Life science founders are technical experts in their fields, but frequently fail to understand the needs of the stakeholders who will determine their path to market. This gap sends investors running, and all but ensures immediate or eventual company failure. Once aware of this gap in knowledge, many are:
Overwhelmed by the complexity of the stakeholder ecosystem;
Resistant to doing the work required to close their knowledge gap;
Unfamiliar with the resources available to them in order to do so;
Unaware of the “unknown unknowns” and therefore fail to conduct their investigation in a comprehensive and organized way; and
Unable to assimilate collected information into a strategic plan.
These problems are preventable, if only founders follow a robust, methodical process that allows them to discover to understand the needs and motivations of each stakeholder in their stakeholder ecosystem and develop a plan to close this gap. Doing so significantly de-risks their business model, while providing them with a framework from which to create an evidence-based product development plan.
Dr. Lucia Mokres breaks down the six major stakeholder categories relevant to most life science companies, and shares key strategies for closing the knowledge gap between founders and their market success.