As an entrepreneur you need the means to transform your innovation into a commercial success.
To persuade investors that your innovation can leap-frog the competition, you will need to provide evidence that their investments will be used to reduce highest risk.
This includes demonstrating available information on competing products, research, patents, market niche, customer demand, financing and partnerships.
A methodical decision-making process reduces risk by providing timely information to both the innovator and investor. It provides a common language so that the route, challenges, and specific actions needed to achieve the next step toward commercialization are clear to all parties.
Many tools have been developed to help innovators reduce risk by incorporating methodical decision-making processes into your commercialization efforts. These tools provide the means for diverse innovators and investors to consistently communicate what’s currently known and unknown and to recognize the cost of the next step for commercialization.
Incorporating milestone-based, decision-making process into your development process, will provide a path to transform their vision into a commercial success that others can see as well.
Commercialization Milestones - Pathway to Success (.pdf) outlines milestones commonly used by funders as they assess the commercialization status of an innovation.