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Home › Topics › Stages of Starting a Biotech Business › Develop a Business Plan

Leslie Bowen

4: Market Research

Topics Stages of Starting a Biotech Business Develop a Business Plan 4: Market Research
Develop a Business Plan

1: Executive Summary, Company & Product Descriptions

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2: Business and Management Structure

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3: Seek Professional Assistance

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4: Market Research

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5: Financial Analysis and Projections

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6: SBIR/STTR and Other Seed Funding

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7: Venture Capital and Other Funding

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8: Product Development and Marketing Plan

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Market Research

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Challenge

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Market Research: What to Research Before Starting a Business

Learn about:

  1. Alternative solutions to the problem your product solves and how they compare in terms of costs and performance.
  2. The industry you will be in, including its risks and obstacles.
  3. Your customers, including their characteristics, the problem it solves for them, and why they would prefer your solution (Customer discovery).
  4. Market size, which is the percent of the total potential customers who are likely to adopt the product. The target market should be large enough to make a profit and/or rapidly growing.
  5. Other stakeholder requirements and motives, including the end user and payer, if different from the customer, and regulators (state/local/federal).
  6. Suppliers of each category of supplies, challenges involved, availability of alternative suppliers or materials if they become necessary.
  7. Competitors, including their market share. Describe similarities and differences in comparison to your product and business.
  8. Regulatory requirements, such as FDA approval.
Tip:

To learn about your competition, use the searchable database, NIH RePorter/Matchmaker. It helps you determine the extent of competitors’ overlap with your product, learn from their science, and learn their target customers.

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Market Research Before Starting a Business

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Challenge:

Based on the description that Dr. Leslie Bowen gives of her business in the Scenario, which of the following are a part of the business's value proposition? (Select all that apply)

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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
12 Articles
1: Executive Summary, Company & Product Descriptions
2: Business and Management Structure
Part I: Business and Management Structure
Part II: Founding Team
3: Seek Professional Assistance
4: Market Research
5: Financial Analysis and Projections
6: SBIR/STTR and Other Seed Funding
Part I: SBIR/STTR & Other Seed Funding Overview and Getting Started
Part II: Writing and Submitting SBIR/STTR Grant Proposals
7: Venture Capital and Other Funding
8: Product Development and 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 Stages of Starting a Biotech Business

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


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