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Stage – ID3: Develop the Opportunity

Following on from design are those activities that ensure a product is fit for purpose over time, that it is reliable, of consistent quality and performance, and cost effective. Development therefore includes further market analysis, proof of concept, prototyping and design for manufacture - which is where businesses with specialised equipment and skills come in.

Select a task name below for more information

Task Overview

Your business plan will need continual improvement as you develop the innovation.

What you need to do:

  • Revise the basic components of the plan:
    • A formal requirements specification and a project plan with timelines.
    • The main stages of product realisation.
    • The management review.
    • Verification and validation activities, including regulatory approvals.
    • Resource requirements and availability.
    • Project milestones.
    • Areas of risk, responsibilities.
    • Costings.
  • Test and review the initial assumptions on which your business plan is based.
  • Test and review your initial risk assessment, based on economic hazards, including the costs of delay, and decide on a contingency plan.
  • If necessary, establish a company or other legal entity able to receive external funding, and through which you will develop your product.
  • If required, research and prepare patents. This can be costly so think carefully about this aspect of your business.
  • Consider seeking a strategic partnership to provide competencies that cannot be sourced internally (e.g. clinical advice, trusted commercial expertise, people with knowledge of your potential marketplace, etc). The NIC’s Networker tool may help you.
  • Establish safeguards in terms of insurance and appropriate legal measures to protect the new business.