No matter what you are working on, there are risks involved. Product development is complicated.So, learn to embrace risk, and use it to your benefit to make your product safer. Think of what you can manage vs. what you can’t control.
Our guest today is Tim Moulton of Motim Industries, who shares what you can do better to manage product development risk.
Design and build a robust, viable product that's engineered for success in the market, works for users, and gets people excited!
Some of the highlights of the show include:
- Self-inflicted wounds occur when engineers go with what they know, and in turn, produce a generational product not based on the best choices; or people get hung up on implementing fundamental features that fail to add value to their product.
- Things to consider when defining the value proposition for your product: Novelty, meeting design expectations, and stepping outside of specifications.
- A new, unique, and different product can create challenges from a regulatory perspective. Novelty should be an element of risk that benefits its users.
- Identify and evaluate risks; be honest about known and unknown risks.
- Build mockups or prototypes that work, but do not need to be high quality. Focus on what you are trying to learn. You have to build to learn - start that process as early as possible.
- Risk becomes maligned. Most people perceive risk as a bad thing, so they just ignore it; however, some risks are worth taking.
- There are good risks and bad risks. The key is to identify and discuss them, then compare them to your overall vision.
- Don’t put yourself in a “Goldilocks” zone or between two requirements or risks where you don’t have the freedom to operate.
Quotes by Tim Moulton:
“What we’re trying to do is design a really strong, robust product that gets people excited.”
“We do get this very good perspective as to what might have been avoidable after a project - what difficulties might have been avoidable and what ones weren’t.”
“Your product has to offer something different than what’s out there. With medical devices, it’s a balance between whether you can find a predicate device or not.”
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