1. Formulate a concept of your product and select a trademark for it.
2. Assess the market using available sources of market research - universities and colleges, economic development agencies, and web tools.
3. Develop a prototype - it does not need to be perfect of pretty, it has to work.
4. Secure your product Intellectual Property. You have to do it promptly. Keep the following three things in mind -(1) you do not need a functioning prototype to file a patent application; (2) research your competitors technologies and do not ignore your competition; and (3) do not start selling your product until you file a patent application.
5. Promote your product - solicit potential customer feedback, test product with target customers, and develop metrics to measure feedback.
6. Redesign and refine your product. You may need to secure your new Intellectual Property again.
7. Set up distribution and sales channels. Research where to sell. Do not make assumptions about packaging and/or price. Talk to beta users and retailers.
8. Raise money for operations. Bring investors with great care. They are not investors, they are your partners.
9. Select Board of Directors and establish credibility in your industry.
10. Get market exposure.
11. Set up production of your product.
12. Stay ahead of competition - develop a new generation of your product.