A business plan is a tool to help the entrepreneur think through all of the critical elements of starting a business. It then becomes a communication tool for employees, outside investors and others to understand the business model. There are many resources available for business plan development, and varying opinions about how long it should be and what to include. Below is the list of 7 items we at LSGPA think comprise a strong biotechnology business plan.
Elements of a Strong Biotechnology Business Plan
A strong business plan will address the following points:
- Basic description, in layman’s terms, of the planned product or service offering and how it differs from currently available products or services.
- Description of customer need for product or service.
- Size and growth trends of prospective target markets.
- Intellectual property status and plans, including key license agreements.
- Roadmap to commercialization, including the plan for market entry.
- Current management team and background.
- Financial summary, by year, until positive cash flow and the strategy for funding until positive cash flow.