A roadmap for getting "unstuck" in business development activities.

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