Innovation

Turning New Products Into Profit

Tips on R&D, branding and sales for entrepreneurs with a new product idea

Written by Andrew Brown & Robert Gold

In this episode of the PROFIT BusinessCast, Alex Savva, co-founder of PharmaFreak Sciences gives his top three pieces of advice for any entrepreneur looking to launch a niche product in their industry.

Savva and his partners develop and sell sports supplements, a very specialized niche within a very competitive space. It started when they identified a gap in the market. As users of these types of supplements, Savva says they weren’t satisfied with their potency. “We found they were overhyped and over-marketed but not delivering,” he says.

They developed their first product (which they tested on themselves) and used it as a springboard to launch a successful business.

PharmaFreak is also a little-known Canadian export success story, with healthy global sales, particularly in the European market.

For Savva’s story and his advice, listen to the podcast.

Available on iTunes

Originally appeared on PROFITguide.com