Healthcare Manufacturing Partnerships

Have you seen us in the news? You may have spotted SMHeuristics featured in the Idaho Business Review last week for our ongoing business development efforts in Taiwan.

This might be the first you’ve heard of it, but for several months, the entire team at SMHeuristics has been busy preparing for our most recent visit to Taipei City. (As any company that has expanded their service offering into the international market knows, frequent trips like these are a must.) When we learned that Idaho Governor Brad Little’s first official trade mission to Taiwan would be happening around the same time, we rearranged our itinerary to be able to join his delegation. During this historic event, we were invited to attend as Idaho delegates, along with a handful of other companies (including one of our clients, SGW Designworks).

While in Taiwan, our goal was to reinforce our existing relationships with clients while furthering business development efforts abroad. And we are pleased to say the visit was a success. Here are some of the highlights.

MOVING INTERNATIONAL BUSINESSES FORWARD

As you might imagine, our week in Taiwan was a whirlwind — packed with back-to-back meetings, facility tours, and MOU signings.

In fact, we signed a total of six MOUs with Taiwan-based companies, among them, OwlTing, The Business Incubation Center at the National Taiwan University of Science and Technology (NTUST), Taiwan Federation of Medical Devices Commercial Associations (TFMDCA), Taipei Medical Instruments Commercial Association (TMICA), Taiwan Automation Intelligence and Robotics Association (TAIROA), and Taiwan-USA Industrial Cooperation Promotion Office (TUSA).

Perhaps the most elaborate of the events we attended was the Signing Ceremony of MOU on Industrial Cooperation. Throughout the ceremony, we were amazed by the extensive number of awards and acknowledgements offered, not to mention the thorough press coverage of the event. (There was no shortage of flashing cameras — needless to say, we felt like celebrities.)

During this event, several delegates presented to the crowd, and we were pleased to have a few minutes to share our business philosophy with attendees. At the end of the night, we were both tired and inspired. Most of all, we appreciated the attention to detail that went into planning this impressive ceremony.

EDUCATION AND RESOURCES FOR CLIENTS ENTERING THE U.S. MARKET

Our agenda for this trip also put us at the heart of one of Taiwan’s most innovative incubation networks. SMHeuristics CEO and Co-Founder Derik Ellis was invited to provide a sales and marketing presentation at the National Taiwan University of Science and Technology (NTUST) Biotech Incubation Center (BIC) in NanKang. At the event, Derik spoke in detail about pre-sales positioning for Taiwanese clients entering the U.S. market.

NTUST BIC aims to “empower small and medium size companies and startup businesses” and “promote international innovation and entrepreneurship.” Speaking at this business incubator was the first of what will likely be many educational opportunities for participating businesses. We look forward to providing our expertise to these growing companies in the months and years ahead.

A SPECIAL RECEPTION FOR IDAHO DELEGATES’ VALUED PARTNER AWARDS

Another event we were privileged to attend was the Idaho Business Reception (designed for delegates of the governor’s trade mission).

This special event was hosted by the American Institute in Taiwan (AIT) and the Idaho Department of Commerce, and gave delegates an opportunity to present a number of Taiwan-based organizations with Valued-Partner Awards.

During the event, SMHeuristics nominated the following:

• AIT — with Director William Brent Christensen accepting the award

• NTUST — with Vice President Day-Yang Liu accepting the award

CULTIVATING EXISTING RELATIONSHIPS

Even amidst the pageantry, we made it a priority to nurture our existing customer base in Taiwan. This often entailed factory tours and meetings, where we were able to witness company operations firsthand.

For instance, we made time to visit our manufacturing client Jetton Biochemistry Co., and were highly impressed by their commitment to quality. We also had an opportunity to step behind the scenes during our visit to Caduceus Biotechnology Inc., one of several clients in the healthcare space, as well as at the facilities of tech giant Nexcom. It was also a privilege to see how a connection we facilitated has developed: we paid a visit to Taiwan-based Megaforce alongside Boise-based SGW Designworks — two of our clients who have developed a meaningful partnership and will continue to work together in the years ahead.

OPPORTUNITIES AHEAD

Looking forward, we believe the opportunities ahead are virtually limitless. For example, our official partnership with Taiwanese technology company OwlTing will be instrumental in amplifying their impact in the United States.

