Initiating a project idea is the hardest part of project development because if done incorrectly, your project will fail and you will waste time and money. So how would one avoid this? This is where business and market research play an important role because it requires getting to know the full 3D view of what your project will be competing against. What products already on the market, will you lose money or make money, locations of distribution, can this product go outside the country to increase revenue. What improvements can be made in your project idea to avoid customer complaints for similar products on the market. These questions can only be answered by business and market reports. And experts who have experience and analytical skills to predict the outcome of your project and compare it with the current market comes in hand. The best way to convience a company or sponsor for your idea is to show them these reports, show them you done your homework and your idea isn’t something you thought about during lunch. Your idea should be something that promises results and money. At the end of the day, it is about profits, sales, and more demand for your project idea. This marketing and business can take weeks to a few months, the more detailed your research and organized, the more chances of you getting a sponsor or your company to follow up on the idea. Also keep in mind, just because you give an idea to a company does not mean you will have ownership to that product. For example, Stryker will take your ownership of your idea once you sign their employment papers. Again, this would require research and don’t assume companies won’t steal your ideas. So the critical key point is to stay updated on the market and the business side of any medical product.