Product Development Blog » Events

Innovation for Start-ups

Sam — Tue, 13 Jul 2010 14:15:11 +0000

Start ups are always trying to be innovative, but the resource and expertise trade off can be difficult. Check out Flashpoint Development’s Managing Partner Tucker Marion’s recent speaking slides during his trip to England. The talk shows how you can utilize agile, rapid prototyping and other new tools to outsource innovation and accomplish your start-up goals with less resources.

Outsourcing Innovation 6-30-2010 [Compatibility Mode]

FlashPoint Presents in England

Sam — Thu, 10 Jun 2010 12:58:08 +0000

Managing Partner Tucker Marion will be presenting his new research on start-up innovation outsourcing at the Research and Development Management Conference in Manchester, England between June 30 and July 2. For more information on the conference please visit: http://www.rndmanagement.info/. The research paper, “Outsourcing Innovation: A Guide for Start-ups”, focuses on lessons and best practices for maximizing the effectiveness of using outside resources to bring your product to market.

The research abstract is below

This paper explores the beneficial impact of outsourcing on new venture innovation development efficiency and effectiveness. The relationship of outside firms on innovation commercialization is highlighted, with an additional focus on the enabling role service providers such as rapid prototype fabricators and quick-turn manufacturers perform. We synthesize our research into five distinct lessons, which form a guide for new ventures in selecting and implementing these external resources. The first lesson is optimizing your firm to allow easy integration of outside resources. In our study, the most successful firms leveraged a network of outside providers by keeping internal head-count low, and migrating to a software-like agile development processes. The second lesson is strategically selecting partners that provide more strategic long-term assistance as opposed to only discrete development resources. These firms help connect channel partners, customers, and new investors. The third lesson is managing the innovation process through agile milestones, not onerous procedures. Maintaining a balance between flexibility and discipline is a pathway to success for the new venture. Next, the ability of the firm to quickly and inexpensively source and have solutions fabricated for internal and external customer testing is essential to an efficient process. These fast solutions place concepts quickly in the hands of the development team and potential customers – speeding the process to market through rapid vetting of successive iterations. Finally, the use of quick-turn manufacturers and assemblers can also help the new firm gather important sales data without having to invest large amounts of capital on costly inventory – helping the new venture preserve precious financial capital while capturing data needed for full commercialization. These guiding lessons not only contribute to applied management knowledge, but outline phenomenon that require further detailed empirical investigation in the space of new venture innovation development.

For additional information on how Flashpoint Development can be your outside innovation experts please contact: info@flashpointdevelopment.com

Different Industries, Same Goals… Similar or Different?

Sam — Tue, 05 Jan 2010 20:17:02 +0000

Tucker Marion Presents Case Studies in Santa Cruz, California

Late in 2009, Tucker Marion along with other authors from Northeastern University presented three case studies at the 2009 North American Case Research Association annual meeting.

http://nacra.net/meeting2009/

The three case studies are designed to drive research and curriculum development in the area of technology venture development. The idea was simple: given the technological and industry differences between different types of start-ups (devices, biotech, software) – can you look at them through the same lens? Or, are they so different that they need be researched and taught differently? What we found is that there are some clear differences, but there are also some similarities. We found that start-ups, no matter what industry, are comprised of 2-3 founders that are in essence – omni-functional. These people perform tasks from sales to engineering all within the same day – very different from large companies where people work on specific core tasks. We also found that these firms focus on goals, rather than on processes and paperwork – again, very different from large firms. We also found that device companies, driven by the speed and low cost of prototyping, are beginning to resemble agile software firms in the way they approach development. It is this low cost, fast iterative development process that FlashPoint works to optimize for all client projects. Currently, the research team is working on developing a theory paper to disseminate this research in an academic journal. The research was funded by a grant from NACRA received in 2008.

Innovation around Boston–a historical scavenger hunt around America’s oldest city!

Sam — Thu, 15 Oct 2009 22:35:18 +0000

Left to Right: Frank Salcie, Dean Paul Zavracky, Tucker Marion and Jessica Chin

A world of text messaging, text alerts and high tech employees on Blackberries and iPhones running around Boston, MA in pursuit of “Quest for Innovation”. This high-tech scavenger hunt focused on Boston’s history and leadership as a city of innovation and entrepreneurship. Not only is Boston the home to the Red Sox, Celtics, and Patriots, but it is also a leader in spurring new ideas, products and technological entrepreneurship.

