Market reports are an excellent tool and an essential early step in any R&D project to reduce risk and increase the probability of commercial success. Market reports provide the answers to seven fundamental questions:
This work should be done early on in a project. By tackling these questions at the very beginning, the innovation team can quickly establish the attractiveness of the market opportunity and thus whether work should continue on developing the technology or should an investment be made.
This can substantially reduce overall project costs and reduce time scales and ensure that your organisation is focussing on projects that are likely to be commercially successful and generate future revenue.
This work should be done early in a project and should be considered an essential phase in the R&D process to de-risk and validate the project to determine whether it is worthy of future investment.
By tackling these questions at the very beginning, the innovation team can quickly establish the attractiveness of the market opportunity and thus whether work should continue on developing the technology or should an investment be made.
Market reports are useful for:
- Determining the future of a project
- Investment decisions
- Building investor slide decks
- Assembling information for grant applications
- Identifying additional needs or opportunities within your chosen market
- Understanding the business case for adoption
- Understanding the time and costs required to get to market
- Becoming investment ready
Structure of the market report
The market report answers these 7 questions by delivering the following information:
Our market reports provide insight and provide recommendations for next step and are critical in making investment decisions.
The decision to terminate a project destined to fail in the market place in a timely manner can not only save a company money and resource in sunk costs but can also avoid the lost opportunity of spending that money and resource on a project destined to create profit and revenue.
Conversely the market report can also provide senior management or investment with the confidence that the opportunity is validated and worthy of investment.
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