5.4.2010 MODERATOR: Zen Chu, Director of Business Development & Wyss Accelerator Fund, Wyss Institute for Biologically Inspired Engineering, Harvard University

Forum Summary

Developing an innovative biomedical product requires not only good science but also a good business plan.  If one is seeking to start a new biomedical company, it is vital to plan in reverse and to perform a thorough market analysis before investing significant time and money in the development of a product that consumers might not want to buy.  Entrepreneurs must recognize where they fit in the innovation landscape of capital required versus the market size of their opportunity.  Segmenting a disease into manageable challenges and mapping unmet needs is critical if one is to develop a discrete product of high impact.  In studies designed to measure the effectiveness of a new product, clinical endpoints related to cost must be included in order to attract the interest of purchasers.  In the world of innovation, time is life.  One must always seek to minimize the time it takes to develop a product, testing one variable at a time and never developing technology that already exists.  Creating an innovative biomedical company involves many challenges, so in the end, one must be strongly motivated by a desire to help patients.   

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