Hardware Startups – 4 Ways to Reduce Risk

This article was originally published on Entrepreneur.com.

Article Technical Rating: 1 out of 10

Bringing a new hardware product to market is definitely not for those adverse to taking risk. Regardless of how “perfect” your product may be, or how sure you are it will be a runaway success, you should always strive to minimize your risk.

Although you can’t eliminate all of the risks, fortunately there are ways to reduce them. In most cases, minimizing risk means reducing the investment required and/or increasing your chance of success.

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Launching a New Electronic Hardware Product – Overcome Your 4 Biggest Obstacles

Getting a new product on the market, especially a electronic product, is a huge undertaking with enormous obstacles between you and success.  Everything from developing the product to setting up manufacturing and finding customers can result in a bumpy road.

For my hardware startup it took me years to surpass these obstacles – but I learned a lot throughout the process.

To overcome these challenges, you need to be creative, adaptable and absolutely focused.

Here are the most common obstacles and how to get past them:

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How to Save Money and Reduce Risk Developing a New Electronic Hardware Product

Article Technical Rating: 7 out of 10

Bringing a new electronic product to market is generally difficult, risky, and expensive. To succeed, and make it to eventual profitability, you need to focus your early efforts on minimizing risk and cost.

Of course, nothing is ever free and even reducing your risk and lowering development costs has a price. That price is usually either a longer development time, or a higher manufacturing cost. A higher unit cost means lower profits. Obviously profit is hugely important, but not when you’re first getting started.

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Developing a New Wireless Hardware Product? – Here’s Your Most Important Decision

Article Technical Rating: 9 out of 10

When developing a new wireless product there is one decision that matters most.  This decision not only affects technical specifications like transmission range, battery life, signal quality and product size, but it also dictates where you can even sell the product.

This priority one decision that you must make as early as possible is the selection of the carrier frequency.  This is the frequency of the signal that is used to “carry” the data from one device to another.  Granted an electrical engineer will be needed for this process, but any entrepreneur or startup developing a wireless product should also understand the process at a high level.

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