Stage 1: Validating your idea
You think it’s great, and so do your mum and your best friend. Would you buy a significant share in a newly listed company on that basis? Perhaps you would, if your mum’s a financial advisor and your best friend’s a professional equity trader. Otherwise, acting on inadequate information often results in costly disappointment.
Thorough market research empowers you to make critical business decisions based on solid evidence, rather than guesses and assumptions. To decide if your idea for a new product or service merits significant investment in its development, and to achieve the earliest and best returns, you’ll need comprehensive answers to these questions:
- Why will people want to use your innovation? How is it better than the way they do things now?
- How much will people pay for your new product or service?
- If there are multiple potential markets, are any of them more valuable or easier to reach?
- Are there any market regulations or compatibility issues to consider?
Potential partners and investors will want answers to these questions too. We recommend starting your market research as early as possible. And remember that your information needs regular updating – particularly in fast-moving industries.
Contact gemaker to discuss your market research needs and receive a quote.
Related Success Stories
This week, Knowledge Commercialisation Australasia released its first Survey of Commercial Outcomes from Public Research (SCOPR). Based on data collected and analysed by gemaker from 34 Australian and 15 New Zealand universities and research organisations, SCOPR...
As we rang in the New Year for 2020, I had a similar feeling of deep apprehension and anxiety to when I turned on the news coverage of planes flying into the World Trade Centre in 2001. After the initial shock and horror, I imagined the implications, thinking ‘Is this...
As a marketing communicator working in tech transfer, I frequently encounter STEM researchers and innovators who initially express scepticism about the value of my services. I strive to win them over, because (a) it’s a living and (b) they need my help, even if they don’t know it yet.
Unfortunately, many STEM innovators underestimate the importance of marketing. I’m frequently contacted by research organisations or innovative businesses seeking to commercialise new knowledge or technology, who are suffering the consequences of an inadequate or...
This article is based on Natalie Chapman’s presentation at the annual conference of the Cooperative Research Centres Association in May 2018. I’ve been commercialising innovations arising from research organisations for 17 years. Over this time, I’ve been involved...
A new social media campaign launching today aims to turn the talk about Australia’s R&D commercialisation on its head by celebrating and highlighting their marketplace success. The #AUSinnovates campaign is the brainchild of gemaker, an award-winning...