Support to innovators Improve the market readiness of your innovation:
How does an innovator benefit from the BRIGAID Business Development Approach? BRIGAID helps innovators turn their technologies into marketable products and services.
In broad terms, this is done by:
- Enabling innovators to identify and analyse their target markets
- Assessing whether a clear market need for the innovation exists
- Preparing innovators to communicate strategically with their target markets
- Facilitating the development of a suitable and sustainable business model
Completing the six steps of the BRIGAID Business Development Approach does require some time and effort from the innovator:
Innovators must complete an initial questionnaire of eight multiple choice questions to give a first indication of the market potential of their innovation and assess if the approach can indeed provide them with additional value.
Estimated time commitment: 0.5 hours max.
2. Quick Scan
Innovators must take part in a short telephone interview with the BRIGAID business consultants. The aim is to assess the current state of the existing business plan, which will be built on in the next steps.
Estimated time commitment: 1 hour max.
Note: A result may be that the innovator has to do more preparation before the next phase can begin.
3. Business Workshop
Innovators participate in a face-to-face session with the BRIGAID business consultants. The latter will carry out an in-depth analysis of the existing business plan, provide detailed feedback on how existing elements can be improved and identify missing aspects to develop.
Estimated time commitment: 12 hours over 2 consecutive working days.
4. Market Analysis Framework (MAF+) Assessment
The next step is for the innovators to complete a market assessment using the MAF+ online collaboration portal (maf.brigaid.eu). Here, BRIGAID consultants will guide innovators through a series of exercises that will help them outline the market for their technologies and prepare for market entry.
Estimated time commitment:
1-2 hour phone calls fortnightly plus 2-4 hours preparation/desk research over a 6-8 week period.
Total commitment of 18-48 hours over 6-8 weeks.
5. Follow up
Drawing on the work completed in the prior steps and the guidance provided by the specialists, innovators will be ready to write a complete business plan. BRIGAID will evaluate this business plan with three possible outcomes:
- The business plan is incomplete and the innovator should improve it based on the feedback provided;
- The business plan is market- and investor-ready and needs no additional work; or
- The business plan is complete but the innovation is judged to have insufficient market potential. The innovator is advised to cease further developing the innovation in its current form.
Estimated time commitment: Case-specific, ranging from 0 to 40 hours.
6. Wrap up
A final half-day session taking place back-to-back with one of the general BRIGAID project meetings. This session has the aim of summarising the lessons and outputs, introducing the innovator to the world of funding and laying the foundations for marketing communication activities.
Estimated time commitment: 4 hours.
The BRIGAID Business Development Approach builds the business capacity of innovators, widening their range of vision to identify actual market needs and providing an estimation of market potential for their innovation (go/no-go advice).
It gives innovators access to the MAF+ online portal and instructs them on how to exploit its functionalities. It also provides practical outputs, including a complete business plan reviewed by experts and the means to update this business plan independently in the future.