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Initiating a Project Idea

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(@djr32)
Posts: 39
Eminent Member
Topic starter
 

From the lecture, there are 9 parts to design controls. Why is initiating a project idea the hardest part of project development? How does business and market research play an important role when initiating a project idea? What are some ways people with a project idea that they think are worth wild can convince their company or others to fund the project?

 
Posted : 01/02/2017 1:50 pm
(@bb254)
Posts: 113
Estimable Member
 

The beginning stages of a project are always the most critical and research focused. It is viewed as the hardest section out of the nine design controls because you only have an idea of what you want. It is crucial to figure out within this stage:

Who you are marketing to?
What characters of your product fill a market gap?
Figuring out the major and minor milestones needed to create your project by a set deadline
Organizing weekly meetings with your project team
Distributing responsibilities to your project team members
Market research is required to determine if your idea can become commercial. You do not want to go ahead and start on a project then midway find out that some other company already created your design. Once you determine your market gap and mold your project around that then you know which audience to target. Once all of this information is gathered you can meet with your company and sell your idea. Within capstone many students had an idea for a project and met with companies to get funding. Companies want to know if your product fits into their business strategy and if so how is it different from current commercialized products.

 
Posted : 01/02/2017 1:55 pm
(@gingeranderson)
Posts: 78
Trusted Member
 

 
I think initiating a project is the hardest part because this is where you have to provide enough  justification about something for management to approve it without actually having lots of details. Usually when you justify something, its because you have lots of data to back it up and you know its feasible. This is where you have to pitch something innovative and new enough to peak their interest but without much to back it up. I think business and market research plays a role because any business wants to stay competitive but you have to do the research to know what's out there. That competition is really key and can be the thing that makes management go for it.

 
Posted : 01/02/2017 2:16 pm
(@akshay-sakariya)
Posts: 41
Eminent Member
 

I agree with Jeff initiating a project idea is the hardest part of the project development. Likewise, you mention, that there is very little known about the project at the beginning. When I took capstone 1 I had a hard time to start. I didn’t know which direction I should start from. Our project was 3D Bioprinter. I had to write market research and technical research. Also, it was my first time writing market and technical research. At the same time, I didn’t know how 3D Bioprinter works. Then Dr. Schesser helped me with how to start with it, so he told me to come up with come up with 3 design and evaluate those 3 designs. Once I did that it was easy to search article and different printer that works similar to our 3D Bioprinter. Currently, I am in capstone and we are working on documents and test plans. We don’t know is this project will be successful or not.

 
Posted : 01/02/2017 2:54 pm
(@krp76)
Posts: 76
Trusted Member
 

Initiating the project is a crucial part of the project and the hardest step in initiating the project is the business and market research. I think that these two factors are the hardest because you need to make sure that you have solid research in both areas for your project to receive the go head. These two factors of business opportunity and your target market influence whether or not your product will pass the initiation step because if there is little monetary opportunity/the target market is not sufficient then it is not likely that the project will receive the clearance to advance. Moreover another hurdle for project initiation is creating the broad picture for the project and as bb254 indicated the importance of setting milestones.

 
Posted : 03/02/2017 9:45 am
(@myton)
Posts: 77
Trusted Member
 

Starting a project is the most difficult part of the project. There are numerous directions that can be taken when starting a project and there are a lot of times, for those lacking experience, that you don’t know where to start. There are so many variables that have to be factored in when starting the project. The inventor must keep in mind the requirements, the goal, whether or not the project is worth it, and much more. Since the project is just about to be started, there are many unforeseen problems that will come the inventor’s way when the project is being developed. Despite doing all sorts of preparation, rarely does the development process run smoothly. A lot of preparation is required to start a project including making sure that no other product already exists in the market. Furthermore, you have to make sure that there is a market for this device. Spending time on something which will not be used is very impractical. Starting a project is difficult because it costs a lot to develop a product and make sure that the product and the idea behind it is protected.

 
Posted : 05/02/2017 1:10 pm
 tn58
(@tn58)
Posts: 72
Trusted Member
 

Initiating a project idea is the hardest part of project development because if done incorrectly, your project will fail and you will waste time and money. So how would one avoid this? This is where business and market research play an important role because it requires getting to know the full 3D view of what your project will be competing against. What products already on the market, will you lose money or make money, locations of distribution, can this product go outside the country to increase revenue. What improvements can be made in your project idea to avoid customer complaints for similar products on the market. These questions can only be answered by business and market reports. And experts who have experience and analytical skills to predict the outcome of your project and compare it with the current market comes in hand. The best way to convience a company or sponsor for your idea is to show them these reports, show them you done your homework and your idea isn't something you thought about during lunch. Your idea should be something that promises results and money. At the end of the day, it is about profits, sales, and more demand for your project idea. This marketing and business can take weeks to a few months, the more detailed your research and organized, the more chances of you getting a sponsor or your company to follow up on the idea. Also keep in mind, just because you give an idea to a company does not mean you will have ownership to that product. For example, Stryker will take your ownership of your idea once you sign their employment papers. Again, this would require research and don't assume companies won't steal your ideas. So the critical key point is to stay updated on the market and the business side of any medical product.

