Accessing Readiness for Business Planning:
How do I know if I am ready for the business planning stage? These are the areas that inventors need to think about and consider for your innovation to be successfully:
- How developed is the idea?
- Intellectual Property:
* Is there an existing patent already approved for this same technology?
* Have you explored or already applied for your own patent?
Similar solution already available in the market? If so…
- What is your differentiator/competitive advantage?
- What are the market channels? (e.g. over the counter at a drug store, by prescription only)
The more developed your business plan, the better positioned you will be to seek initial and follow-on funding.
Critical Concepts Related to Business Plans:
Market Segmentation – Relates to the entities who will buy your product. The Harvard publications listed below are available for a small fee. Click here to access
- Market Customization: Market Segmentation, Targeting, and Positioning
Harvard Business Press Chapters Product #2580BC-PDF-ENG
Market Acceptance – What the market willing to pay for this innovation
- Marketing Reading: Pricing Strategy, Robert J. Dolan; John T. Gourville Harvard Business Publishing Product #8203-HTM-ENG
Competitive Landscape – What competes for the segment’s dollars in the marketplace
Profitability Factors – The necessity of developing and manufacturing a sustainably competitive innovation
Channels of Distribution – How your innovation becomes known and available in the marketplace
- Marketing Reading: Developing and Managing Channels of Distribution Harvard Business Publishing Product #8149-HTM-ENG
Strategic Growth – How your organization will evolve and grow upon success
Once you have a clear understanding of each of these areas, you may be ready for the business planning stage and to seek funding.
Do you think you are at the stage where a formal business plan can be written? If so, you may contact our business planning core for guidance. Contact Us