Product Development
To most effectively demonstrate the development process, which will require both marketing and technical tasks, we will use the recently launched startup Coin as a case study.
Technical Tasks
|
Marketing Tasks
|
Example Executive Summary
Coin
Need fulfilled:
People who want to organize and consolidate clutter of credit cards into 1
Technical development:
The above image shows what was done to develop the product. The prototype is clearly nowhere near ready for the consumer, but the company made sure to prototype the card to prove out the concept. Coin CEO and founder Kanishk Parashar actually assembled the first Coin prototype himself. He then took the card to various restaurants to continue to develop and debug the product. Different strategies could have been to outsource or contract the work. As a young company maybe you want to keep everything in house to protect your idea. Larger companies may fear this less as they have deep enough pockets to take legal action in case of infringement.
Marketing development:
Coin needed to understand how to launch their product and what they wanted their business model to be. Do they give the hardware out for free and pay by transaction? Do they act as a cloud based finance company? Do they sell the hardware not step into the crowded financial transaction space?
Coin decided to sell the hardware and did it in the most controlled fashion. They recently launched through a crowdfunding campaign and sold the product at half off, $50. In a short time the well surpassed their goal of $50,000 for their product which doesn't even launch until 2014. The marketing team has videos on Vimeo and YouTube, with advertising on every major social website.
People who want to organize and consolidate clutter of credit cards into 1
Technical development:
The above image shows what was done to develop the product. The prototype is clearly nowhere near ready for the consumer, but the company made sure to prototype the card to prove out the concept. Coin CEO and founder Kanishk Parashar actually assembled the first Coin prototype himself. He then took the card to various restaurants to continue to develop and debug the product. Different strategies could have been to outsource or contract the work. As a young company maybe you want to keep everything in house to protect your idea. Larger companies may fear this less as they have deep enough pockets to take legal action in case of infringement.
Marketing development:
Coin needed to understand how to launch their product and what they wanted their business model to be. Do they give the hardware out for free and pay by transaction? Do they act as a cloud based finance company? Do they sell the hardware not step into the crowded financial transaction space?
Coin decided to sell the hardware and did it in the most controlled fashion. They recently launched through a crowdfunding campaign and sold the product at half off, $50. In a short time the well surpassed their goal of $50,000 for their product which doesn't even launch until 2014. The marketing team has videos on Vimeo and YouTube, with advertising on every major social website.