A Business Development Roadmap

Your Problem Key First Steps to a Solution Resources to Apply

Can you offer a solution to a user’s
compelling problem? Can you
Decide whether or not
develop protectable intellectual
to start a company
assets? Are the founders willing to
invest “sweat equity”?
Characterize the user problem to be
solved, your technically feasible
Develop a business
solution, and the available market.
plan and strategy
Understand the likely competitive
environment.
Identify best-fit prospects.
Attract investment
Realistically assess capital
capital or a corporate
requirements, timelines and likely
partner
investment returns.
Identify needs of existing user base.
Find a new product or
Research existing suppliers.
technology to add to
Identify potentially available
our offerings
products and technologies.
Identify key opinion leaders and
Test a new-product likely routine users. Solicit their
concept cooperation and conduct targeted
user inquiries.
Conduct secondary research.
Decide whether or not Understand user and supplier
to enter a new and perspectives. Characterize
unfamiliar market requirements for success and
perform a thorough internal audit.
Characterize the product or service
and its most important customers.
Strike a deal with a
Assess prospective partner’s
distribution partner
accessibility to these customers.
Define “must have” terms.
Identify most likely buyers or
Divest a product line or
licensees. Craft asset descriptions
technology
tailored to each prospect.
Sell a business Fully characterize customer,
development initiative technology and cultural fit. Develop
to top management credible pro forma financials.
Previously successful entrepreneur.
Technology domain expert. Market
domain expert and/or respected and
unbiased user representative.
Trusted advisor. Business planning
support organizations. Previously
successful entrepreneur. Strategy
consultant.
Personal referrals. Investor profiles.
Corporate profiles and their likely
business development interests and
contacts.
Product literature, patents and other
technology resources. Licensing
advisor. News releases. University
technology transfer offices.
Directories of prospective users.
Secondary research. Product concept
description and/or model. Market
research expert.
Market domain expert and/or
respected and unbiased user
representative. Multifunctional
internal project team. Strategy
consultant.
Secondary market research. Market
domain expert. Information on
comparable deals. Relevant personal
and industry references.
Corporate profiles and their likely
business development interests and
contacts. Market domain expert.
Personal referrals.
Multifunctional internal project team.
Business communications advisor.
Ally with successful track record.