Many of our customers initially approach us with this critical question:
Can my product idea really become a product, and at what cost?
We’re applying the product engineering experience we’ve compiled over more than two decades into a report that will provide an answer.
LocoLabs Product Reality Report (LPRR)
Order a LocoLabs Product Reality Report when you:
- Have a concept you are not sure can be built at your target price
- Have a rough prototype that has attracted interest, that now needs refinement and a production plan
- Have orders for a product that is not yet ready for production
- Need to raise funding and your investors/stakeholders need a professional report that validates feasibility, schedule and budget
- Need to get moving quickly with your product development and manufacturing plans, but you need a solid understanding of what you are getting into before you begin
- Need a standardized product requirements and quotation document you can use as the basis for your executive team review and planning
LocoLabs will develop a Scope of Work that defines the steps needed to develop and ready your product for production, providing you valuable insight into the process and costs involved.
When your manufacturing requirements match well with LocoLabs’ manufacturing capabilities, LocoLabs may offer to produce your product in volume for a flat 15% fee. This saves you the time and stress of finding, qualifying, and setting up manufacturing
What’s included for the LPRR fee?
>> Engineering Investigation to identify solutions that can meet your requirements
- System Requirements Review
You will dialog with our engineering team and we will organize and document your requirements and constraints based on these and other key factors:
- System Requirements Review
- Use Cases
- User Interface
- Power and/or Battery
- Enclosure / Packaging / ID
- Agency Conformance
- Green Standards Conformance
- Cloud Interaction
- Remote Monitoring
- Cyber Security
- Remote Updates
- IP Protection
- Unit Production Targets
- COGS Unit Price Goal
- End User Unit Price Goal
- Sales Channel Support Needs
- Production Ramp Forecast
- Delivery Logistics
- Field Service
- Warranty / Repair
- End of Life
- We take the results of the above review and create a Product Requirements Wiki Page
- We then take the specific product requirements and perform an engineering investigation to find one or more suitable solutions, balancing requirements, risks and the constraints provided
- We perform a down-selection of the identified solution in consultation with you
- We then create a System Block Diagram
- We derive a Major Components List from the selected solution
>> Scope of Work including:
- High-level Description of the Requirements
- System Block Diagram of the identified solution
- Breakdown of Development Tasks and Costs
- Breakdown of Production Release Tasks
- List of any Risks identified and Assumptions made
- Production Unit Cost Estimate
The Scope of Work is an invaluable resource that summarizes your requirements, identifies a manufacturable solution, describes the steps of development, and provides visibility into the cost and schedule to develop your product. Your investors will be assured that your product goals are attainable, and you will have an estimate you can use for your budgeting and fundraising efforts. It is also LocoLabs’ commitment to undertake the product development and manufacturing, should you so choose, under the terms provided.
Why do we offer this Report?
For decades, customers have asked us for advice on how to achieve their product goals. The most important element is detailed knowledge of the solution. If you don’t know the details, the plan is a guess, not a plan. The LocoLabs Product Reality Report yields engineering design details sufficient to give you a reality-based estimate, as well as confidence that your solution is “obtainum.” Everyone wins when the plan is clear and expectations can be realistically set to achieve great things.
How much does it cost?
Fixed Fee $20,000 introductory price (a $40,000 value).