Tags: Business Development, Entrepreneur, innovation, Product Development
My partner Michael has an exceptional way of helping our technology entrepreneurs think about commercialization. One of the mantras with which he pesters BBC clients is “product development and business development are activities best done in parallel.” Among the many reasons for this admonition are:
- Product development emphasizes technology; business development emphasizes customers. Entrepreneurs, and especially technology entrepreneurs, must spend more time with, and thinking about, prospective customers.
- Effective product development requires that customer needs are part of the mix.
- Engineers build products. Entrepreneurs build companies. To succeed you must focus on the ultimate, not the intermediate, goal.
- A clear business strategy and model prepares you for those tough questions from potential investors, customers, and partners.
In this blog Martin Zwillig explains why a start up without a well-developed business strategy is like a rudderless sailboat. Make sure you are thinking about your customers as you are thinking about your products. In fact, why not start talking to your customers at the same time as you are developing your products? Stay tuned for tips on networking to help you get started…
Lisa M. Kurek, Managing Partner