hone.pd Product Design - Feasibility Process
Designing a new product?
Launching a new and profitable product in Australia, requires careful planning, great product design, and smart budgeting which may include leveraging the R&D Tax Incentive.
What is the R&D Tax Incentive?
The R&D Tax Incentive helps companies offset costs of eligible research and development. In other words, the R&D Tax Incentive is a scheme designed to offset the costs of developing something new.
Do you qualify for an R&D incentive?
If you’re developing a new product in Australia, you could get up to 43.5% of your development investment back from the R&D incentive. It’s a great support for businesses large and small to invest in product design and development in Australia.
Outperform your competitors :
To get started with a real competitive advantage, download our free ROI calculator & “Value of Design” report and explore how the R&D Tax incentive can offset your costs today.
Develop your new product’s market strategy with hone.pd
The costs of designing and manufacturing new products can be daunting. We understand it can be an arduous process, and we’re here to guide you in the right direction.
At hone.pd, we’ve enabled our clients to maximise their return on investment (ROI) while developing new products by focusing on;
Market Analysis: Evaluate the market, improve your new product business case by identifying opportunities to differentiate.
Product Marketability: Create unique product design solutions, via materials, features, manufacturing processes which add marketable product value.
Cost focussed design: Conduct feasibility analysis of product solutions to reduce Manufacturing setup and unit costs while maintaining product value.
The Australian R&D Tax Incentive scheme can, in addition to the above, be a game-changer in your product research and development time to return. Accurately estimating profitability and proving that you can achieve a return on your investment (ROI) should always consider total project, including such tax offset schemes at the outset.
Whether it’s your first product or your thousandth, establishing a robust business case for new product development is crucial to maximising its success and establishing your market strategy.
'You can engage Product Designers in many different ways to grow business profitability because they’re not just “designing a new product”, they're optimising every aspect of the product from unique selling points and materials selection through to manufacturing & marketing.' - Anthony Petterson, MD hone.pd
The Benefits & Returns of Product Design
We've helped businesses large and small around Australia create business cases and establish plans for successful new products that their customers love to buy.
To find out if your business is ready to leverage the power of unique product design, download the “The Value of Design” report today.
To help demonstrate this potential, you can download the case study (using the form above) from the Design Council UK that highlights the innovative ways design-centric product companies have focused on product design and cost planning to increase profits.
The Design Council UK annual survey of over 1,500 companies demonstrates the positive impact of design on a business's bottom line. Their research demonstrated that companies using a product design and development process increased the chance to experience revenue growth of over 300%.
Establishing a market analysis, defining accurate cost drivers and setting realistic margins will help you assess how best to get your product off the ground. This planning is especially important if you’re responsible for communicating a new product's potential ROI and its break-even analysis to a board or management team.
More about the R&D Tax incentive:
The R&D Tax Incentive benefit varies with two key scales:
38.5% for entities with aggregated annual turnover of $20 million or greater. If the resultant tax offset exceeds the entity’s tax liability, the balance can be carried forward for use in future years.
43.5% for entities with aggregated annual turnover below $20 million. If the tax offset exceeds the entity’s tax liability, the balance is paid to the entity in cash.
Read more about the R&D tax incentive here on the business Australia website.
“The insight provided by a thorough Product & Industrial design feasibility analysis, empower business leaders to maximise product profitability, through informed design and decision making”
hone.pd Feasibility Services
To assist with the R&D Tax claim and business case, we offer feasibility services to clients before engaging us for new product design. Additionally, the hone.pd development process and documentation have been specifically designed to support and simplify the R&D Tax Concession claiming process. The following feasibility stages are offered by hone.pd
1 Fast Market Assessment Service
We research your product market to understand the existing scale, price points & selling propositions leading the market. We can then identify potential space in the market for product positioning.
2 Preliminary Product Design Concept
We conduct a preliminary concept exploration to allow for feasibility costing, communication of your product concept, and exploration of unique selling propositions.
3 Product Development Feasibility Analysis
To understand your project finances better, our analysis includes key cost drivers, break-even & margin exploration, giving you the framework for your business case for investors or board members.
To achieve this we work with manufacturers to estimate setup and unit pricing considering the product concept, or run side by side comparison of concept alternatives We’ll create a report giving an informed overview of these key drivers.