Startup Funding Espresso – Source of Failures in Product Development

Source of Failures in Product Development Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. There are many challenges in product development. Here's a list of failures points to watch out for: Inexperienced developers who mean well and work hard but lack the experience. Hire for the skills you need rather than try and build the skills on the go. Growing a product from a custom solution into a general solution can be difficult. Setup a separate development plan to turn the custom solution into a general one. Lack of ownership. Make sure there's a team lead who owns the outcome. There's no overarching vision of what the product will become. Set up a strategic plan for the product with a five-year window. The team continues to fall down due to defections and a lack of interest. Build in strong leadership who can hold a group together. There are too many features and requests. Install a process for prioritizing development on new features. Feature creep pushes out the delivery date. Set target dates for upgrades and ship on those dates moving the undone features to the next release. There's no product launch to the market. Budget for marketing to bring the product to the market. Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.Let's go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at: http://investorconnect.org Check out our other podcasts here: https://investorconnect.org/ For Investors check out: https://tencapital.group/investor-landing/ For Startups check out: https://tencapital.group/company-landing/ For eGuides check out: https://tencapital.group/education/ For upcoming Events, check out https://tencapital.group/events/ For Feedback please contact [email protected] Please follow, share, and leave a review. Music courtesy of Bensound.