My team consisted of the Dean and a Professor from Northeastern’s School of Technological Entrepreneurship (STE), a current STE student, a Northeastern MBA student and myself.

This event was one of the first where you saw executives running around the city of Boston texting clues and answers as fast as they can. It was a great experience to learn a little bit about a city that is so rich in history and firsts. Innovation comes in many different forms. For example, the first company to sell mutual funds to the public or the first specific gene discovered to be useful to cancer research. Boston was also home of the inception of Aldo Shoe Co. and a major textile industry.

The Quest for Innovation (http://www.questforinnovation.com) , sponsored by venture capital groups, corporate America, and entrepreneurship foundations brought together C-levels, professors, students, start-ups, engineer, and entrepreneurs to “solve challenges linked to landmark locations in [Boston’s] history for innovation”. Clues and answers were sent via text messages using a local start-up’s gaming platform SCVNGR. The score was kept based on the timeliness of the answers, the number of correct answers and the use of hints and skips.

All proceeds went to local youth programs and universities to encourage engineering, new ideas, and entrepreneurship. Nicely put by SCVNGR’s CEO, it’s not about the companies involved but “bring cool people together to do good things”.

By Jessica Chin, Flashpoint Development’s Product Development Engineer

Product Development on Twitter

Sam — Tue, 13 Oct 2009 16:42:44 +0000

At Flashpoint Development we have been using Twitter to share opportunities, technology findings and other items of interest.

A few highlights include:

Nice list of disruptive technologies: http://bit.ly/yay95
In Boston 10/9? Sign up for the Quest for Innovation: www.questforinnovation.com. Cell phone scavenger hunt and great networking activity.
Check out Global Entrepreneurship Week: http://www.unleashingideas…. Lots of great events – more to come…

If you are interested in more information join our growing following on Twitter...

New Thermometer & Inventor / Developer Talk

Sam — Fri, 11 Sep 2009 12:43:53 +0000

I am looking forward to IANE meeting next week… Daniela Stark is the inventor and developer of the Kidknows Outdoor Thermometer, which empowers kids to choose the right outdoor clothing even if they are not old enough to recognize numbers. Daniela was an award winning industrial designer for Product Genesis and Arthur D. Little, Inc. She has been an independent consultant for medical and consumer product companies.

Homepage Sell Sheet

Perhaps even more interesting is that the Kidnow was posted on a Blog in August and received 25 comments of market demand encouragement.

Flashpoint Goes to Stanford Aug 24-29

Sam — Sun, 09 Aug 2009 03:36:32 +0000

Link to conference website

http://iced09.stanford.edu/

Jamey Bennett, Consumer Product Entrepreneur talks to IANE

Sam — Mon, 29 Dec 2008 17:50:56 +0000

Jamey Bennet came to IANE a few months ago and spoke about his products, the Light Wedge and Bigger and Brighter. He makes among other things great book lights. I mentioned to my girlfriend after the talk that I would love one of his products, the Spike Light. Somehow Santa overheard that conversation and I got one. It is just amazing. Today, I’d like to share the summary from his talk. Next I’ll go into detail about a few interesting aspects that were cut from the summary because of space restraints and follow-up with an analysis of my great new toy, the Spike Light.

Jamey Bennett, founder and CEO of Light Wedge LLC, was our speaker for November. The Light Wedge, a book-light that does not disturb the surrounding area, was a high school idea that was reborn during the Internet bubble burst. Once a preliminary prototype had been made meetings with the Barnes and Nobles and Levenger buyers provided a lot of momentum and positive feedback leading to both companies assisting in the development of Light Wedge. Jamey used the buyer meetings to “take their temperature” for market demand, price points, packaging and marketing. Jamey involved the buyers in the development process at decision points, giving a sense of ownership to the buyers so when the product was ready the buyers were more accepting.

Jamey is focused on building the business around product ideas, but not the products themselves. The Light Wedge was launched in 2002 and went to trade shows where Jamey realized that he needed more products. “Products come and go” and to be successful Jamey had to build a business around the flow of those products. Jamey has extended the Light Wedge for different sizes, attacked the traditional book light market and expanded into magnifiers. Because of the pent up dissatisfaction Light Wedge was priced at twice the competition, similar to the Dyson vacuum. Throughout the Light Wedge’s growth Jamey raised almost $5 million from outside investors and now has 250 SKUs.

