For the past three months, I've been working on a new product. It is a radically redesigned hand tool for use in manufacturing.
-Existing hand tools have not changed in 50+ years.
-New design reduces ergonomic issues with current tools.
-New design serves as a functional improvement over current tools.
-Often, the power tools are not desirable due to chords / air hoses getting in the way. For this reason, the hand tool market is still quite viable.
-Serves a niche market that could exist between currently available hand tools and currently available power tools.
-Retail price point is $65 per unit
-3D Prototype model complete
-25 assembly and detail part drawings complete
-All drawings out for quote at 3 Fab shops
-Sales volume would be in the low to mid thousands of units per year
Next steps:
-Estimate margin $TBD Quotes
-Estimate tooling costs $TBD Quotes
-Market trials (Present to various special interest groups)
-Take feedback, incorporate into second prototype, Repeat.
-Nail down a final design and begin production
-Beat the streets / B2B retailers / ID Major Outlets / trade shows
-Lab tests- Ergo study to generate hard data, productivity improvement study
-Website with sales copy / data
-Existing hand tools have not changed in 50+ years.
-New design reduces ergonomic issues with current tools.
-New design serves as a functional improvement over current tools.
-Often, the power tools are not desirable due to chords / air hoses getting in the way. For this reason, the hand tool market is still quite viable.
-Serves a niche market that could exist between currently available hand tools and currently available power tools.
-Retail price point is $65 per unit
-3D Prototype model complete
-25 assembly and detail part drawings complete
-All drawings out for quote at 3 Fab shops
-Sales volume would be in the low to mid thousands of units per year
Next steps:
-Estimate margin $TBD Quotes
-Estimate tooling costs $TBD Quotes
-Market trials (Present to various special interest groups)
-Take feedback, incorporate into second prototype, Repeat.
-Nail down a final design and begin production
-Beat the streets / B2B retailers / ID Major Outlets / trade shows
-Lab tests- Ergo study to generate hard data, productivity improvement study
-Website with sales copy / data
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