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Stage – ID4: Demonstrate the Benefits

At this stage evidence needs to be presented that the prototype is viable and meets planned design requirements. Building on this evidence, the business plan needs to be finalized and further funding needs to be sourced.

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Task Overview

What you need to do:

  • Use the evidence you have to support your product’s commercial viability and secure a first round of venture capital funding to help you develop a full prototype as you prepare your business for marketing your product.
  • Start managing the funding cash flow. It’s likely that funding will be released as you reach project milestones. For example, achieving regulatory compliance would be when to expect additional funds to be released for production and sales into target markets.
  • Manage your company’s cash resources to achieve these milestones, as failure will mean additional external investment and a reduction in the value of the business.