Welcome to the MTC’s Product Innovation hub, a place where you can find knowledge, experience and understanding of your requirements, following best practice; practical support and tangible outputs with our guidance, in a de-risked environment for UK manufacturing and product innovation.
We work collaboratively with companies and individuals to evaluate ideas, determine the feasibility and support the journey to develop the concept into a manufacturable product.
Once engaged with our team, we provide access to the MTC's world-class advanced manufacturing and research facilities, as well as its team of engineering and manufacturing experts.
An average cost and time to create a product is c£250k+ and can go as high as £10mn in some instances, with around c3 years development time, depending on the complexity; design; prototyping; functionality; testing; manufacturing stages – not forgetting the tooling costs – often left out of the equation.
According to data from the McKinsey Global Institute, for every 7 product ideas, only 1.5 launch, and only 1 succeeds. Of course, not every idea will yield a successful product. That is why effective brainstorming is so critical — you need to come up with a variety of ideas and approaches to the same consumer problem in order to up your chances of finding that golden idea that could actually turn into a viable, profitable product.
Not all product ideas are good enough to make it to the development stage, and that isn’t necessarily a bad thing. Before you move to the development stage of things, you need to make sure that the idea is profitable. How can you do that? Well, you will need to rigorously validate your product.
You may have heard that 80 percent of all new products fail. Well, put simply, that is an exaggeration. It is difficult to pinpoint a precise, across-the-board product fail rate, but the McKinsey Global Institute puts the number somewhere between 25 percent and 45 percent. The rate does tend to vary by industry. While the rate is lowest in the capital goods industry (35%), it is highest in the consumer goods category (45%).
There are a number of ways to engage with us or for you to speak to a subject matter expert. Choose the best way for you.
1) Start your application now, using the form below
2) Email us: smesupport@the-mtc.org
3) Telephone us: +44 (0)2476 701600
Please note:
As part of eligibility scoring criteria we will undertake the necessary soft search credit check on your company.
If your company is an SME we may be able to offer you Reach Match funding:
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