The business must develop viable products efficiently.
The intellectual property must be defensible, with no other patents that could block commercialization.
The business plan must include a strategy for generating significant profit that
- Includes customers already convinced of the need and willing to pay for the product or service.
- Considers regulatory and reimbursement issues.
The target market should be large enough and/or rapidly growing.
The management team must be able to implement the business plan.
Source: Kolchinsky P. The Entrepreneur’s Guide to a Biotech Startup 2004. PDF.