Definition: Minimum Viable Product (MVP)
A minimum viable product is an early version of the product that entrepreneurs can use to demonstrate the viability of the concept to investors and to attract early adopter customers.
Potential Outsourcing for Your Research or Business
Prototype Design, Testing, and Manufacturing Companies
Some companies specialize in developing prototypes according to specifications. You could use one to jumpstart your product development. Outsourcing prototype development can be expensive, but may be a good option if you don’t want to invest your own time or commit to investing in costly equipment.
Companies that specialize in translating designs or even ideas into prototypes, initial testing, and/or manufacturing.
Licensing a Technology
You often can use the products and ideas of another business for part of your product, which frees you up to spend your time on developing the unique part. If a patented technology is involved, you may have to license it. Licensing a technology can be expensive, however, the time and costs saved may be worth it.
(Manbachi et al., 2018)
Contract Research Organization (CRO)
Contract Research Organizations (CROs) are hired by other companies to conduct clinical trials and other research support services. For example, CROs may used by research, medical, or pharmaceutical companies to outsource manufacturing and research.
- Top 10 Contract Research Organizations to Watch in 2019 A descriptions of 10 CROs by Proclinical
- The Triangle CRO industry: Where women rule. By David Ranii. News Observer, January 17, 2015. An article describing a prominent role for women in the NC Research Triangle area CRO industry.
Federal Laboratory Consortium (FLC) for Technology Transfer
FLC is a national network of “over 300 federal laboratories, agencies, and research centers that fosters commercialization best practice strategies and opportunities for technology transfer to the marketplace, reaching commercialization goals, and achieving the impact of innovative technologies.” FLC provides resources, education and training, tools, facilities, and services that your business needs in order to develop the product and facilitate finding a partner. There are 6 regional offices and many more laboratories.