Led by CEO Darren Wang, OwlTing is at the forefront of creating blockchain-based business solutions. The company will recruit the needed talent and bring his line of blockchain technology to U.S.-based industries through the distribution channels and relationships developed through SMHeuristics. This is just one example of the clients we are working closely with as they continue to bring intelligent solutions to market.

As SMHeuristics continues to grow our business into markets abroad, we appreciate the hard work of those who help smooth transitions and streamline communication. Among these, we’d like to offer a special thank you to Eddie Yen with the Idaho-Asia Trade Office for his continued efforts and support in helping Idaho-based organizations like us succeed as we do business in Taiwan.

Product Design Services: How Outsourcing Can Reduce Your Cost

Product Design Services: How Outsourcing Can Reduce Your Cost

Many companies tend to think that the most lean way of operating is to focus on product design internally. This approach has its benefits, but often leads to inefficiencies, loss of business, and burnout among employees. While it may seem like a waste of money to pay for services that your company could perform internally (at least in the most basic of ways), outsourcing may just be the secret to your success. Hiring a company that provides product design services is good for the bottom line, as outsourcing this aspect of the product development process consistently leads to long term cost efficiency. Here are just a few reasons why.

Protect Your People

In companies where employees are asked to wear many hats, they can experience burnout. We all tire out at work occasionally, but most people usually bounce back. However, consistently asking too much of your employees may cause them to seek employment elsewhere, which can be a major drain on both dollars and time.

Outsourcing to a firm that provides product design services is infinitely cheaper than hiring and maintaining employees, especially when you factor in the cost of health insurance, retirement accounts, sick leave, bonuses, vacation time, etc. When you outsource these tasks, you pay only for the work that is being performed.

Decrease Time to Market

When companies are working on product design tasks internally, there are frequent delays in

production — just ask anyone who has ever backed a Kickstarter campaign and been promised they’d hold a product in their hands by a certain date. Delays are inevitable, especially when your team is new, overworked, or inexperienced in certain capacities.

Delays can be problematic in several different ways. First, delays mean you’re paying your own employees to work on a product for a longer amount of time than is necessary, which costs you more money. Second, delays mean less time to sell your product, and a good product sells more in two years than it does in just one. This sort of opportunity cost is difficult to measure, and can cause you to make decisions about your company or product based on guesswork.

Depend on Expertise

Another good reason to outsource is the specific expertise product design firms offer, which also leads to decreased costs. Highly specialized professionals are more efficient, which means less money out of your account. You’re paying for their heightened focus and dedicated time to your project.

And hiring a team of specialists is more cost efficient than if you hired one engineer on contract. You’ve got different engineering specialties and support staff at your disposal, which also means things move more quickly overall, while your in-house team is free to accomplish other tasks.

Utilize Infrastructure

Cost efficiency is more than just dollars paid to people — it’s wise to consider equipment and

software costs, too. For many products, the tools required for development are expansive. While

there are nice-to-haves and have-to-haves, true design efficiency requires a variety of tools and technologies that must be purchased. If you choose to develop internally, you’ll need to be prepared to buy some equipment you may never use again. Though you may be able to recoup some funds by reselling, there’s no telling whether or not these items will be obsolete by the time your product is complete.

Remember, you’ll probably experience delays. But outsourcing gives you the advantage of having specialized equipment already in place (and people trained to use it), making it the far more efficient choice for your company.

Make Better Products

When it comes to what we choose to purchase, humans always have preferences, and these preferences tend to align with quality. Better products sell faster, and in higher quantities. A person who sells real estate could probably build a shed, but a carpenter is going to do a better job, as they will offer new and different ideas, technical expertise, problem solving skills, and a vision unique to the profession. Despite the fact that both of these people work around houses, one is more qualified to achieve the desired outcome.

Further, if you have the option to hire a team of carpenters for the same price, you’ll want to

do it. Exposing your product idea to new eyes means new opinions, suggestions, and avenues

of thought. Your product will be discussed and evaluated by a group of people, which can lead

to greater innovation overall, and at the same cost. Outsiders are also great at spotting potential

problems if you’ve grown too close to your idea, and this increased insight can help correct flaws before your product hits the market.

