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 |
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| 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
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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:
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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?
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Assumptions Template
Tech Transfer Office (If applicable)
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| 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? |
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| 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? |
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| 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 |