Keys to Success in Emerging Markets
Taking an invention out of the lab and into an automated manufacturing plant is no easy task. Where do you start when you don’t know what you don’t know, and the clock is ticking?
Going From R&D to a Fully-Realized Manufacturing Facility
The demand for innovative and sustainable products has never been higher, and as such, new markets are emerging to deploy these rapidly developing technologies.
If you’re in this field of emerging markets, you’re a visionary looking to get your pioneering product financed by investors and in front of consumers. However, moving from an incredible idea to a tangible product is no easy feat. While you may understand your product inside and out, and even have some industrial experience, scaling up for production comes with its own set of challenges.
Racing the Clock in Emerging Markets
Timing is everything. You may feel like you are losing ground every day that your product isn’t in the hands of consumers. Your investors see the potential, and can help mitigate risks; however, the longer the project takes, the more pressure you’re under.
Not only do you need to produce a return on investment (ROI) for your investors, but you’re also racing against competitors in the market. It’s crucial to get your product to market while demand is high and before the market becomes over-saturated.
You’re pressured to choose the right starting point and engineering team to launch the manufacture of your product.
Not Knowing What You Don’t Know
You’re an expert in your field, ready to bring innovation to the market. You need an experienced professional in process automation and industrial manufacturing to help you scale your process.
What to Consider when Choosing a Manufacturing Partner
A manufacturing partner in an emerging market must develop new and innovative processes unique to your facility. Finding the right partner who understands your needs, and has the right experience, is critical.
You need to be able to focus on growing your business, developing your product, and researching your market. It’s important to select a trustworthy partner that can drive the desired results on the manufacturing side.
Here are a few things to consider when selecting the right partner:
Are They Privately Owned?
Firms that must answer to shareholders tend to be more risk averse. They tend to be more interested in your product when your greenfield/brownfield project is at the finish line and finances are guaranteed. Ideally, you want a partner that answers to you – not shareholders. Their success is your success.
In addition, non-privately owned companies tend to stick to proven processes. Just like a producer looking for a hit movie, an already successful superhero sequel is more appealing than taking a chance on something new. They might not have the experience that an investment technology requires.
Other benefits from a privately owned manufacturing partner include:
- Faster decision making
- Partnership driven
- True investment in the project
How Will They Help You Mitigate Risks?
An emerging market is inherently risky, but being too cautious can cause a project to stall. The right partner should give you the best of both worlds – an agile project that mitigates risk.
You need a partner who understands your cash flow constraints and can operate within those parameters. A good partner not only understands constraints but can optimize your cash flow and maximize benefits of expenditures.
New procedures must also have proper infrastructure in place, such as manpower and a plan for project execution. When building new plants and designing new technologies, you must avoid disconnect between the way the process engineer intends for a system to be controlled versus what the configurator thinks. Avoid separating the process from the people. The right partner will understand the benefit of process engineers and can augment your team to close any knowledge gaps.
The right partner will also know common pitfalls and help avoid unnecessary delays. They’ll help you identify risks and modify your approach based on the project objectives.
Are They a Turnkey Solution Provider?
A turnkey solution provider can take the whole project from concept to startup – and bring your vision to reality.
Whether you’re looking to start a greenfield or brownfield project, you’re going to need more than just an engineering partner. With a turnkey solution provider, you can work with the same team from start to finish and minimize miscommunications.
A turnkey solution provider offers comprehensive support from developing schedules to communicating project health leading to a more timely, mutually successful project.
Partnering with Hargrove
As a privately-owned EPC and system integration firm, Hargrove recognizes the inherent need for advanced technology in complex facilities and is willing to take on the added requirements of working in an emerging market. Combined with our asset life cycle company, Tormod, we work with clients from feasibility to operations and maintenance.
For example, in 2015, Hargrove partnered with Danimer Scientific, a bioplastics company, to retrofit an existing plant supporting a new process Danimer invented for their patented biodegradable plastic.
Learn how Hargrove and Danimer transformed a brownfield into a fully developed manufacturing facility here in an article by Control Engineering.
Hargrove will act as an extension of your talented team and has the flexibility to work with the demands of private equity investors. As a turnkey solutions provider, we can build the facility to fit your needs, automate your process, and train your operators. Partner with Hargrove to turn your idea into a reality. Contact us today.
