Innovators often identify a need or problem through a personal or professional experience. Rehabilitative and assistive technologies provide a unique perspective for developing and proposing potential solutions when living with a disability or serving as a caregiver or clinician. What happens when the decision is made to translate the idea into a product?
Translating an innovation from a “light bulb” moment to a product sold for use, referred to here as commercialization, is truly challenging for even the most experienced entrepreneur. This module dives deeper into two common hurdles in commercialization that are critical to circumnavigate at an early stage:
- A product is not a business, therefore a business model needs to be developed to avoid commercial failure.
- Innovators often make assumptions about their technology, business, and market. These assumptions must be validated so that the product does not lack critical features for the customer and user, and ensure that the product is one people are willing to pay for. Thus, getting a purchase means satisfying the needs of each of these potential customers and stakeholders.
Complete the Need and Opportunity Analysis Worksheet with information gained through market research, to assess the portion of each market the new technology can capture.
As the customer is the ultimate buyer, it is imperative to identify the problem or need from their perspective. Other decision makers, or stakeholders, will also influence the decision to buy. In the context of rehabilitation or assistive technologies, these stakeholders may include internal clinical review groups, hospital administration, hospital or clinic quality committees, department heads, safety committees, and those involved with distribution or reimbursement. To help identify all potential customers, customer groups, and stakeholders it is necessary to understand these commonly used terms.
Refer back to these terms for definitions throughout the journey through Business Development and utilize the Customer Identification Worksheet to determine the stakeholders who make up the market(s). These stakeholders will need to be addressed during Customer Discovery.
Understanding the threats and opportunities from existing competition is necessary to inform the decision to move forward with commercializing a product. In order to understand the competitive landscape, it is important to obtain insight from prospective customers regarding their knowledge of current solutions. Prospective customers will also enlighten the innovator as to where and how they currently buy their products and how they obtain after-the-sale service.
Understanding the threats and opportunities from existing competition is necessary to inform the decision to move forward with commercializing a product. In order to understand the competitive landscape, it is important to obtain insight from prospective customers regarding their knowledge of current solutions. Prospective customers will also enlighten the innovator as to where and how they currently buy their products and how they obtain after-the-sale service.
With an understanding of business models and how to go about identifying customer and stakeholders the following questions should now have an answer and assumptions should be able to be made:
- Who will use this product?
- Who will buy this product?
Remember, users, buyers, and decision makers are not necessarily the same person and may have different reasons to want the new solution.
