Outline/Refine Critical Assumptions until they stop changing

Why is this Important? You need to list your key assumptions in such a manner they can be tested and validated by experts, customers, influencers, users. Validating what you “know” vs what you “think you know” prevents you from spending resources on a bad idea and gives you an opportunity to refine/modify the idea before going to the next step.

Key Actions Things to Consider Tool Kit
Outline the features and benefits of the proposed product Put it in a form that can be easily shown to people from whom you want feedback (Illustrations, presentations, etc)
Confirm whether or not there is a real need and if product/service satisfies the need Talk to multiple MDs, patients, and Key Opinion Leaders to determine if the need is real – 20 min interviews LSWI Consulting
File additional provisional patents if needed Your product may change during your discussions and iterations. These changes might not be covered by your original provisional patents.
Draft initial Value Proposition

  • Who will benefit and how?
  • Who will lose out and how?
  • Who will pay for it?
This is a critical step

There are a lot of stakeholders in any market and not all of them will benefit from your product; who do you have to convince to buy your product and how?

What product attributes will drive physician / payer / patient preference?

Value Proposition Template
List assumptions in the following areas:

  • Business model (market size, price, costs, timeline, financial model)
  • Regulatory & reimbursement requirements
  • Manufacturing, pre-clinical, and clinical requirements (Time, cost, etc)
  • Technical viability & Value Add of product
  • Competition
Your assumptions should be used to determine if the solution is economically viable & technical feasible

Do you have reliable market data?

What distinguishes the product biologically & technically?

How much time & resources will be required to get to market and establish superiority vs. competition?

What is your clinical and regulatory strategy?


Assumptions Template

Customer Discovery Questions

LSWI Consulting

Tech Transfer Office (If applicable)


Develop questionnaire(s) for testing assumptions and present to users, experts, influencers, and customers Find a mentor to help you connect to key interviewees

Are your assumptions viable with experts?

Continue research and testing assumptions and modifying where necessary and iterate on your assumptions until they are final Have you talked to at least 20 potential prescribers?

Is the idea/product & potential company still viable?

Determine if the product should be developed as a company, licensed out, re-scoped, or scrapped Is the Idea/Product more appropriate as a licensing opportunity to an existing company?
Refine your Value Proposition Apply what you learned to your initial summary Value Proposition Template