I am a terrible sales guy, at least that is the story I typically sell to people. I am not going to try to discuss how to be a great sales person, I just don’t have those answers. This is intended as a primer for entrepreneurs to help you understand the sales process and the…
Prove the Technology and the Market
At this point, you are feeling good about the problem opportunity and market you are going after. You have a good understanding of the customer and can give your elevator pitch confidently. What you likely don’t have is significant funding to get this venture off the ground! The key is getting the concept de-risked so that you…
Refined Business Models and Business Plans
You are now well on your way to product/market fit and have an initial elevator pitch in hand to bring to investors. The first thing they are going to ask you about is how you plan to make money. You should have some ideas on what the business model should look like but now it is…
Refine The Value Proposition and Craft an Elevator Pitch
As an entrepreneur or product manager, no doubt you have identified a market problem to solve, gained knowledge of who the customer is, and come up with a solution they likely will value. The work is not over though, you want to continue to engage the customer-base and get course correction as you push ahead. Customer surveys…
Solution Development: What is the product, is this a good opportunity, is there business model?
Solution Development: What is the product, can we make a business model work, is this a good opportunity? At this point you have come up with a small number of promising problem opportunities. You have connected with potential customers and built a better understanding of their needs and how they perceive value. It is now time to define…
Customer Surveys and Problem Refinement
You have now identified some promising problems you feel your venture can address. The next focus is now on refining the problem with additional research and by talking to potential customers. The first step should be to do a lot of Googling. Look for white papers, articles in trade publications, check company annual reports. You…
Problem Identification and Brainstorming
As I stated in my first post on technology business development and commercialization, no one likes change. That includes buying, implementing, and adjusting to your product or service. People are busy and will not prioritize learning about your offering and deciding to proceed with a purchase. To ensure rapid adoption (or any adoption for that matter), you need…
“Post-Up” Ideation/Brainstorming Sessions
One popular brainstorming method is “Post-Up” Ideation. Typically it is used to come up with solutions to complex problems but it can also be applied to come up with new market opportunities, new features, new customer problems to solve, or new product ideas. Where it shines efficiency at capturing the ideas of a whole team…
Technology Business Development Process
Overview: I have spent the past few years commercializing technology and establishing strategies for a new business. The following describes my thought process for generating a new product. This process is ideal for situations where there is IP, grant money, or another basis for technology (perhaps your skills and background in a particular area) that you…
Business Opportunity Size – How big should it be?
My business development process begins with identifying a problem or need you can address in a market. You can go through a thoughtful ideation to find a problem within an industry that is well suited to your technology concept/implementation, personal strengths, or passion. Before we dig into that it is helpful to understand how big an opportunity needs to be and what…