Technology Development versus Product Development

So before we begin, okay, product development is the green okay. When you have a idea of a product, if you say I have the idea, but you know this little piece like the auto-injector. We have to invent something that is here. That is not product development. Okay, that is, technology, development, okay, technology development is iterative. Its unpredictable, you cannot say, invent something in three years right. You cannot give a timeline on invention, whereas on product development, if all the existing pieces of technology are ready to put it together, we can make this more predictable and business plans have timelines and revenue forecasts, and things like that. You might slip a quarter here or there, but you’re not going to slip grotesquely. Usually, when products don’t launch on time – or there is a big mess up, it is because they have put technology somewhere here saying: oh, we have nine out of ten pieces there, but we just have to invent this. One thing you know: wireless charging of the phone like people will walk in and it’ll automatically charge. That’S the only piece missing, but everything else. We have that one piece will kill your product. Okay. So when you have an idea of product it has to when you start here, it has to be all the pieces there. Okay and academia is more on this side, but they’re moving towards that. Okay and the reason is, the valuation – is much more there right. As you, if you develop a concept and show everything is working, there is more and more money over there within your sort of environment. There are a couple of places which are moving down that path from the red to the green way back when it was little more separation right, academia, research, lab just did research and then engineering product development did that, but nowadays the marriage between the two is more And from the academic standpoint, you want to move further to the right, because the more material product vision is the higher the valuation, okay, so product development. There are two things one is. This is FDA, controlled regulatory design, control right. The FDA requires certain things by the time you get a product done right, but just doing they’re concerned about safety and efficacy. So this only focuses on FDA’s concerned about safety and efficacy. They are not really concerned whether your product made money or not right, but if we didn’t make money we wouldn’t be in business anymore, right so in a product development process. You have this. You have to do this. I laugh, but you also have a lot of business and commercialization deliverables. Where should we manufacture? How should we distribute the product right? Should we sell it with the control solution or without the control solution? Those are just business decisions right, but that also when you, when you launch a product, those considerations have to be made okay. So if you look at product development, sort of there is a tension between three big groups. If you will the market right, this is what the customer wants. The engineering services can we do that and we meet what the customer wants. Okay, but you also have manufacturing saying: can you design something, but can we make it profitably right? So the ideal product sits at the intersection of all this. If you don’t have one of these three saying that’s going to be hard to do, I would say that you haven’t pushed the boundaries in your product development. The idea is like huh, it’s. The question is: is it going to be bad drastic in the marketplace if it is all of this is easy, easy, easy! Your product is a me-too product. Then becomes you’re competing on price. I really is your manufacturing going to be able to do it that much cheaper right, you’re in stage 3 of this curve. So you, when you look at it before you start beginning to develop it right in the early stages. You want to have these three and somebody saying that’s a challenge: okay, because you want to make these trade-offs, then you have known that you have pushed the boundaries of the vision or something for the marketplace, so that is one and on top of that, anybody doing Project management here the project management right as soon as your product development, the green. We have cost and time and schedule right. So you have this constraint. Quality is not negotiable, right, your medical device. This is a given. So then you have. How much is it going to cost and what’s the thing, so this is what product development in the industry is all about.