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From concept and design to production readiness, introducing a new product or service can be expensive. Because of the lower cost of smart technologies, it is now possible to validate designs with less rounds of prototyping and testing. This leads to savings in the design phase, improved product quality, and less materials and energy being used to bring the product or service to market. The sum total of these savings’ lower startup costs.
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Joseph Luellen (2024) studied this question.
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