The business plan for inventors will depend in part on specifically what you've invented and what the market applications (immediate and future) are for the invention. If it's a new device or widget that improves an existing system or piece of infrastructure, your market opportunity might actually be an intervention into an existing market sector. Yet if it's an entirely new concept or development that you feel has its own place in consumer society (or the commercial sector), you will need to get creative about how you outline the market potential. In general, a business plan for an inventor will look at the invention in as much detail as possible in order to deliver answers to these:
• Can you describe the invention and specifically what it does?
• What competitive advantage does it deliver?
• What is it competing against?
• Is it patent pending and if so, can your team provide documentation?
• What do you seek with the plan – funding, partnership, the sale of a license, etc.?
The purpose of the business plan is not just an academic question. If you only want a roadmap document, you can be content with outlining the scope of some of your future market opportunities. But if you aim to license the technology to someone, you have to make a serious case for its revenue potential which includes offering a full pro forma financial model pinned to current market statistics and assumptions. Similarly, a plan directed at a sale or partnership opportunity should do more than simply describing the technology – you'll need to show what it might be worth in tangible terms that investors can understand implicitly. MasterPlans has worked with a whole range of emerging technologies and knows how to make a great plan for an invention. Call us today to learn more about what we can do for you. (877) 453-2011.
