Design and validate your business model
Feedback from the market will let you take the right decisions
A product represents a solution for certain existing problems (or needs) in prevention, diagnosis or treatment. It is an important part of a business model and, crucially, represents the underlying value proposition, so investing in product development, in other words, value creation, is therefore key. Additionally, you should ask yourself:
- Does it make sense for me to invest such an abundance of time, resources and efforts in creating value without the certainty that the hypothetical customers I expect to target (patients, physicians or healthcare providers among others) are willing to use, and more importantly, to pay for my product?
- Does my business model create and deliver enough value to capture as much of it as I need in order to make the business model profitable and attractive for future partners?
- How do I communicate this internally and to our potential partners so that we all speak the same language? How can I manage such a complex multicultural, multidepartmental and multidisciplinary project?
- Am I certain that I am moving in the right business direction?
Consider that business development is as important as product development and your product is only part of a business model. You need to ensure that all the elements of your business model are properly designed and validated before you move too far and too fast.
At trifermedCBDO we have the methodology, the competence and the expertise to help you manage this fascinating process. From business model design (or a review of an existing one) to validation of the key hypothesis with potential partners, working together as a team, we will support you along the process to make sure your business model makes sense and adds enough value to the market. During the process we will introduce your product to the selected partners (based on the right partner profiling) and learn from their expertise and feedback, market by market.
The outcome of the process will help you make the right decisions:
- If the feedback from the potential partners is positive and the hypothesis is validated, you may decide to move into a negotiation process with the interested parties and build up the best partnership to move along the value chain towards commercialisation. The trifermedCBDO team will also support you during the negotiation process, bringing together our expertise from more than 130 successfully signed deals.
- If the feedback from the potential partners is negative and the hypothesis is not validated, you may decide to pivot to a better business model or simply stop the development of your product.
In any of the above scenarios, the feedback from the market will be key in helping you make the right decisions.
Please do not hesitate to contact us by phone or directly, by sending an email to any of our team members. We will be pleased to provide any additional information you might request. We look forward hearing from you and having the opportunity to provide you with state-of-the-art business development services.