The beginning of a New Year can often be the catalyst to make a change, whether it be personal or work related. The phrase “new year, new start” resonates through January and this is especially true when considering New Product Development (NPD). It can take a lot of time and resource to get an idea off the ground, find a suitable market and develop a new product. Even the most accomplished of businesses may require assistance both in terms of funding and in terms of expertise.
Grant funding is one way you can turn to finance your new product idea. The Innovate UK Smart Grant competition opens on the 9th January and businesses of any size can apply for a slice of £25 million. This open UK grant funding programme has a specific purpose of supporting game changing ideas to develop new products that have significant global market potential. The Sextech industry is reportedly worth over $30 billion and estimated to be growing at an annual rate of 30%.
To be in with a chance of winning a grant, the key to your application is to demonstrate you have clearly considered your new product’s innovation, global market potential and the target customer’s needs. This is where utilising a Product Design Consultancy like Hillside could be the key to your success.
We can assist with a feasibility study which will demonstrate to the judges that you have determined whether your NPD is do-able. We can undertake a risk assessment which will demonstrate that you have considered the end user of the new product. We can also assist you with completing your application for smart funding and if successful, most excitingly, we can help you make your ideas a reality, taking your product idea to the point of manufacture when it becomes a market ready product!
Our services can be tailored to suit your needs – we are well adapted to itemise our service and can step in and out at any stage. In our online portfolio you will find an extensive list of successful products we have helped bring to market across a broad range of industries. We have completed many projects over the last 13 years and our skills, experience and expertise are invaluable.
Once you have taken that “new year, new start” leap, it’s important you get it right.