Advice on Bringing a Product to Market

Below are comments from our facilitators for the September 18, 2006 Life Science Entrepreneurs' Forum, Michael Shuster from Fenwick & West and Melinda Richter from SJ Biocenter and others in attendance at the event.

Get Market Clarity: Know Your Target Market
Make sure you understand which slice of the market you'd like to target, who your competitors are targeting, what your edge is over those competitors, how you will attack that market, etc.,
Make sure you understand your target customer - it may not be the person you initially thought it would be

Be flexible
If your target market, customer, team, product, etc., changes, respond accordingly
When working with angels, VCs, etc., be flexible about your control of the company and the product and trust in their experience and wisdom, but use good judgement in selecting a funder who is compatible with your business and professional style. (Rarely do companies succeed with the entrepreneur's original product idea.)

Run a quality organization
IP, product, team, market, etc., are all important for the success of an organization.
Get quality legal and business advice (for example from Fenwick & West) to protect your IP and business interests. They can also offer introductions to the right investors.
Have your own vision and line up your partners who are in support of that vision. (This can help align supporters and investors.)

When seeking funding:
Consider all the funding options: High net-worth individuals, angels, angel funds, dedicated funds, foundations, banks, institutions. VCs are also an option, but they can be 'expensive and painful' money.
When seeking funding, do not stop focusing on building the business. The funding itself is not the exit path.

When bringing a life science product to market:
Don't change the doctor's actions
Don't require changes in how reimbursements are processed.