What is a Business Justification?
The purpose for funding the research is to generate results that will have a positive societal benefit. This goal can only be met if the technology is successful and if it is commercialized, or brought to market.
Most research and development firms have limited experience with commercialization.
Therefore, commercialization planning will require consistent attention concurrent with the development of the technology. Before writing this section, articulate the following items, jotting them down in a word file. You will see that in the first paragraph they talk honestly about their experience with commercialization.
In the second paragraph the commercialization strategy is articulated with a brief explanation provided.
Finally in the last paragraph the individual that will be responsible for spearheading the commercialization activity is identified and the role that they will play clarified. The next section to consider is the intellectual property or IP section. Begin by reviewing the intellectual property section in the example provided by DOE.
You will see that the author shows evidence of having explored the patent literature. The author states what has been found, and then presents the IP strategy that the company will utilize to protect their intellectual property.
It is important to consider that there are multiple ways to protect intellectual property. Although patents are often used to protect intellectual property — when it comes to software and algorithms it is more common to use a combination of copyright and trade secrets because of how rapidly things change.
Be sure to consider what the appropriate forms of IP protection are for your intellectual property. Sometimes companies present excuses as to why they are not protecting their IP via patents, when this is the appropriate course of action.
Often the reason presented is lack of funds. Also, keep in mind that if you plan to license your IP to another — intellectual property protection is very important.
Before drafting the Intellectual Property section, follow the same approach as you did with the company section. Jot down information regarding the following items in a Word document After you have prepared your notes, draft the intellectual property section.
The Market Opportunity section is much more difficult to draft, as it relies on gathering information from other sources. Please keep in mind that at Phase 0 you are asked to take an initial look at market opportunity.
At this point you are taking a very quick, somewhat superficial look at the market opportunity. There are various ways that you can approach this challenge. First, the concept of market implies the potential number of entities that have problem X or could benefit from product Y.
Market opportunity is expressed in dollars or units. Any of these are expressions of market opportunity. What is important to keep in mind is that market opportunity is not strictly for your product — but for a class of products and solutions that could be provided by you and all competitors.
In other words, a market opportunity is NOT the same thing as your sales projection.
If there is a need — then it is one that you and your competitors can all hypothetically fill. So how do you find this information? Please review the accompanying demo to see how I went about finding information that provided the information that I needed.
Once I have found the needed information, I look again at the DOE example of the Commercialization plan and notice that in the first paragraph of the Market Opportunity section that the proposer clarified what their product was and discussed their competitive advantage.
In the second paragraph the estimated size of the market opportunity was mentioned as well as those factors that were contributing to market growth. The company identified who their customers would be — i. Based on the value proposition identified for the targeted customer, an estimate was made of the market penetration that the company could achieve.Before going talking about how to write one, let’s start with a definition..
What is a Business Justification?
The purpose of a business justification is either (1) To describe a proposed or existing business or venture (e.g. for use in a business plan document in order to secure a loan from a financial institution), or (2)To gain approval for funds for a particular project or expense, or to.
If you are on the verge of building your start-up or you are currently involved in expanding your small business, the ability to put together a comprehensive and persuasive business proposal will definitely bring you the success you are reaching for.
It’s ideal for every entrepreneur to prepare or know how to write a business plan in Nigeria or anywhere else around the world. Whether you’re starting a business, running a business or about to expand a business, having a business plan as a road map to follow is crucial to your success.
How to Write an Investor Proposal Letter. In this Article: Article Summary Sample Proposal Letters Understanding Investment Solicitation Laws and Regulations Establishing Your Credibility Requesting Funding Thanking Your Audience Community Q&A Investment proposal letters are less formal than some business plans and similar documents.
Panda Tip: Describe the financial concern and explain why the organization requires a grant to address the issue. Use this section of the funding proposal to be specific in respect to the organizational needs.
OBJECTIVES: Panda Tip: Refine your idea and tell exactly what you expect to accomplish in response to the need. When writing a Free Business Funding Proposal Word Download, state the reason for the application and the background of the project.
Do not forget to mention the required approximate budget for the business plan.