How to Advance Your Solution
We’ve curated resources to help.*
- Design ThinkingDesign Thinking is a framework to generate innovative solutions through creative problem solving. It involves five stages: Empathy, Define (the problem), Ideate, Prototype and Test. The following tools, resources, and inspiration may help you further refine the innovative solution you have created for a health or healthcare challenge:
-Design Thinking for Health
-Design Thinking Bootleg
- Business PlanOnce you have your idea, you will need a business plan, which maps out a detailed blueprint for how to structure, run and grow your startup. It will help convince people that working with you, or investing in your company, is a smart choice. Lean Canvas is a business plan template that distills your idea down to one page. It is quick, concise and easy to share.
-Lean Stack – Lean Canvas
-Business Model Canvas
- Market ResearchAfter defining your business idea, you will need to validate it through market research. Is there really a market for your product or service? Who are the potential customers? What is your competitive advantage, and what, if any, fine-tuning is needed? Not only can you optimize your product, but you can also wow investors!
-Conducting Market Research
-Grow Your Biotech: Marketing Fundamentals, Online Presence & Content
- Website DevelopmentAfter you have crafted a business plan and done market research and before you ask for investor money, it’s time to build a website. When building your website, you will want to define your value proposition, understand the customer journey, assess content needs, develop your branding, and choose a domain name. There are simple tools available to help you through the process.
INVESTOR PROPOSAL WRITING
An investment proposal is a Word document about your startup (product or service) whose purpose is to raise funding. In this proposal, it is essential to demonstrate that you understand your audience, know their needs, and can address these needs with your idea. You will need to prepare your argument for why your startup is worth the investment before you begin writing.
Learn More Webinar:
Even though you have a great idea, a great product, and a great team, you need to be able to communicate this well to secure funding. Make sure you’re ready for this important pitch. Learn the secrets behind the pitches that succeed:
-The Right Way to Craft a Pitch
-Developing a Non-Confidential Pitch for in Person and Virtual Presentations
-An Innovator’s Guide to Crafting the Perfect Pitch
For slide resources check out Prezi, Slide Bean, Sway, Google Slides, and/or PowerPoint.
A founder's agreement is a legally binding contract that outlines the roles, rights, and responsibilities of each owner in a business, distribution of equity and vesting and Intellectual Property assignment. If you are working with others, you should implement this immediately upon starting your business journey.
The business structure you choose influences everything from day-to-day operations, to taxes, to how much of your personal assets are at risk. You should choose a business structure that gives you the right balance of legal protections and benefits. Choosing your business structure is one of many legal steps you must take before you launch your business.
-Raising Capital: A Legal Primer
-Avoid Intellectual Property Errors
-10 Intellectual Property Strategies For Technology Startups
-How To Develop A Successful Marketing Strategy For A Startup
-Building your brand and marketing strategy for the life science startup