Does Your Great Idea Have A Great Market Opportunity?
January 13, 2020
Published by the Boston Biomedical Innovation Center: Click here to see the full article
Contributed by Ilsa Webeck B-BIC Skills Development Expert Developing Innovative Strategies for Leading Edge Medical Technology Companies
“I have an idea. A great idea. I mean, it’s an “I can’t believe no one has thought of this before” idea. The market for this product is going to be enormous.”
In conversations with innovators spanning devices, biologics, diagnostic tools, and many areas in between, I have heard this common refrain more times than I can count. These conversations have even included the phrase “it is a billion-dollar market opportunity.”
While they intend to convey the belief that they have huge market potential and feel very strongly about the direction that they are going, they are, in fact, unintentionally signaling that they haven’t done the real work needed to understand the real opportunity.