Joint,Product,Development,Uniq business, insurance Joint Product Development a Unique Type of Business Partners
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A joint product development businesspartnership is a strategic alliance between two companies that need to leveragethe assets of each other to create a new product or service offering for the marketthat would be difficult to do alone. This type of business partnership willrequire a special set of agreements between the two companies and it isabsolutely critical to have a close and well established business relationshipwith the company or the executive prior to engaging in this special businessrelationship. It is unwise to forge ahead with a joint product developmentbusiness deal if you have no prior relationship before discussing theopportunity. However; as a small business owner you may not have that luxury. Beaware of the risks when developing a new product or service with a new partnerwithout establishing a history of trust between the companies. Both partieswill be spending significant capital and an investment in staff in order to seea new product developed and brought to market. Failing to get a return ofinvestment is likely to cause irreparable damage to a small business.Vet the ProductWhen evaluating whether to develop ajoint product development business partnership with another company it iscritical to vet the company that you are thinking of partnering with andevaluate that they have the resources and talent to complete their parts of thedeal. At the same time make sure that enough market research has been conductedthat you feel confident in the success of the product once it is ready for thepublic. As the partner initiating the discussions about a joint productdevelopment deal, this data should already be collected and available to thepotential partner, but do independent research to validate the potentialpartners claims. This will help you size up the partner quickly and understandthe seriousness of the opportunity.Identify ResponsibilitiesAs in any type of business partnershipit is crucial to identify everyones roles and responsibilities in therelationship and who will be paying for what. While it seems like common senseduring a joint product development relationship the chance for unforeseen costsis very high as it is with any new product development. If there are problemsin the product development it needs to be clearly defined who will be payingfor the overages, what repercussions if any if the product fails, who will bepaying for customer support, and all the other variables with building a newproduct, marketing it, and servicing customers.A joint development partnership is aunique type of business partnership that can let two companies that areservicing a similar client base to create a product that they see a real need inthe market for and have the existing client base to quickly test the market andmake quick sales. While the opportunities for rapid growth exist in these typesof relationships they are often full of little problems and delays that requirea close business relationship that is capable of overcoming the challenges asit is a loss for everyone to get half way through a product development cycleand the partnership disintegrates causing even more problems concerning whoowns what, etc.
Joint,Product,Development,Uniq