1. Describe the need for your product or service. Describe the problem that it will solve and who has that problem.
Example: “Isolating proteins for biochemical research or manufacturing is a delicate, rate-limiting step that can take hours, even days, and small human errors often accumulate to produce an inferior quality isolate.”
2. Describe your solution and its unique value clearly in language everyone understands.
Example: “I created a device that automates the most time-consuming and sensitive step of isolating proteins, saving hours of lab time and improving the quality of the isolate.”
3. Describe the target market, who would benefit.
Example: “Our target market is any lab that isolates proteins, whether for research or mass production. They will benefit from using my device to automate their isolation process.”
4. Talk about yourself, team, and your research including training and achievements, projects you have worked on, leadership experience, products produced, who you have worked for, and your vision for your research.
Example: “To develop this product, I draw from my experience leading a team at Ionetics, Inc., that isolated a newly identified cytokine involved in aging. We received the 2019 NCA Cytokine Discovery award for that work.”
5. Describe the business including purpose, mission, history, technology readiness level, business model, reimbursement strategy, funding raised to date and its yield, and future funding needs and plans.
Example: “My partner and I are determined to solve the problem of toxic reactions to nut mycotoxins via a detoxification device. It would be purchased by nut distributors and used on the nuts immediately prior to packaging. It will add to the cost, but our research shows that there is a market among health-conscious consumers who are willing to pay a little more for enhanced food safety. We have formed an LLC and are working with a prototyping company to develop the first model. We have raised half of the $1 million we need to bring the fully developed product to market.”
6. Explain your achievements so far including patents/applications, prototypes, product stage of development, and progress toward regulatory approval.
Example: “We have a provisional patent through the end of this year when we will submit our patent application. We have worked with our patent lawyer’s office to complete research that confirms that our claim is unique, so we are confident that our application will be approved. We are in the second year of a Phase II SBIR award, have completed the prototype, and are starting the clinical trial. Based on our prototype testing, we are confident we will meet lab safety testing and certification standards during Phase II.”
7. Describe risks, risk mitigation, and alternatives.
Example: “The main risk is that consumers with allergies to nut allergens may eat nuts that have been processed to remove mold, and assume our detoxification makes the nuts safe for people with true nut allergies. It does not. To avoid this misunderstanding, we will make no claims about having an impact on allergies and will require food distributors using our detoxifier to label the nuts with a warning that they are not safe for individuals with nut allergies.”
8. Check for competition and be prepared to discuss it.
Example: “Our main competition is the current, less effective surgical protocol. The data supporting better surgical outcomes by using our product is clear, but we are running into inertia and the convenience of doing business as usual. We need administrators inside the system to act as champions for our approach, which is why we are seeking funding to offer free training to them.”