I am reviewing a new start-up focused on manufactures a new Carbon Fiber roofing panels and joists for construction in North American market. There needs to be an initial investment in research and development. Further there needs to be marketing and product awareness as well.
We would like to have manufactured products that can be sold in outlets and also have the team that works on custom designs and outfitting as well.
I am wondering if anyone has had experience going through a similar venture and how much initial funding is required to setup the operation.
Also what would be the biggest challenges that they encountered?
Your question in regards to how much it will cost to do the research depends on the scope of the research. I think you should first identify how long it will take to do the research and how many people will be involved then you can do the costing. At this stage there is too much that is unknown to give you an estimate.
It should not be hard to contract this effort out, once you put in writing what needs to be done.
Here is what the real hard part is:
You really are exposing yourself to almost certain failure if you don't start first by putting together a trade show booth and exhibiting at some industry trade shows in order to talk to decision makers (contractors, architects, engineers etc).
They will inform you of the price performance requirements for market uptake. They will be your first investors. They will be your early customers.
If you do a "build it and they will come", you will be taking on a lot of needless risk.
so many people are not creative, nor hardworking but they earn alot of money