Step One: Find a problem which needs a solution and Determine the Market:

Before you develop a solution, market research can elp you validate the existence of a market for your solution. It is best to begin by researching the market form a high level perspective, studying products/servcies taht are similar to you own idea and assessing their market size and grwoth trends. You need to confirm that there is a market gap that can be filled by your product/service. You should also determien the size of the target market and how many companies have the problem. Next it is important to gauge the interest of your potential customers such as by using online suverys and establishing in person or virtual focus groups.  (Martin Eckler,”Achieving success with a life-sciences stat-up company” BioProcess International 21(10) October 2023).

Step two: Develop a minimum viable product (MVP):

Your next step should be to test athe market by developing a minimum viable product (MVP) which is a basic version of your prouct that will function as a solution but without any bells and whistles. Once you have developed your MVP, you will test it among a group of early adapters, customers who agree to be among the first people to sample new innovations. Martin Eckler,”Achieving success with a life-sciences stat-up company” BioProcess International 21(10) October 2023).

Step Three: Develope a Business Plan:

You should develop a business plan before you bild the next version of your product. A business plan has several components including (a) a company overview describing your history thus far (even if you have only done ideation and market research) as well as your company mission, vision and busienss structure, (b) a description of the problem that you are solving, your solution and proposed pricing model (c) a sales and marketing strategy for building awareness of your product and enticing pople to buy it (d) a technology strategy that details how your product will be developed and maintained form a technical perspective (e) an oeprations plan for managing your day to day vusiness (f) a management and personnel summary identifying necessary roles and how you will fill them (g) a financial analysis that addresses startup costs, revenue, and costs productions for at elast three years and (h) an executive summary that provides highlights of your business. Martin Eckler,”Achieving success with a life-sciences stat-up company” BioProcess International 21(10) October 2023).

Funding and Investment:

Investors usually seek a return of 5-10 times their original investment upon departing a company. For example, if they invest 1 million for 30% equity in your business and seek 10x return on investment, they will be looking for an exit price of 33.3 million with a personal share of 10 million. In such an example, you could walk away with 2.3 million. (Martin Eckler,”Achieving success with a life-sciences stat-up company” BioProcess International 21(10) October 2023).