A lawyer with more than two decades of experience, Hayley Lattman recently served as senior counsel for Etsy, Inc. She worked with the marketing technology product team and assisted with drafting financial terms and reviewing external communications. Attorney Hayley Lattman (Geftman-Gold) is also experienced with the product development process and product development risks. Here are common risks tied to the product development process:
Underestimating Human Resources. To ensure on-time delivery, companies must have the human resources necessary for each project. Organizing teams into small groups and fostering collaboration reduces risk.
Delaying Product Launch. Several things contribute to delays in product development. Delaying a product launch means delaying revenue. Companies must implement plans and strategies that keep projects moving smoothly despite obstacles. Companies must be aware that one launch date impacts the development of other products.
Creating A Product With No Market Demand. Many people assume they know what users need. This assumption leaves companies open to a large amount of risk. During the development process, businesses must find out what their market actually needs. Then develop a product that addresses the need and solves consumer problems.
