Testing Your Idea for Commercialization

Before commercializing your technology, test the idea with these questions:

What product should you build?

There are many ways to apply technology to a problem.

Who is the target customer and can they pay for it?

It’s important to gain clarity on your target audience and check to see if they have a budget to pay for your solution.

How big is the market?

It’s best to pursue a large target market so there’s ample opportunity to sell the product.

Who is the competition?

Even if there’s no product like yours on the market, customers are solving the problem already in some manner.

What intellectual property strategy should be applied?

There are multiple ways to protect a technology including not only patents but also trade secrets.

Can the product be manufactured for a cost that fits the customer’s budget?

One can consider licensing the technology instead of creating a product.

What regulatory requirements must be met to sell the product?

It’s important to understand the regulatory landscape for your industry.

What is the ballpark cost to build the product?

This will determine your selling price.

Test your proposed product with these questions.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.

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Disclaimer:
Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.