I've learned that the idea or product at the center of a business venture is often the least important factor for success. I've known many physician scientists who have incredible ideas, but struggle to make them practically useful or relevant in the healthcare space.
That's why, when I approach product development, I always start with the most fundamental question: why? Why would someone need this product or service? If I can't answer that question, I know that the idea isn't worth pursuing. The other logistical questions (how, when, where) may be challenging to solve, but they pale in comparison to the importance of understanding the purpose and need for a product.
So, if you're considering starting a business in the healthcare space, take the time to really think about why your idea is necessary and valuable. It's the foundation upon which everything else will be built.
Frank Fornari is a scientist and chairman and founder, BioMech.
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