Example of how Tecnix, LLC can help you get your product ideas to market.

After working with hundreds of patients, Dr. Williams develops a new idea for a device that will allow patients to detect the onset of a heart attack before it actually occurs. The device is non-invasive and easy to use. He shares his idea with his fellow physicians and they all feel it has great potential. Dr. Williams contacts a patent attorney and solicits a patent search. It turns out that his device is novel and there is no prior art, so Dr. Williams decides to patent the device. 

Dr. Williams gets help from a fellow engineer to build a prototype device for him. 

Dr. Williams is now ready to talk to investors, he would prefer to license or make royalties on the device, but he is willing to sell all the rights to the device outright if the price is right. He is willing to use investment money to get the device manufactured and distributed through a third party, if that is his only option. 

Dr. Williams feels that the majority of the hard work has already been done. He feels that taking the product to market should be easy for a large company. After all, that is what medical device companies do. 

Dr. Williams decides to contact a few medical device companies and present his idea. To his dismay, they are not interested in what he has to show them. In fact, several companies refuse to even meet with him because it may complicate their own internal product development efforts or infringe on their intellectual property rights. 

As an alternative, Dr. Williams approaches potential investors about his product. They ask him for market research data, a business plan, a manufacturing plan, clinical data, and a risk assessment including a regulatory and reimbursement strategy. The investment firm tells him that they get hundreds of product ideas a month. Any one product can take years to develop and market. 

At this point, Dr. Williams is left frustrated with the system and does not know how to proceed. He speaks with a trusted lawyer who tells him that in order to get his product to market it will cost from $20 to $30 million dollars and take two to three years. He will have to hire a CEO and a management team. To market the product, he will have to stop his lucrative practice to have enough time to present his ideas to 30 to 60 investors in order to receive funding. He will also have to give up the majority of equity in his company and turn over control to another management team. He may not see return or an exit vehicle for three to five years. 

Dr. Williams then hears about a company called Tecnix, LLC. He learns that they are a Technology Accelerator, specializing in getting products to market. They have experience in the medial device and biotechnology industry and they have a network of investors and service providers that can help develop and market his product every step of the way. After visiting their web site and making a few inquiries, Dr. Williams decides to submit a request to Tecnix, LLC to see what happens. 

Shortly after, a Tecnix, LLC representative calls Dr. Williams. They discuss the basics of his product and what Tecnix, LLC can offer. He agrees to pay a retainer to Tecnix, LLC to cover their administrative expenses, etc. He also agrees to give Tecnix a small portion of equity in his company. 

Tecnix explains their development process. Every product goes through a similar process to get to market. Some companies have product development processes that have a great deal of duplication and wasted effort. Tecnix explains that it has developed its proprietary process that streamlines the process into a much shorter time period. The process accelerates products to market because it uses the right resources exactly when they are needed and excludes duplicated efforts. 

Over the next six months, Tecnix brings in a team to assist Dr. Williams to create a business plan, complete a market research study, firm up his patent position, develop a manufacturing plan, locate manufacturers, acquiring the first round of funding, manufacturing a limited production lot, applying for regulatory approval, conducting clinical trials, etc.. 

Dr. Williams was able to save a great deal of time because Tecnix brought the right partners to assist him at the right time and guided him through the entire process. Tecnix called it "JITC" or Just-in-Time Consulting. They also saved him money because he didn't have to invest in excessive overhead and hire a large staff of people to get his product ready for the market. 

By the end of the year Dr. Williams was able to make a convincing argument to investors that his project offers a significant return on investment, and since his product has FDA approval, it is a minimal risk for a strategic buyer willing to pay top dollar and an earn out. 

Tecnix found a corporate partner to license, manufacture and distribute Dr. Williams’s product. The product was marketed and sold in the US and helped many people detect the early signs on an impending heart attack. Dr. Williams accomplished his goal with the help of Tecnix and their Partners. 

Later on, Dr. Williams decided to use some of the money he made to take his next product idea to market. He worked with Tecnix and started the process over again. This time he had the knowledge and experience to know that having a product idea and a patent is only the beginning and that by working with Tecnix and their partner network he minimized expenses and rapidly took his product from concept to market.