> The MVP / market analysis process is different for biotech, but still should happen. It's pretty fascinating!
Right. I think we're all violently agreeing.
Biotech companies do need MVPs and market analysis. My observation is just:
1) The idea of testing product-market fit by building a complete product and putting it out there in uncontrolled settings doesn't really work for a lot of biotech companies. Especially anything that's going to need regulators' approval.
2) Compared with IT startups, Biotech companies are more likely to fail due to having the wrong answer for "but can we make it work?" rather than "is there a market?". So the MVPs optimize for testing former question, which usually means controlled experiments in a lab. There are counter-examples on both sides, I'm sure, just in general.
Right. I think we're all violently agreeing.
Biotech companies do need MVPs and market analysis. My observation is just:
1) The idea of testing product-market fit by building a complete product and putting it out there in uncontrolled settings doesn't really work for a lot of biotech companies. Especially anything that's going to need regulators' approval.
2) Compared with IT startups, Biotech companies are more likely to fail due to having the wrong answer for "but can we make it work?" rather than "is there a market?". So the MVPs optimize for testing former question, which usually means controlled experiments in a lab. There are counter-examples on both sides, I'm sure, just in general.