 
Posted : 05/02/2017 5:59 pm
(@aasutosh-purohit)
Posts: 37
Eminent Member
 

Initiating a project idea is the hardest as well as the most crucial part of any project that needs to be done successfully. Because no one believes you until you have a full proof idea that will have a great impact on the market in near future. the most important part of any project is to get funding or investors which will be only successful if the person has a proper idea as well as the idea that stands out in the market and it is different than something that is already in the market.

 
Posted : 20/01/2018 6:34 pm
(@anmolkaur)
Posts: 38
Eminent Member
 

The project initiation stage is basic to effective task advancement and usage since this is the time when the project manager finds a way to make a strong establishment for accomplishment in the greater part of the accompanying project stages and activities. The truth of the matter is that there are disappointments related to project initiation, which is caused by issues and problems. With a specific end goal to be effective in project activities, a project head has to know the issues, see how to illuminate them and be prepared to take after task start best practices.

 
Posted : 04/02/2018 12:36 pm
(@rjs84)
Posts: 25
Eminent Member
 

On top of evaluating market appeal for a certain product, I believe one of the most important parts of the project proposal is the implications it can have on regulations. Obviously the more complex the design, the more time and money that are required to go into the project. But having an idea of what classification the device will receive is important as well as which branch of the FDA will be performing the regulations. The are all very important things to keep in mind while you're at such an early state and are still talking in broad terms without planning out too many specific details.

 
Posted : 04/02/2018 4:52 pm
(@ap962)
Posts: 33
Eminent Member
 

We're full of ideas of what would make the best business plan and are convinced that it will earn us plenty of money. To convert these ideas into words and convince investors to see the success of this idea as we see it in our head.
The business part of the project begins from the conception of the idea as you have to "sell" that idea to potential investors even before the actual project has begun making initiating a project idea the most difficult part of project development.

 
Posted : 04/02/2018 5:05 pm
(@andria93)
Posts: 75
Trusted Member
 

I think it's harder stage because trying to sell just an idea or have others supporting it is not easy compared to a finalized product. it's harder to market an idea rather than a working finalized product in hand. As of my past experience, I used to work in an Innovation center. It is a lab working on newer technologies trying to reach out to the market. A lot of the companies like it as an idea but they won't invest in it till it is a more mature solution, which some time hold the project back for a long time could be months or a year. Also, companies will not invest in new Idea unless they trust you and like your older product.

 
Posted : 04/02/2018 7:41 pm
(@smk45)
Posts: 53
Trusted Member
 

The initiation phase is the hardest but most crucial part that sets the tone of the remaining phases for the given project. When you are pitching a new idea, you have to make sure it is presented succinctly with minimal room for doubts/questioning. One should make sure that they have all the background research ready and solid claims to back the project idea up. If you have a really good project idea but fail to present it efficiently, the project may not get the amount of attention it deserves because the idea seems futile. You have to sell the idea well enough for it to seem worthwhile. Some important factors to consider when initiating a new project idea is to have a good business strategy ready, help from human resources to take on new hires if needed, and key stakeholder support.

 
Posted : 07/02/2018 9:25 am
 wms7
(@wms7)
Posts: 38
Eminent Member
 

Initiating a project idea is the hardest part of project development because it can have a lot of consequences on what happens to the company if the project was worth pursuing or not. Marketing research plays a massive role because with the data they provide we can see if the product market sector, depending on what the product, will be growing or shrinking in the coming years. Is it growing with a lot of big name competitors trying to get in or is it shrinking with people abandoning the sector. What’s the competition likes? Can we take them on head to head? All questions that marketing research can provide better insight on. If the project goes through but no one buys it then the company will lose money and face financial trouble. A lot of factors will come into play when trying to initiate a new product idea. To sell a worth wild idea, you going to be able to back it up with data and research that shows that this product market is going to boom in the coming years or we can take on the current competition in the product market.

 
Posted : 07/02/2018 12:43 pm
(@dkonara921)
Posts: 75
Trusted Member
 

The reason why formulating the project idea is the hardest part is because it is the foundation for the entire project. The project that you run is meant to turn your ideas into reality. Without a solid idea, you cannot create something new or innovative. Another way to think about is asking yourself the question: how do you plan on hitting a target if you don't know what it is? I know that the project idea is different from your project objectives but the idea addresses a problem that you are trying to solve, and it's your solution to that problem. Coming up with a project idea can be difficult because someone else or a competitor may have already addressed it, the scope may be too vague, or it may cost too much money to create your product or capability. Business and marketing are very important because they determine the market to which your product or capability could be introduced. Understanding how to make your product appealing to consumers, the number of people it will benefit, and the product's cost are important things that marketing and business address. Ultimately, you need to make money off of your product. People in business and marketing can help determine any potential obstacles that one could face when pursuing a project idea. This helps determine the potential of an idea, enabling you to make a decision between two or more ideas that you can pursue. The way that you convince a company to support you is by simply creating a business plan in which you talk about the specifics of a problem, and show that addressing this problem is worthwhile because the initial investment that you are asking for will result in higher gains for them. You have to describe the problem using quantitative data, and describe the potential results numerically so that a company will be convinced to fund your project over someone else's.

 
Posted : 25/01/2019 1:17 pm
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