What is the cost for the development of a product?

The complexity and required performance of your product will play a big role in this. With complexity we also consider the different fields of expertise required for your product. Is it purely mechanical or does it include electronics and software? Is there expertise in house or do we need to find partners that we complement and build on?

Besides that, the status or phase your idea is in determines how much work is yet to be done. Is there already a proof of concept or only an initial bright idea? Did you already perform extensive market research and are all the use cases clear? What about intellectual property and freedom to operate?

Different geographical markets and industries also have their own set of standards, rules and regulations implying a higher development cost (& time). Think of a medical product used in an OR or food processing equipment that requires hygienic design. Or the fact that a power outlet in the US does not have the same voltage as one in Belgium. This could mean that variations of your product might be required. All of which have to be engineered and tested.

Last but not least, the triple point of Timing-Quality-Cost is difficult to balance. We advise to set clear priorities and start a process of de-risking as fast as possible. Increasing quality and lowering cost early on. At the risk of bursting some bubbles: expecting a new, innovative product, to be engineered and produced without something changing along the way is just not how development works.