Prototype and simulate to verify and validate

Part of the lean startup methodology is about creating a minimally viable product and validating elements of the business model through the process of customer discovery and development. In medtech and digital devices, however, there is a gap when it comes to reducing ideas to practice i.e. inventing and prototyping or simulating something. Nothing beats a prop when you are trying to explain your gadget to potential customers or investors. 3-D printing has made it easier, but there are still gaps when it comes to creating affordable, low volume, customized prototypes

In addition. starting with a business plan is a bad idea. Instead, brainstorm some ideas on the back of napkin, create a portfolio of problems, a portfolio of solutions, a value proposition canvas, a business model canvas and then start all over again. When you think you have the right fit, then you can move to the next feasibility assessments and risk evaluation and mitigation strategies. While having a prototype is useful, focus on the customer's problem, not your preconveived notion of a solution.