• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

BioStartup Advice

  • Simulations
        • A Day in a Life: Exploring the biostartup possibility
        • Steps to a Startup
  • Read More
        • Read More:


        • Women Life Scientists as Entrepreneurs
        • Communication Skills for Women Scientists
        • Contemplating Entrepreneurship
        • Early Funding
        • Starting a Life Science Business
        • Basics of Intellectual Property
  • About
    • About BioStartup
    • About Us
    • Contact
  • Self-Check
  • Resources
    • Resources
    • Glossary
    • Blog
          • Topics:

          • Category:

          • Sort By:

          • Clear Filter
        • Resources | Tips | Case Examples
Home › Topics › Steps to a Startup › Develop a Business Plan

Leslie Bowen

Product or Service Development & Marketing Plan

Topics Steps to a Startup Develop a Business Plan Product or Service Development & Marketing Plan
Menu
Instructions
Develop a Business Plan

8/8

Product or Service Development & Marketing Plan

Stories
Key Points
Challenge

This experience is not optimized for mobile.
Please use it on a desktop computer or tablet for a better experience.

Browser Compatibility

I. Product Development

Trying new ways of doing things to create your product and iterative product development in which you create many versions and learn from failures can support innovation. Each product version is tested and then modified according to the results. Even after you develop a successful prototype, products are often modified to gain regulatory approval, reduce costs and time involved in mass production, or respond to customer feedback.

Product development goes through the following stages (Calvello, 2022):

1. Prototype Development

Develop a prototype that proves your concept is feasible. Decide whether to develop the prototype yourself in-house or to outsource it.

2. Transition to Product Production

Transition to the efficient production of a viable product. Work under a non-disclosure agreement with industrial designers, user interface and user functionality designers, engineers (mechanical, electrical, software), and project manufacturers.

Plan for the following aspects of production:

  1. Refine the design for mass production.
  2. Plan for technical challenges, costs, and time. The cost per unit must be less than what the market will pay.
  3. Find a manufacturer that can produce the volume you need. Choose materials and tooling with engineers and designers.
  4. Plan testing to show your product meets any requirements.
  5. Plan to scale up production to respond to demand.

Technology Readiness Level

Technology Readiness Level (TRL) describes how close a product is to being available to customers (BIRAC, 2023; Hook-Barnard et al., 2013). There are 9 TRL levels, with the lowest being “Basic Research” completed and the highest being a product that is “Ready for Deployment.” You might need to describe your technology’s TRL in an application for a business loan, a grant proposal, or a pitch to potential investors. See the “Challenge” tab to learn all the levels.

References

BIRAC. BIRAC-TRLS: Technology Readiness Levels by BIRAC Across Areas Under Biotechnology. Biotechnology Industry Research Assistance Council (BIRAC). February 14, 2023.

Calvello M. How to Go From Product Conception to Manufacturing: A Step-by-Step Guide. SCORE. December 6, 2022.

Hook-Barnard I, Norris S, Alper J, et al. Technology Readiness Levels in the Department of Defense. Washington: National Academies Press (US); December 31, 2013.

II. Marketing Plan

Marketing Strategy

Most biotech and life science companies are sold business-to-business, so your strategy needs to target their decision-makers. Use the results of your market research to understand how best to reach them, familiarize them with your brand, and convince them to buy your product or service. To stand out from other companies:

  • Make your product seem exciting and dynamic, such as by using videos. Show the positive outcomes from using your product or service
  • Highlight a commitment to quality.
  • Portray your team’s positive qualities.
  • Show satisfied customers using your product or service.
  • Invite potential customers to visit your facilities.
  • Break complicated technology down into a few selling points that highlight the most exciting features.

