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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

By now you will have proved your concept and your product will be in the first stages of development. The next step is to secure funding.

What you need to do:

Consider the following sources of funding:

  • Small scale ‘proof of concept’ or 'seed' funding. To access these funds you will need a project plan with the specific costs required to reach specific milestones. Decide whether investment will be derived from public or private sources, or from a combination of both. This process takes time, so factor in intervals between applying for and successfully receiving funding.
  • Using public funding at this early stage can be beneficial as it should reduce the risks for future private investment and thereby allow you to retain a greater share of the business. However, there are rules whereby state-funding can only provide support for product development up to a maximum (typically 50 per cent), depending on the project type.
  • The Department of Health New and Emerging Applications of Technology Programme (NEAT Programme) supports work which applies recent advances in fundamental knowledge and technology to the development of new products and clinical interventions.
  • Consider other government Grants for Research and Development (R&D), which provide finance to individuals and SMEs (small and medium-sized businesses) to research and develop innovative products. Four levels of funding exist, depending on the sophistication and demands of the project.