Definition: Minimum Viable Product (MVP)
A minimum viable product (MVP) demonstrates to investors that an early version of the product is viable. The MVP is also used to attract early customers.
Potential Outsourcing for Your Research or Business
Prototype Design, Testing, and Manufacturing Companies
Outsourcing prototype development can jump-start product development and allow you to avoid investing in costly equipment, but it can be expensive. Some companies specialize in translating designs or even ideas into prototypes, initial testing, and/or manufacturing.
Resource on Prototyping Services
Pharmaceutical and Biotech Prototyping Services – Lists companies providing prototyping, testing, and manufacturing services.
Licensing a Technology
Using items and ideas of another business for part of your product frees up time to spend on developing the unique part of the product. If a patented technology is involved, you may have to license the part you obtained from another business. Licensing a technology can be expensive. However, the time and costs saved may be worth it.
(Manbachi et al., 2018)
Resource on Licensing
Pharma Biotech Licensing Trends to Watch for in 2021 – By L. Ellis for In Vivo. 2021.
Contract Research Organizations (CROs)
Companies hire contract research organizations (CROs) to conduct clinical trials and other research support services. For example, research, medical, or pharmaceutical companies may outsource manufacturing and research to CROs.
Example CROs
- Top 10 Contract Research Organizations to Watch in 2019 – By Proclinical.
- The Triangle CRO industry: Where women rule – By David Ranii. News Observer. January 17, 2015. An article describing the prominent role women play in the North Carolina Research Triangle CRO industry.
Resource on CROs
What is a Contract Research Organization? – Article presented by ProMedica International.
Federal Laboratory Consortium (FLC) for Technology Transfer
The Federal Laboratory Consortium (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, 2022). The FLC provides resources, education, training, tools, facilities, and services that your business needs in order to develop the product and facilitate finding a partner. The FLC has six regional offices and many more laboratories.
Reference: FLC. Mission and Vision. 2022. https://federallabs.org/about/who-we-are/mission-vision.
Resource on the Federal Laboratory Consortium
Federal Laboratory Consortium (FLC) – The FLC’s website describes educational programs, publications, events, meetings, regional programs, and more.
