Commercialising a new product or service is difficult.

• It nearly always costs more and takes longer than expected.

• Often,  the more successful you are the more quickly you run out of cash.

      A careful, practical strategic approach is essential

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The GTS approach includes looking carefully at:

 

Understanding the market

• What are you unique selling propositions

• Is there really a need

• The target market, sector and geographically, is it really attainable

• How big is the market in your targeted zone, who will you complete with, what market share do you want

• Do they have the ability to pay

 

Your product or service

• Is your product really market fit and appropriate

• Re there regulatory issues are to consider

• Will there be duties or taxes to consider

• Are there freight issues to consider

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 How will you approach the world

• Where do you plan to aim at, why

• Prioritising resources and effort

• Positioning; how and where will you fit in the market

• The pricing strategy, and can it be competitive anyway

• Your branding strategy

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Distribution

• What will distribution look like. Will you sell direct, through an agent or distributor. What are the cost implications

• Will your distributor really work for you

• Losing control

• Avoiding stranding your IP

• How will you ensure your customers have a good experience with your product

• Distribution agreements and licensing

 

Intellectual property protection and strategy

• NDA’s

• Trademarks

• Patent or not

• How soon will you be copied

 

Supply and funding

• Can you maintain supply and quality

• Is your product actually production ready

• When will it be cash flow positive?

• Who will fund your growth in capital requirement

• Should you consider licensing

 

Also

• Getting a good plan

• Preparing a budget forecast

• Who will go do it

• What don’t we know

• What do we need to find out

• What are the hurdles

• What are the key critical success factors

• Will it be fun