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Stage – ID2: Design the Solution

Design is a vital part of the product development process, and can be defined as the formulation of an idea as a solution to a problem, or as a way of doing things better. In this context companies providing project, business or technology management services can be said to be involved in design.

Select a task name below for more information

Task Overview

Draft your Business Plan, reflecting your manufacturing, sales, distribution and service support plans. A sound business plan will encourage others to invest in your innovation.

What you need to do:

Draft a business plan incorporating:

  • A formal requirements specification and project plan with timelines and milestones (e.g. producing first design, producing first prototype), and estimate the cost required to reach them.
  • The main stages of product development
  • A management review
  •  Verification and validation activities
  • Resource requirements and availability
  • Project milestones
  • Areas of risk and responsibility
  • Costings
 
You also need to:

  • Develop a risk assessment based on economic hazards and create a contingency plan
  • Set up a registered company or other legal entity to receive external funding
  • Plan for researching and preparing patents. Establish who owns the idea. Check relevant employment contracts and/or collaboration agreements early to identify who has the rights to exploit the IP (intellectual property)
  • For medical devices consider regulations and classification
  • Consider forming a strategic partnership to access skills you cannot source internally
  • Protect the new business with insurance and appropriate legal expertise

If you are short of time or do not want to get involved in the business side, you may want to consider the following:

  • Licensing the Intellectual Property (IP) for a partner company to take the product to market
  • Setting up a company to develop the product to a point where a partner company can take it to market
  • Setting up a company to take it to market