Austin Hardware & Supply, Inc. has received Patent No. US 10,004,331 B2 from the United States Patent and Trademark Office for the company’s Front Drawer Release (FDR).

The FDR was invented by engineers Mark Jeffries and Rusty Smith in 2009, and a patent request was filed in 2011. It was designed as part of a complete system to easily latch and unlatch the drawers in heavy duty industrial drawer systems used in vehicular applications.

Launching a product is not as simple as creating it and releasing it into the world. Without a solid plan, bringing a product to market can prove impossible. In fact, Harvard research shows that there are over 30,000 new products launched every year, but over 80% of them fail. It’s safe to say that getting a product to market is far from guaranteed.

Innovation is integral to success today. New or re-branded products and services are meant to fill consumer demand or capitalize on an opportunity in the marketplace. When bringing new ideas or products into reality, businesses must consider the New Product Development process. This process was developed on the back of comprehensive research on products that failed and succeeded.

How to Develop a New Product

The process listed here is recognized as the best practice for bringing concepts to the market. Also known as the Stage-Gate innovation process, has eight crucial steps for successful product development. Keep reading below to learn more about these steps and how to utilize them for your business.