Jamey’s story of the first time he went on QVC and sold $90,000 worth or Light Wedges in six minutes was very exciting. However, the hidden costs with packaging, inventory on hand and returning unsold products has taught Jamey to sell the minimum on television shopping networks.

Light Wedge’s products are protected in different ways including patents, licensed patents, and exclusive distribution agreements. However, these do not protect a product from being knocked off. Even Borders one of Jamey’s best customers is selling a knock off with poor quality, sticker packaging and no regard for safety standards. When the innovation is in the design, like for pop-up magnifier lights, Jamey has decided not to pursue patents. When a substantial brand rips you off, negotiating a deal when the infringer licenses the patent is more beneficial than a cease and desist order.

If a retailer customer sells a rip off, they are undercutting Light Wedge’s investment in design, supply chain and customer service and decreasing their chances of seeing Light Wedge’s next innovative product. Given the rate of knock-offs (four currently on the Light Wedge), Jamey is in the process of developing the next generation Light Wedge.

As an inventor friendly company, ideas submissions are encouraged. If a company member gets excited about the product then it will be taken out to be seen with the buyers. Two such ideas, the Spike Light and the Paperback Caddy, are on the market now.

The Spike Light inventor contacted Light Wedge over the phone and sent a drawing followed by a prototype. The Spike Light was a long time top selling book light at Barnes and Nobles. The inventor receives $10-$20 K per quarter for a 4% royalty on the wholesale price. Although the inventor is responsible for protecting the patent Light Wedge has stepped in and assisted with deterring knock-offs.

The Paperback Caddy was found by Light Wedge, renting booths at book fairs and selling 40-50 per weekend with no route to take the product to the next level. The product is for people who read while doing other activities. It was repackaged, priced at $12.99 where it is now selling at Indigo (the Barnes and Nobles of Canada).

Jamey’s stories on building a consumer product company, interacting with retailer buyers, expanding into different markets and working with inventors were insightful and inspiring.

Industrial Designers Invent

Sam — Wed, 24 Dec 2008 00:34:05 +0000

This past week Flashpoint Development had the privilege to witness industrial designers inventions as a panelist reviewing student projects at MassArt’s School of Industrial Design. We were joined by Staple’s head of design and the department chair of Industrial Design at Mass Art. This Staples co-sponsored event focused on the “worker of the future”.

The first area of design, done by the Sophomores focused on thematic words like aggressive or organic. These produced emotional designs like a spiny teapot and a bulbous tea cup. On a separate assignment these same students were asked to develop new uses for plastic bottles which resulted in LED lamps, radio containers and lots of other solutions.

The juniors took on a brand like John Deere and looked to extend their brand, utilizing their “brand language”, into un-served markets. One of the more powerful concepts was a line of gardening supplies for ‘Jane Deere’ marketed towards females.

The seniors were given a broad opportunity statement, one of which was to use a wearable and portable device to tell time (can’t be a watch). Students developed a Twitter based watch and a graphic based time device (sun rising, moon rising).

A different senior project focused on the “worker of the future” which carefully analyzed how teenagers communicate and feel about technology. Results included mobile offices with kiosks that printed.

Any of these concepts could become the basis for a start-up venture. These designers were taught to examine market needs, usability issues, economics and line extensions. Designers bring a lot to product development team, much more than making devices appealing. Their business, product and design background provides a diverse skill set that can be helpful in any product endeavor.

New Inventors Association of New England Recording Secretary

Sam — Mon, 10 Nov 2008 22:43:18 +0000

I am happy to announce that I have volunteered to become the recording secretary at the Inventors Association of New England. Sure it isn’t the fanciest title, but I think it will help the group, the newsletter and ease the burden on some of the existing contributors. This may be somewhat of a cop out because I already do write about the monthly meetings on this blog but there will be some major differences. In this blog I get to talk about reflections, thoughts, and expand on points made during the talk. My meeting summary as the recording secretary will stick to the facts and try to incorporate every valuable piece of information for the group. All in all I am pretty excited to start helping the group in a more official capacity and am looking forward to my first stint as recording secretary November 10th.