Even though clinicians often observe problems and opportunities for change within their own environments it is important to recognize that the ‘system’ one works within is not always designed to accept research based learnings or techniques, or to procure innovative solutions. Building an evidence based case for change is the role of effective market development.
Validating a market opportunity includes understanding the problem beyond clinical terms, sizing the problem financially and non-financially, and understanding incentives of decision makers. These are all important steps during early stages of commercialization to navigate across the traditional valley of death.
Research and innovation funding often takes a macro, top down lens to potential impact to a defined population without considering what actions catalyze procurement and adoption at scale. Growing a company requires both.
This lecture will go beyond product based technology readiness levels (TRL) and focus on commercialization readiness levels (Helsinki Index). It will include what practical and tactical market assessment and customer insight tools can be used at the early stage of a venture. Such tools can help better define markets, competitive forces, talent development and other business model canvas building blocks. This is part of how young firms define their growth trajectory to investors and the public alike. We’ll consider questions such as: when is primary research more valuable than secondary reports? what is the difference between categorization and segmentation? how soon and how often do you speak with potential customers, competitors and acquisition targets?
Recommended pre-lecture resources:
1) Pecha Kucha style https://www.youtube.com/watch?v=PBnX9-YVmtM&index=10&list=PLsnf1B111aPsZSrWlOcP5SnnavxJWmnxw