Venturefest West Midlands took place on 21 March 2024, providing entrepreneurs, investors, and innovators with the opportunity to meet, engage, and exchange ideas for co-operation and collaboration, particularly in the fields of science and emerging technologies.
A key feature of Venturefest West Midlands is its programme featuring industry leaders delivering insightful, challenging, and inspiring keynote and panel discussions. As proud gold sponsor of the event, Medilink Midlands’ CEO Melanie Davidson was delighted to take part in a session exploring the Four Ps of successful product development – People, Planet, Partnerships and Profit, that was chaired by our Entrepreneur in Residence, Dr Christian Kumar.
The session explored four key factors that can greatly impact the success of a new product – user-centred design (People); sustainability and circularity (Planet); working effectively with your supply chain (Partnership); and routes to maximising commercial success (Profit).
Kicking off the discussion, Mel Davidson highlighted the significance of forging strong partnerships, particularly in accessing funding opportunities and attracting investors. Collaborative efforts within the supply chain, across academia, business, NHS, and government, can streamline processes, foster innovation, and drive mutual success. She also noted that events like Venturefest help drive connectivity by bringing innovators, entrepreneurs, and investors together.
Looking at ‘people’, David Phasey, Projects Director at 3P Innovation, emphasised the importance of understanding and prioritising customer needs. By incorporating user-centric design principles, businesses can create products that resonate with their target audiences, ultimately leading to greater satisfaction and loyalty. He also advised businesses to never miss an opportunity to add a ‘delighter’ – something that exceeds their customers’ expectations and is highly memorable.
Moving on to ‘planet’, Andy Whyle of Sustainability West Midlands shed light on the need for sustainability in product development. Embracing circularity, which mirrors the regenerative processes found in nature, can not only reduce environmental impact but also unlock new opportunities for innovation and growth.
Finally, with regards to ‘profit’, Mark Evans, Partner at Crowe LLP, offered insights into the strategic aspects of product development aimed at maximising profitability. By focusing on value proposition, sustainable competitive advantage, and innovation tailored to market demands, businesses can position themselves for long-term success and attract external investment.
Throughout the session, the participants spoke about the importance of businesses identifying key priorities within their marketplace and aligning their product development strategies accordingly. Whether it’s nurturing a supportive network, or innovating to meet market demands, the consensus was clear: a comprehensive approach encompassing the Four Ps is essential for navigating the complexities of modern product development.
Medilink Midlands strives to bring like-minded organisations together to share their passion for the life sciences industry. For more information on membership, please contact Joanne Bekis, Head of Partnerships at Medilink Midlands: joanneb@medilinkmidlands.com.