By getting out of the building and talking to over 100 potential customers and partners, teams rapidly:
- Develop a set of hypotheses describing their assumptions regarding the business model for their proposed tech startup;
- Define clinical utility and a distinct value proposition for their technology before investing significant time and money;
- Understand the technology’s core and secondary customers, purchase influences, and best channels to reach and retain customers;
- Learn the regulatory and reimbursement processes required for initial clinical sales and downstream commercialization;
- Assess intellectual property and regulatory risk;
- Identify key activities, resources and partners that would be needed to bring technology closer to commercialization;
- Know the data that will be required by future partners and collaborators before doing the science;
- Understand the most important associated costs and identify a revenue model;
- Identify financing vehicles before they are needed.
The outcome of the class is an investment-ready business model and commercialization plan for the idea or technology that the team has been exploring. Equally important is the experiential and evidence-based learning that will inform and shape the way you tackle your future ventures.