Market Research
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Market Research: What to Research Before Starting a Business
Learn about. . .
- Alternative solutions to the problem your technology solves and how they compare in terms of cost and performance.
- The industry you will be in, including its risks and obstacles.
- Your customers, including their characteristics, the problem your business solves for them, and why they would prefer your solution.
- Market size, which is the percent of the total potential customers who are likely to adopt the product or use the service. The target market should be large enough to make a profit and/or should be growing rapidly.
- Other stakeholders’ requirements and motives, including the end user, payer, and state, local, and federal regulators.
- Suppliers, the challenges involved, and availability of backup suppliers.
- Competitors, including their market share, similarities, and differences.
- Regulatory requirements, such as FDA approval.
References
Compliance Online. Biotechnology Regulatory Compliance Best Practices. Compliance Online. 2021.
Entrepreneur Media Staff. The Best Ways to Do Market Research for Your Business Plan. Entrepreneur. January 20, 2015.
SBA. Market research and competitive analysis. Small Business Administration. Accessed March 7, 2023.
University Lab Partners. The Importance of Market Research in Biotech and Medtech Startups. University Lab Partners. December 11, 2020.
Tip
Use the searchable database NIH RePorter/Matchmaker to learn your competitors’ overlap with your product or service, their target customers, and their science.
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Market Research Before Starting a Business
Challenge:
