The Need for Business Planning:
Even in an innovation's early stages, researchers need to think about how their device will eventually get into the marketplace and help patients. The Business Planning Core of the APDC helps innovators to understand the steps necessary in the process of getting their device into the marketplace.
Understanding the market, determining methods for financing, building relationships with distribution channels, and assessing potential competitors are important skills that many scientists haven't had the opportunity to develop in their careers. APDC's Business Planning Core works with innovators to understand and apply these skills, helping them to successfully navigate the commercialization process.
Assessing 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