LX has experience in successfully taking electronic products from concept through the commercialisation process. There are many factors to consider before commencing product development and LX can provide expert advice throughout the process, lowering your commercial risk.
Some of the services offered by LX include:
- Development of business cases and business plans
- Competitor research and analysis
- Evaluation of proposed solutions
- Intellectual Property (IP) landscaping
- Market research and feasibility studies
- Rapid market testing
- Surveys and focus groups
- Development of marketing strategies
- Starting a business – LX Business Quick-Start pack
- Assistance in raising funding (investment and government grants)
- Product versioning strategies and technology road mapping
Development of Business Cases and Business Plans
Critical to any new product is the business case behind it. LX can assist with this, working with you to understand your product and target market. As an independent party, LX can provide an objective assessment of your project, challenge your assumptions, and help strengthen your business case.
A business plan can be useful to help verify the commercial viability of a venture, provide strategic direction, and assist in raising funding. LX has developed business plans that have been successful in raising investment from a number of different investors and can provide assistance if required.
Competitor Research and Analysis
It is essential to gain an understanding of your competitor’s products, marketing strategies, price points and unique product features in order to decide where you wish to position your product in the market. LX can undertake this research for you, investigating your competitors and working with you to develop a product that will be competitive in your field.
Evaluation of Proposed Solutions
It is often true that the solution best suited to your opportunity isn’t necessarily the most obvious. LX can work with you through workshops to brainstorm and refine various solution options. We can then assist in understanding the target market through focus groups and surveys. For more information, see Conceptual Development.
Intellectual Property (IP) Landscaping
Intellectual Property (IP) is becoming increasingly vital. It is important to identify relevant patents, applications and papers that are currently in the public domain. LX can help you through this process, assessing your technology and patent landscape, performing freedom-to-operate searches, identifying potential roadblocks in development (and helping you navigate around them if possible), and identifying opportunities for IP development.
Market Research and Feasibility Studies
It is important to understand your market and target market prior to commencing the development process. LX can assist with market research and feasibility studies, gathering from both primary and secondary sources in order to help you make informed decisions about the product.
Rapid Market Testing
LX has innovative methods of undertaking quick and cost-effective market testing. This can be very useful in gauging market demand and identifying various demographic and geographical target markets.
Surveys and Focus Groups
LX can conduct surveys and focus groups in order to gain a better understanding of the end users and their needs. This can add valuable insight from a completely different viewpoint and can identify factors that may otherwise have been overlooked but that can easily be incorporated into the design.
Development of Marketing Strategies
A well thought-out product and market-appropriate marketing strategy is essential in the commercialisation of a new product. The key to marketing is maximising and measuring impact for a given budget. LX can work with you to develop and execute on the most appropriate strategy.
Starting a Business – LX Business Quick-Start Pack
A company can be a useful vehicle for commercialising products. If you are new to starting a business, LX can help guide you through the process by providing a business Quick-Start pack, which contains necessary tools to set up your company and get started.
Assistance in Raising Funding (Investment and Government Grants)
LX has experience in raising funding, both through investment and government grants. We can provide advice as to the options available to you, assist in the preparation of grant applications, assist in developing a strong business case to present to investors, and provide introductions to investors in various industries where appropriate.
Product Versioning Strategies and Technology Road Mapping
LX can help you understand your market in order to anticipate the optimal product life cycle and plan the electronics product roadmap. During the development process, there is often a decision as to whether to launch a product or to keep developing new features for it. While it can be hard to draw a line and decide to launch, it can be more valuable to get the product into the market than to keep developing. Future releases can be planned in which additional features are added and can be used to assist in strategic product obsolescence/versioning.
We are also able to review the technology landscape in relation to your product and advise if there are new technologies relevant to your product. LX is constantly researching and investing in new and innovative technologies and is perfectly placed to manage your electronics product roadmap and succession planning.