Everyone has ideas, but few people have the tenacity to convert their idea into a commercial product. How many times have you come across a product thinking ‘ Hey… I thought of that idea?’ Commercialisation is a long and complex process, particularly for medical devices and pharmaceuticals that face the additional challenge of dealing with regulatory authorities. Medical devices have the potential to really impact lives and healthcare. But getting to the next step and understanding what to do in order to be successful is not always simple.
Consider the following points in defining the value of your idea:
- What problem are you solving for customers? What specific issue are you addressing where customers will feel a need to buy your product?
- Define your value proposition
- How critical is your technology to the solution of solving this problem?
Are there better, more affordable alternatives?
- What is the competitive advantage of your product? What are the
strengths and weaknesses of your product compared to potential
- What customer segments are you targeting?
- How will you successful demonstrate that your technology works? For
medical devices, it must also be safe and comply with medical regulation.
- The most important question of all: Do you have the strength and persistence to stick to your idea, take on valuable feedback and experience the ups and downs of commercialisation?
Inventors require access to specialist skills, knowledge and resources to develop and take a product to market. These may include challenges with IP, distributors, funding, negotiating agreements and a whole range of issues requiring specialist expertise. Inner Maven specialises in mentoring and guiding entrepreneurs from that one idea, towards a path of successful commercialisation.