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)
Develop a solid foundation to launch your product development with a LocoLabs Product Reality Report. When it’s time to “get real” and select a technical solution for your product idea, the LocoLabs Product Reality Report will provide a review and translation of your product requirements, a pro-forma solution, a unit cost estimate, and a quote for the cost to develop your product.
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 request-for-quotation document you can use as the basis for your executive team review, planning, and budgeting
LocoLabs will develop a pro-forma design that demonstrates a potential product solution for your product and will identify the steps needed to develop and ready your product for production, providing you valuable insight into the process and costs involved.
What’s included for the LPRR fee?
>>> Engineering Investigation to identify solutions that can meet your requirements
>>> Product Requirements Review and Translation, during which you will dialog with our engineering team and we will flesh out, organize and document your requirements and constraints based on these and other key factors:
- 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 Requirements Table that provides our “engineering translation” of your initial requirements and identifies the engineering impact on the product design for your requirements to be met.
>>> Pro-Forma Design of a potential product:
- We then take your product requirements, as refined and translated in our Requirements Table, 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 create a System Block Diagram
- We derive a Major Components List from the selected solution
>>> Solution Analysis including:
- A Requirements Compromise Analysis that explains any requirement compromises necessary for the solution
- A Tradeoff Analysis that explains the tradeoffs that were considered when selecting a solution and identifies tradeoffs that the customer will need to consider during product development
- A Risk Mitigation Table that highlights potential risks of product development and identifies a strategy for mitigating each risk
>>> Development and Unit Cost Estimates including:
- An estimate of the schedule and cost to develop the product
- A breakdown of major project tasks and phases required to develop the product
- Unit Cost Estimate for both prototype and production volumes
Why do we offer an LPRR?
For more than two decades, customers have asked us for advice on how to achieve their product goals. In working with many types of customers, from small firms to large corporations, we’ve consistently found the most important element of successful product development is a detailed understanding of the proposed product solution. If you don’t know the details, any product plan is merely a guess, not a plan.
We’ve taken the questions, investigations, and data that consistently lead to successful product development and distilled them into one streamlined report. The LLPR yields engineering design details sufficient to give you a reality-based estimate as well as confidence that your technical solution is “obtainium.” In short, we offer the LPRR because we believe that everyone wins when the plan is clear and expectations can be realistically set to achieve great things.