How to reduce product development costs in your company

Big companies have the luxury of scale. When you sell millions of a product, even a few dollars per unit is a big product development budget.

Small companies in niche markets do not have scale. When you sell a hundred product per year, even $100 per unit is often not enough margin to pay back product development costs. Small companies need to implement strategies that keep product development costs to a minimum without increasing the risk of product failure. Some strategies work and some do not.