Upon completion of this first milestone, the innovator has become aware of the potential risks that might derail a project from achieving commercialization. These risks include intellectual property, ownership of the idea, market size and trends, outside influences (political, social, etc), regulatory issues, revenue limitations (for example, reimbursement), and current and alternative solutions being used by customers. This milestone is an early check and balance to determine if a business opportunity exists and should be accomplished before any product development occurs.
Commercialization Process: Need & Opportunity Analysis
How this Milestone Reduces Project Risk
Need and Market Opportunity Analysis asks the innovator to consider the elements of a comprehensive business model. Through this consideration the innovator identifies potential risks and creates a plan to understand, and perhaps overcome, these outside influences.
What to consider at this time
Awareness of the influences, beyond technical issues, that could derail a successful commercialization effort. A competitive analysis at this time to assess market key players.
READY TO START?
In the Needs and Opportunity module you will learn how to:
- Assess the problems in the market that the new technology will overcome
- Evaluate market trends and external factors that will impact the new technologies on the market
- Complete a competitive analysis (SWOT)
Learn about relevant resources for exploring the needs and opportunities within a field.
Use this worksheet to record progress while exploring the needs of your device. This will be a reference point throughout your Business Development Cycle.
Dive Deeper into the best practices around understanding the market need and how much opportunity truly exists.