Product Concept to Final Product Costs + Funding

[Steve0311]

Question 1:
I understand that this questions will have many variables and is highly subjective, however, does anyone have a ballpark $ amount on how much it would cost (from concept to final product) to produce a headset type product with bluetooth and noise cancelling (including FCC and other licensing aspects)? So far, most of the product design firms i've gotten initial quotes from start at around $4k for just Industrial Design drawings. Note: I know there are products that already exist with these specific items, however, my current product concept adds a few more functions that would make this unique.

Question 2:
I'm currently self funding this project with the intent to create an Indiegogo or Kickstarter campaign so that I can go forward with the product development process. Is this a stereotypical, "which comes first, the chicken or the egg?" kind of dilemma? Should I prioritize creating a legal business, seek funding, then go forth or product development?

Overall note: I have received overall positive responses for my product concept questionnaire via SurveyMonkey (250 individuals, very broad and not specifically target; this will help narrow my target market).

Looking forward to your responses!

 

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[freek]

Question 1:
I understand that this questions will have many variables and is highly subjective, however, does anyone have a ballpark $ amount on how much it would cost (from concept to final product) to produce a headset type product with bluetooth and noise cancelling (including FCC and other licensing aspects)? So far, most of the product design firms i've gotten initial quotes from start at around $4k for just Industrial Design drawings. Note: I know there are products that already exist with these specific items, however, my current product concept adds a few more functions that would make this unique.

Question 2:
I'm currently self funding this project with the intent to create an Indiegogo or Kickstarter campaign so that I can go forward with the product development process. Is this a stereotypical, "which comes first, the chicken or the egg?" kind of dilemma? Should I prioritize creating a legal business, seek funding, then go forth or product development?

Overall note: I have received overall positive responses for my product concept questionnaire via SurveyMonkey (250 individuals, very broad and not specifically target; this will help narrow my target market).

Looking forward to your responses!

hi Steven,

This sounds very promising, from what i understand you plan to add a few functions to a very well understood product. Do you plan to get a patent? If so this should be your main focus. Further the legal business side of things is not so important right now, the focus should be on product development. Unfortunately we don't live in a fairytale world and this requires a lot of funding most of the time. I think this is really one of those go hard or go home projects, if you can make a good quality product which actually adds value or is actually different from the enormous amount of already existing products in this market you will make millions and millions. However if you overlook the production proces and try to get sales as soon as possible with a mediocre product your business will be over before it even started. Anyway good luck!

 

[DavidePaco00]

Question 1:
I understand that this questions will have many variables and is highly subjective, however, does anyone have a ballpark $ amount on how much it would cost (from concept to final product) to produce a headset type product with bluetooth and noise cancelling (including FCC and other licensing aspects)? So far, most of the product design firms i've gotten initial quotes from start at around $4k for just Industrial Design drawings. Note: I know there are products that already exist with these specific items, however, my current product concept adds a few more functions that would make this unique.

Question 2:
I'm currently self funding this project with the intent to create an Indiegogo or Kickstarter campaign so that I can go forward with the product development process. Is this a stereotypical, "which comes first, the chicken or the egg?" kind of dilemma? Should I prioritize creating a legal business, seek funding, then go forth or product development?

Overall note: I have received overall positive responses for my product concept questionnaire via SurveyMonkey (250 individuals, very broad and not specifically target; this will help narrow my target market).

Looking forward to your responses!

Why dont you try to create a following while you develop this product , an idea might be a kickstarter campaign and vlogs where you market the product and show it's level of development so that you receive both feedbacks and potential buyers

 

[Steve0311]

Why dont you try to create a following while you develop this product , an idea might be a kickstarter campaign and vlogs where you market the product and show it's level of development so that you receive both feedbacks and potential buyers

I've been going back and forth on this specific path that you just mentioned. My mind works linear as far as tasking goes.

 

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[DavidePaco00]

I've been going back and forth on this specific path that you just mentioned. My mind works linear as far as tasking goes.

have you tried to seek out some investors?