What Makes a Good Technology Business Concept?
FastTrac, Kauffman Foundation
When developing your business concept, keep in mind key elements that set certain products or services apart in the technology and life sciences marketplace. You'll want to make sure that your product or service features as many of these attributes as possible:
- Involves significant savings
- Solves a serious problem
- Offers convenience
- Fits into the existing scheme of things
- Attracts media attention
- Identifies a market
- Joins a rapidly expanding market
- Promises a big upside and a low downside
Fatal Flaws of Technology and Life Sciences Business Concepts
Many new enterprises are doomed from the start because they are based on basic concepts which are somehow fatally flawed. Abandoning a business concept in its initial stages is far better than moving forward with an ill-conceived venture that has a minimal chance of success.
Many business concepts are doomed or handicapped by the following all-too-frequent flaws.
Hidden traps- A barrier may lie hidden in the marketplace. For instance, purchasing agents aren't likely to buy an automated purchasing tool that will replace their jobs. Define an ideal customer profile to make sure marketing and sales efforts are geared toward the prospect most likely to need or want the new product or service.