Marketing Vehicles

Mechanisms often used to market biotechnology include:

  • Social Media – Use this essential tool to make your target customer aware of your brand and drive them to your website, blog, or podcast. LinkedIn and Twitter are particularly important channels for marketing in the life sciences (Manosso, 2020).
  • Website – Learn about search engine optimization. Use keywords that your customers will use to find you. Use data analytics to understand the source of your website’s traffic. Effective features on your website include:
    • Relevant, useful, easily consumed content, such as blogs, podcasts, or webinars.
    • Videos to help potential customers understand your product and give it a dynamic presentation.
    • Testimonials from satisfied customers.
    • Easy access to your sales department.
  • Trade Shows – Post a schedule for the shows you plan to attend. Offer free samples if possible.

Product/Service Sales & Distribution Plan

Decide how you will sell and deliver your product or service. For example,

  • Will you use online ordering?
  • Sell directly to the customer or to a vendor who will sell the product to individual customers?
  • Will you extend credit or offer a bulk discount?

These questions and many more will need to be answered as your business moves into the stages of development beyond the steps covered in Steps to a Startup.

References

Facet Interactive (kevin). Top 10 Content Marketing Strategies for Biotech. Facet Interactive | Digital Strategy Agency. December 26, 2016.

Manosso L. The Beginner’s Guide to Biotech & Life Science Marketing. Labiotech.eu. June 4, 2020.

Padhan N. The Complete Guide to Digital Marketing for Biotech Companies. LinkedIn. December 10, 2021.

Sriram R. Content Marketing for Biotech & Pharma: The Ultimate Guide. The Kolabtree Blog. November 20, 2020.

Team Linchpin. The Beginners Guide To Biotech Marketing. November 24, 2021.

Tips:
  • Learn from failures as early as possible while it costs less.
  • Track the history of your design and who made what changes, especially if you are creating a medical device.
Read More:

Design, Prototype, Testing, Manufacturing

See More

Challenge:

Which of the following Technology Readiness Levels (TRL) best describes Leslie’s business at this point?

Prev
Home
Next Section

Set Up Your Business

Login to Take Notes

Take Survey

Usability Testers: Spend at least 20 minutes exploring, then take the survey above.

Previous Article
Back to Sub-Topic
Next Sub-Topic

Primary Sidebar

Topic Home Expand All
Explore Motives & Skills Needed
3 Articles
Motivations for Starting a Business
Life Impact of Starting a Business
Skills Needed to Start a Business
Develop a Business Plan
8 Articles
Business & Product or Service Descriptions
Business and Management Structure
Seek Professional Assistance
Market Research
Financial Analysis and Projections
Seed Funding
Venture Capital and Other Funding
Product or Service Development & Marketing Plan
Set Up Your Business
4 Articles
Establish the Business
Registrations Required for Government Funding
Biotech/Biomed Industry Unique Requirements
Pitching Your Business
Return to Steps to a Startup
End Resources

This project is funded by National Institute of General Medical Sciences (Grants 1R43 GM131458-01 & 2R GM131458-02)


  • Contact
  • Copyright & Reproduction Guidelines
  • Privacy Policy
  • Terms of Service
  • Technology Requirements
  • 508 Compliance

Footer

a product of
Health Impact Studio
a division of Clinical Tools, Inc
  • Simulations
  • Contact
  • About
  • Blog
  • Facebook
  • LinkedIn
  • Twitter
feedback@clinicaltools.com

101 A Market St Chapel Hill, NC 27516
919-960-8118

We're Hiring!

Join the Development Team!

© 2023 · Clinical Tools, Inc · Log in

We hope that Steps to a Startup enriches your career and understanding of how to start small businesses in the life sciences.


Review or download materials from the experience:

Click “Review or Download Key Points” to access Key Points, References, and Tips plus links to “Read More”, External Resources, and glossary terms and definitions from Steps to a Startup. Click “Your Notes” to access any notes you took.

Review or Download Key Points
Your Notes

Other Options

Role-play another simulation on Biostartupadvice.com:

A Day in a Life: Exploring the Biostartup Possibility

Role-play a day in the life of a woman scientist who explores starting a business by talking with colleagues and attending a networking event.

