Mark Brinkerhoff is the President of Fusion Design, a consultancy that has helped design over 1500 hardware products from concept to creation stages. We cover the concept of design, building the requirement documents (MRD, PRD), prototyping, iterations, costs and timelines for prototype development, stories of successful products developed and end with future of outsourcing and local sourcing. Show Notes: Fusion Design: https://www.fusiondesigninc.com - Products that don't succeed are generally technologies looking for applications - Design starts with necessity followed by the idea that supports the need. - Successful models- licensing out at the prototype stage or full development of the company - Designing incremental vs first in class products - Market requirement document (MRD) matures to Product requirements document (PRD) - What makes a good requirements document? - How to plan fundraising and timelines as you design a prototype? - How to iterate and number of iterations you might go through? Iteration early/failing fast - One of the greatest examples of market research was done by Toyota on the Prius. - One foot in the past and one foot in the future might be a sweet spot to consider for product developers