Business development should start right from the start, before actual product development. If you don’t know how to get started, ask help from us!
The justification for the early start is that the business development collects information and validates initial hypothesis which have impact on what kind of product/service needs to be built (to maximize your changes for successful market entry).
Business plan is a lengthy document (usually ~30 pages) written for the investors or funders to get funding or the acceptance of the project. Business plan is based on predictions of the future, which are fixed on the document. Therefore, it can be out-dated soon after it has been written.
Business model (BM) canvas is a simple visual diagram of business (1 page), which summarizes key management hypothesis. BM canvas is a framework that helps people to describe, analyse, design and develop business models more systematically. There are also other business model frameworks, such as lean canvas but BM canvas is most widespread and used by most of the AAL projects as well.
Business model – No, only companies can have a business model. It is important to define who is the owner of the business model.
Business plan (BP) – AAL projects need to develop business plan for the project. However, the project BP should be based on business models of individual companies! BP should outline how business models of key stakeholders are linked to each other.
Right funding source and your capability to access private funding depends on many things e.g.:
– Have you already established company which is seeking funding (project vs. company). Who are the key persons?
– How much funding do you need?
– Do you own the IPR or what other assets do you have that investors value?
AAL2business provides also support to find the right funding source. Contact us for more information!
“Entrepreneurial and Access to finance support” is primarily targeted to individual businesses and start-up companies, who are seeking finance for their venture. These services are not for the whole project consortium, but everyone interested in entrepreneurship and access-to-finance can view our webinars and ready materials related to it (see tools section).
Usually project partner have clearly agreed that foreground software code developed by a specific partner is either their own property or all project partners have right to commercially utilize it. The same should apply for project partners who develop foreground IP in form of creative text, designs, and artistic works that are utilized in final commercial solution.
The rule of thumb is that the sooner you agree on IP between project partners the better. However, please remember that too strong IP protection is major disincentive for commercialization especially when numerous partners all want to have their share of potential but very risky future business.
You can send your question via the form below and we will answer it as soon as possible. Please note that only AAL projects are entitled to submit a question. Also note that questions related to reporting and administration have to be asked to the CMU or the NCPs.
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