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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.

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Task Overview

There should be a clear financial return over the anticipated investment.

For example, if anticipated manufacturing costs are higher than the projected selling price then the design needs to be re-visited before proceeding.

Do not proceed to the next stage without first having demonstrated the value by following these steps.

What you need to do:

  • Try developing all the information you have into Strengths, Weaknesses, Opportunities, Threats (SWOT) analysis to help focus development or production on specific aspects of the potential market or product launch.
  • Use your information on potential routes to market, clinical need, technical challenges and product pricing to apply the next stage gate test:
    • Clearly define the product requirements specification, product plan and initial manufacturing costs.
    • Present and demonstrate the concept to end-users to generate clinical interest.
    • Anticipate your route to market, estimated selling price, and market share.
    • Use the internet, publications and patents should have to show that your ideas are novel and do not infringe the IP of others. In cases of potential conflict, seek professional advice from a patents lawyer.