Tips to build a successful business case for your biomedical company
Is your business case ready to be converted into a product returning good revenue? Or to win grants such as a prestigious Horizon 2020 SME Instrument grant award? Of course, some important factors are the technology, your IP ownership or strategy, finance and return, and feasibility of the realization plan. But here are a few other points to keep in mind.
Build a successful business case
Who is your actual customer?
Of course, your technology is intended to improve or save lives of patients. This may be the major goal and end-user market; this market size or opportunities should warrant your product to be developed. But who will be your direct customer? Who will buy your technology/product in the first place? Typically, these can be (larger) companies co-developing or in-licensing your product, or even for trade-sale (business-to-business). These are the customers you will need to interest in your business case. Get to know them, their needs and target your unique selling points to them.
Be realistic about your competition.
No need to slash your competition. It may be your partner or customer in the future (see above). Do make clear what the strong points of your product are, compared to your competitors. Of course, being on market first seems great. But often, there are already alternatives on market. Note this may actually be a benefit; you can deliver your product to a market already opened, lowering some of the market barriers for your product.
Have the right team in place.
Bringing the business case to maturity will ask for teamwork. It will demand complementarity. A CEO leading the company with vision and strategy, an experienced CFO, a dedicated CSO heading the technical team, and a business developer to realize value in terms of growth or sales. Track-record of your team matters. The technology is essential, but the people possibly even more to convert it to a success.
Define your business case
We hope these points will help you define your business case. But of course, there is more that can be said. Our experts have extensive experience in creating business cases and making grant applications in life sciences and biotech, which can support a swift development of your company or technology. Furthermore, with our extensive network we can find innovative partners to join your competitive projects. Contact us to find out what we can do for you.