The Bottom Line

Though it may seem counterintuitive, hiring a firm that specializes in product design services ultimately saves money and time (which is also money). Like hiring an event planner for a corporate conference, outsourcing can take away a lot of the headache associated with getting your idea off the ground. How can we help you get started today?

How Outsourcing to a Product Development Firm Speeds Up Time to Market

It’s no secret that it’s difficult — if not impossible — to make money on an idea if it doesn’t exist as a tangible product. However, the leap from concept to production is a big one. And this is necessary if you hope to hold your product in your hands, get it in front of paying customers, and turn a profit. In many cases, one should consider outsourcing to a product development firm.

Why? Because while a number of companies possess internal departments equipped with the basic set of skills required to build a functional prototype, they’re often ill-equipped when it comes to actually designing and developing certain products. Alternately, a product development firm can help you quickly and successfully bring a product to market. Here is a further breakdown of the benefits of outsourcing.

Targeted Expertise

Your internal team is probably great at what they do. However, consider the reality: different engineers and technical support staff excel at different things. Even if a proposed product is an adaptation of an existing one, the creation of a new prototype tends to present challenges for even the most experienced designers.

For instance, consider something like doorbell light sensors for smart home applications. In this case, we’re altering a product in a significant, meaningful way. However, now, we are no longer dealing with just a doorbell. We’re talking about incorporating new elements and technologies, such as sensors, power, and cloud capabilities.

Often, the entire product development process requires a team that is large enough to address the more significant aspects of a project — and at other times small enough for the less-intensive aspects. That said, hiring and training people for one stage of a project is not efficient or practical. But when you outsource, you don’t have to worry about wasted resources. Engineers will be assigned to your project as needed, and then can move on to others as they complete tasks.

A product development firm can speed up your time to market by offering specialized expertise in the areas needed most. Additionally, a firm working only in product development is equipped to handle the specific challenges associated with your project. These engineers thrive on fast-paced work, meeting challenges, and risk-taking.

Think of it this way: a painter will be quicker and more efficient at painting your home than the person who cuts your hair because they’re trained to do it. Similarly, you’ll be able to get your product in-hand faster by utilizing the right team of qualified experts.

Adequate Time

A company’s existing resources are typically tied up with current projects, meaning there probably isn’t much time for new endeavors. Asking employees to dedicate additional resources to new product development could affect productivity, potentially adding months or years to your time to market. This can also lead to sloppy work on current and new projects, which ultimately results in even more wasted time.

Outsourcing to a product development firm gives you an edge. By doing so, you instantly have dedicated resources who are working on a mutually agreed upon schedule. They’re scheduling you in, and they’re as driven to meet deadlines as you are. You may also be able to address tasks simultaneously and as a team, thanks to increased manpower. Remember, there is strength in numbers. And outsourcing guarantees you have a group of people invested in your success and well-equipped to meet even the most aggressive timelines.

Relevant Relationships

Maybe your company is new, or maybe you’re just in new territory. Either way, you may not have the industry relationships needed for the fastest possible production time for your product. By outsourcing to a product development firm, you benefit from years of expertise, industry connections, and insight they’ve gained from long-standing client relationships.

It's certainly possible to build industry relationships that will help you design and develop an excellent product, but not overnight. It’s best to focus on other tasks while your product development firm secures your design, development, prototyping, and even manufacturing — at all stages, from concept to production estimate.

Appropriate tools

Even if your team has the know-how and availability, they may not have the right tools for the design and development of your product. Complex software requirements (and the knowledge required for using said software) may not be worth the investment. Consider the cost. It requires time and money to purchase, learn to operate, and get up to speed using new tools and technology.

Product-specific prototype production equipment is also expensive. This is one reason why new ideas are risky, especially if you’re working on multiple ideas at once. Instead of procuring all the necessary tools (there are a lot of them), consider the ease that comes with outsourcing.

Market Knowledge

Often, companies working exclusively in product design and development are extremely knowledgeable about specific markets, since they’ve worked in many industries before. They’ve already completed research that they can use to help make your product the best that it can be, and in less time. Their multidisciplinary perspective will offer what your company alone cannot.

Ultimately, greater resources lead to quicker turnaround times and a better product. If you’re still on the fence about using an outside company for product design and development,let’s discuss the possibilities!