Stage 3:
Development (How To Do?)
Planning and prototyping your technology for business growth
Navigate each of the processes below by reading more, downloading support files, and/or watching some of our online webinars. Each of them provides more context and support throughout the Goldsmith Model.
Process 3.1 - Engineering Prototype
Creating an engineering prototype of your new product or service
A limited number of Engineering Prototypes of the new technology should be released to the market with the goal of improving its designs, materials, and/or functionality. Once released into the market, data and feedback from consumers will provide a basis for the final analysis of the new technology. These data points should be referenced and adjustments should be made accordingly in order for the product to meet performance standards and function as it should. The value of this step will present itself as a new prototype that functions properly and is built from correct materials.
Process 3.2 - Strategic Market Plan
Condensing the marketing aspect of your business plan into concise data
As more and more information is collected, there is more room for growth in the Market Plan that has already been created. Final decisions need to be made regarding who the target market is, the packaging of the product, correct distribution channels, proper promotional materials, etc. In doing this, the entrepreneur will have to collaborate with many different organizations such as packagers, retailers, wholesalers, etc to collect information and implement it correctly. Each decision that is made on the Strategic Market Plan should be made with the intention of maximizing profits and is critical in eventually finishing your Final Business Plan.
Process 3.3 - Strategic Business Plan
Concisely stating your business plan in a clear manner
The Strategic Business Plan should concisely and clearly outline all of the information and data collected up to this point. With this information, it needs to build a path acknowledging the business’s intent, rationale, conclusions, assumptions, and risks involved with the business for the next five years. This will ultimately answer the question of: Is there a need for additional investment to achieve the goal? If the answer is yes, then there needs to be another section included in the Business Plan that overviews information for further investments such as expected rate of investor return, anticipated use of funds, etc. The value of the Strategic Business Plan is the clear and concise layout that reflects the best business practices to take in order to provide profits to stakeholders.