Service helps companies speed product development.
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Press Release Summary:
As part of Innovation Express Suite of services, JumpStart program helps companies in range of industries speed product development from concept to commercialization. Staff applies proven technologies across different industries to develop unique solutions that are outside customers' core expertise. Service also can assist after company has created concept or design for novel product, but requires help to develop manufacturing process to produce it.
Original Press Release:
Foster-Miller Helps Companies Break Through Product Development Barriers With New JumpStart Service
Waltham, MA (September 26, 2005) - - Foster-Miller introduces JumpStartSM to help companies in a range of industries speed product development from concept to commercialization. As the latest addition to its recently announced Innovation ExpressSM suite of services, JumpStart specifically helps companies overcome product development hurdles that have barriers to completion. Whether the challenge is turning concepts into workable product designs or developing equipment capable of manufacturing new innovations, Foster-Miller's JumpStart service removes the roadblocks that prevent projects from becoming commercial products.
As one of America's leading product and equipment design companies, Foster-Miller helps companies quickly identify, target, design and manufacture novel products through its Innovation Express suite of services. In addition to the new JumpStart service, this suite consists of Technology Forecasting, Product Development and Manufacturing System Development.
The fact that only two of an estimated 3,000 raw ideas make it to market as fully-realized new products underscores the need for the multidisciplinary expertise of Foster-Miller's 265 engineers. Foster-Miller has breathed new life into projects that have stalled for many years. In one example, the company took a snack food project that was in development for over a decade and turned it into a revenue-generating product in just one year.
"This service provides a safety net for executives looking to champion new innovations, and a jumpstart to projects that have hit an impasse," says Ed Goldman, senior vice president at Foster-Miller. "It renews opportunities to gain complete ownership of a market, and enables companies to quickly recoup investments and surpass original ROI expectations."
The ability to apply proven technologies across different industries enables Foster-Miller to develop wholly unique solutions that are outside customers' core expertise. The size and scope of Foster-Miller's engineering expertise well exceeds the staffing capability that its customers can feasibly maintain.
The degree of difficulty in developing a revolutionary new product is often a measure of its ingenuity. Overcoming development hurdles is a necessary step towards gaining market ownership and creating a barrier to entry for competitors. Foster-Miller's JumpStart service can rescue a project at any point in the development process. For example, difficulties often arise after a company has identified a need, but cannot conceptualize a design. This service also comes into play after a company has created a concept or a design for a novel product, but requires help to develop a manufacturing process to produce it.
"Having assisted companies in the medical, food and industrial sectors procure over 500 patents, we know that realizing new products can transform a company into a market leader almost overnight," adds Goldman. "Our JumpStart service can also provide those responsible for new innovation projects with renewed credibility."
About Foster-Miller
Foster-Miller, Inc. (Waltham, MA), one of the premiere product and equipment design companies in America, is a single-source provider of process and equipment innovations that help companies in a wide range of industries attain market success. Foster-Miller helps companies formulate ideas and design new products through innovative manufacturing concepts and the development of custom equipment. The company is an independent, privately held company founded in 1956 by three MIT graduates. It has a staff of more than 380 employees, composed of mechanical, electrical, thermal, chemical, nuclear, aerospace, software and materials engineers, as well as physicists, mathematicians, chemists, and biologists. It has offices in Washington, DC and Albany, New York. The company was named one of the most innovative businesses in America by Inc. magazine in August 2002. To learn more about Foster-Miller's services, please visit foster-miller.com.
Foster-Miller, Inc. is a subsidiary of QinetiQ North America, Inc., part of the worldwide QinetiQ group of companies, a U.K.-based 10,000-employee engineering firm.
