We developed the iP2Biz MarketScout to find new markets for your existing products, platforms, industrial byproducts or intellectual property portfolio.
A MarketScout is a collaborative project that (1) gives you visibility into a broad array markets that may be interested in the technology you already possess, (2) winnows down the list to those with the most promise, and (3) then delivers deep insights on those you deem most interesting. The analysis always provides you with a view into the health and growth prospects of target markets, a look at your potential competitors, and—most important—insights derived from interviews with your potential customers as to whether your value proposition matters to the new market.
A MarketScout consists of four phases:
Discovery: Each MarketScout is initiated by a kick-off meeting with your team. The goal is to gain an in-depth understanding of your product or IP and to understand your view of the potential value proposition for both markets currently served and markets where you believe it could be valuable. When we know what you know, we build on the work you have already done.
Scan (30 days): At the Scan meeting, we present a brief, high-level summary of multiple markets that we believe have potential including market size, growth rates, and other factors (which are individual to each market) that may make it particularly attractive or problematic. We combine our research and market insights with your technical expertise to narrow the list to the markets that look best.
Screen (30 days): At the Screen meeting, we present a deeper analysis of the markets chosen in the previous phase; this view of the markets becomes more nuanced as we bring in information from outside experts and provide a high-level look at both existing competitors and their technology. We jointly select those markets with the most potential to advance to the Vet phase.
Vet Analysis (30-40 days): iP2Biz delivers a ‘deep dive’ on the selected markets including interviews with potential customers, an analysis of your technology as compared to the technologies already in the market, and our view the effort required to effectively position your products in the space.
The final report serves as internal educational collateral, providing critical analysis to peers and colleagues without significant expenditure of time.
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