What comes next after starting a business? Learn about later stages of starting a business:

Review this List of external resources that describe the stages of starting a business, from starting stages to established, mature product stages.

Instructions:

Navigating the Steps: Start navigating the steps by clicking on the steps map on the home page.

Index/Progress Meter

Then use the index/progress meter at the top of the page to move between steps. The index shows where you are in the 15 steps. Hover your mouse over a step to view its name. The steps are divided into three, color-coded sections. You can navigate the steps from the Start to the End or skip to any section or step that interests you. Alternatively, use the Previous and Next buttons on the left and right at the bottom of the page to move between steps or to the next section. Click the home icon at the top of the page if you wish to return to the full map of the steps.

Stories Tab: The stories tab will open by default first in each step. To “talk” with the characters, follow these instructions:

  • There will be one to three characters available in each step. Click on any character to speak with them.
  • You may see more than one choice for what to ask a character. Click on the question you want to ask to view their response. Use the arrow buttons on the left and right below the character to move forward or backward within the conversation. The number of dialogue passages for each character is displayed between these arrows. Keep clicking until the character’s response to your question ends.
  • You may ask another question of the character if there are more questions available.
  • Close out of the active character by clicking on the “X” in the upper right corner.
  • You may click on and interact with another character if more than one character is available in the step.

Key Points Tab: Click on the Key Points tab to review key points, tips, references, other resources, and links to Read More information on the step. Links all open in a new tab so you will not lose your place. All Key Points content is offered in a PDF that you can read or download on the last step (“The End”) at the end of the steps map. 

Challenge Tab: Click on the Challenges tab to either apply what you learned already in the Stories and Key Points or learn something new.

Definitions: (Optional) Hover over blue highlighted terms to learn their definitions. There is a link to the full glossary in the last Step (“The End”).

Take Notes: Log in to use the notepad on the lower right. You may download and save your notes at any time or access them via a link in the last step (“The End”)

Download or View a PDF: All of the content on the Key Points Tabs is available to view or download in the last step (“The End”).


Review “Browser Compatibility” beneath the simulation if you are experiencing any issues.

Instructions:

Overall Game: Navigate the steps in order by clicking the Next button on the upper right between steps. Alternatively, click on steps in any order that interests you. The “Map” button at the top of the page will open an index based on the Map on the first page, which will allow you to navigate to another step. Alternatively, click on the home button to return to the first page Map.

Forgot Password?
Register New Account
Sign up for our Newsletter!

  • Hidden

Register

"*" indicates required fields

Name*
Consent

Topic Content

Expand All
Explore Motives & Skills Needed 3 Articles
Expand
Sub-Topic Content
0% Complete 0/3 Steps
Motivations for Starting a Business
Life Impact of Starting a Business
Skills Needed to Start a Business
Develop a Business Plan 8 Articles
Expand
Sub-Topic Content
0% Complete 0/8 Steps
Business & Product or Service Descriptions
Business and Management Structure
Seek Professional Assistance
Market Research
Financial Analysis and Projections
Seed Funding
Venture Capital and Other Funding
Product or Service Development & Marketing Plan
Set Up Your Business 4 Articles
Expand
Sub-Topic Content
0% Complete 0/4 Steps
Establish the Business
Registrations Required for Government Funding
Biotech/Biomed Industry Unique Requirements
Pitching Your Business

Browser Compatibility

This simulation is optimized to be used in Chrome and Safari web browsers. It will not work correctly if using the “private browsing” features of your browser.

You may experience slowness if you use the Firefox browser.

If you would like to use the simulation in Edge, you’ll need to open Edge, go to “Settings” within Edge, and choose –> Privacy, search, and services –> Tracking Prevention –> and choose “Basic”.

Login
Accessing this topic requires a login. Please enter your credentials below!

Lost Your Password?
Register
Don't have an account? Register one!
Register an Account

Registration confirmation will be emailed to you.