Planning is always the first step in developing a business. A good business plan will provide direction and foresight as to future barriers that need to be overcome throughout the commercialisation process. A business plan should be a living document which evolves over time as you research your market, your IP position and understand your financial and market entry requirements. Consider the following headings when writing a business plan:
- Background & Introduction: This should be a short overview of the invention highlighting the innovation and providing a brief introduction to the rest of the business plan
- Technology overview: This should be a detailed overview of the medical device and its features.
- Target Milestones: What and when do you want to achieve particular objectives? For a medical device, this may be obtaining TGA approval or securing a certain amount of funding through capital raising
- Timeline & Deliverables: This can be outlined in a table or GANTT chart
- SWOT analysis: Perform an analysis of the strengths, weaknesses, opportunities and threats facing your technology
- Market strategy: This should involve an assessment of the market size, market opportunity, competitive advantages, identified market need, market segmentation and target market applications.
- Distribution strategy: This section should highlight which jurisdictions that you want to target, and any key partners to which discussions have commenced.
- Intellectual Property: This section should highlight any patents, design registrations and trademarks associated with the medical device.
- Manufacturing strategy: Which parties will be involved in manufacturing the medical device and the key stages of the manufacturing process?
- Regulatory strategy: Any key bodies and key certificates that must be obtained before market release
- Risk Analysis: Understanding the risks and showing you are aware of them is an advantage to you and to your potential investors
- Financial Strategy: How much funding do you have and how much more will you need? How do you intend to raise capital?
- Key personnel and organisational chart: Understand how to best play to the strengths and weaknesses of your team (even if its just you) and know when/where you will need help
At Inner Maven, we can assist to compile and present targeted business and marketing packs.