De-stressing Product Development

by Wade Muri

Are you a student that…

• Wants to work in a project team?
• Is looking to start your own company?

Are you an existing firm that…

• Is looking to develop a digital product?  
• Is interested in developing a product?

Have you committed to the challenge of product development but are wigging out and don’t know what’s next or where to start?  

Here are three of the more common suggestions I give to help others in their find success.

SR&ED Tax Credits

Look into the Scientific Research and Experimental Development Tax Incentive Program (SR&ED).  If you are developing a new technology, you could be eligible.  This is the largest single source of federal government support for industrial R&D in Canada.  Talk to any company that has claimed these in the past and you’ll be quickly convinced of its value.  You may be surprised and the potential it can offer your company. 

Here are the details:

http://www.cra-arc.gc.ca/txcrdt/sred-rsde/menu-eng.html

Alberta also has a provincial version you can check out here:

http://www.advancededucation.gov.ab.ca/technology/support/taxcredit.aspx

What you need to know

 You’ll need an idea of how to best structure your development efforts to take advantage of this program.  If you are going to develop a product, this option could provide your company with much needed ‘found money’ come tax time.

Get connected.

People are Important. The network you build, the knowledge you have access to and the processes you use can make all the difference when it comes to your company’s success.

There are plenty of resources available to help overcome any barriers you may run into.  Folks like Eric Reis and his blog, Startup Lessons Learned, or book, The Lean Startup, are invaluable for companies wanting a competitive edge.  Engaging with StartupCalgary and StartupEdmonton can also connect you with experienced, like minded individuals that can help you build your network.  Consider attending the AccelerateAlberta conference, and get as involved as possible with Digital Alberta.

What you need to know

You are not alone.  Getting involved with people that have been there and done that gives you access to fantastic resources and sources of inspiration.  ‘Face down development time’ isn’t the only thing to consider when building great products.

Capital

Then there’s the financial side. How is your company going to pay for this development?

There are a few things you need to consider before looking at the financial requirements. First, consider whether or not there is sufficient market demand for your product?  Will the solution you are presenting provide value?  If you can’t answer those questions yet, start by getting the product concept to a stage where you can begin rapid-testing your product with potential buyers to confirm and validate the concept before moving ahead.  

After those questions are answered successfully, start thinking about the money side of things.  Here’s a few links to some resources worth considering: 

TecEdmonton’s list of support programs for technology development

Canada Media Fund 

What you need to know

In most cases, you can bootstrap your digital development efforts in some way. The important point is to get started and to build up the momentum you need.  Take steps to make sure the product adds real value to potential buyers. It needs to somehow benefit them in a way that significantly matters for it to be well-received in the marketplace. 

Here are some great ways to start:

• Speak with someone from the organizations mentioned here
• Contact my department to have a discussion on your business needs 

Getting your product developed and launched doesn’t have to be an overwhelming process. Alberta companies have significant resources and support available for every step of the way. 

If you’ like to know more or have any comments or questions, drop me an email.