Business Plan Technology

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It is important for a startup business that the minimum viable product is low cost, can reach the customer quickly, and is effectively an early prototype of the final product, so that the customers can get an early indication of what the product is trying to achieve.

The idea of a minimum viable product is to rapidly build a minimum set of features into a product and release it onto the market to test customer reaction.

In this section, describe the current state of development of the product (concept, prototype, or market-ready), explain what further work needs to be done, and what skills you need if any, in order for it to be ready for the market place.

Unless they are already obvious and apparent make sure that the uses of the product are explained to the investor.

Registering a trade mark gives the business the exclusive right to use it, and another business using the same or similar trademark is said to have infringed the trademark and could be sued for damages.

A registered trade mark is identified by the letter “R” surrounded by a circle .

This is part of the Financial Projections Business Plan Guide a series of posts on what each section of a simple business plan should include.

The next post in this series is about the traction your business idea has.

Keep the description of the product and technology as simple as you can and avoid technical jargon where possible.

The amount of technical detail will depend on the nature of the product itself, but should only be included to the extent that it is needed to explain to someone who is reasonably familiar with the industry, why the product is innovative and viable.

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