the future instead of working with the future. If all companies embrace the participatory approach to innovation, business becomes a better, more exciting place for all stakeholders.
Information Provided By: Ulrich Schraudolph of XentiQ, Pte Ltd
For more information on our products and our approach to innovation, contact us at email@example.com.