Small businesses are important to economic growth and have an incredible impact on economic growth. So, let’s say you are a small business and you have a medical device idea. What should you do first and where should you spend your money when building your idea?
Before you do anything, you need to prove that there is a market for your product or idea. Will people use / buy your product? At this stage, we recommend limiting the amount of dollars spent by determining your market through market research. Do not rush to build a prototype.
Yes, prototypes have value, but you must be sure that there is a need for the product and that the pricing to manufacture the product and sell it is such that your product price is justifiable and people will buy it.