Business Founding Case. Part I: Early Market Research
Scientist Name: Leslie Bowen, PhD
Description:
Progress to Date: Leslie has discussed her idea to start a business using her novel approach to growing neurons with her university Technology Transfer Office representative, Laila Robinson. Laila helped Leslie realize that entrepreneurship is a path she is interested in pursuing in order to apply her research and perhaps contribute to a clinical advance by researchers who use her lab-grown neurons. Laila helped Leslie understand that she can mitigate the personal financial risk of starting a business and that entrepreneurship has advantages for women with children. These factors helped solidify Leslie’s commitment to forming a business start-up.
Scenario, Part 1: After Leslie presents her idea to Laila Robinson in the Technology Transfer Office, Laila describes several areas of early market research for Leslie to pursue to assess the business potential of Leslie’s idea.
It may seem early, but doing some research to make sure there is a market for your idea is important. For example, you need to make sure it is a unique idea. You have already described that the product, the lab-grown neurons, is something that people in your field would want. How sure are you that your approach is unique? And how large is the market for these neurons?
I know it is unique. It is based on a process that I invented, and I’ve done a lot of investigation to make sure no one else has thought of doing it this way. I only know some people who do very similar research. But I think the interest in the neurons will be high, given their potential for use in many different areas of clinical research.
Good. You have to investigate whether the researchers would be able to buy them, too, given how much they are likely to cost. Can they be mass-produced? How much of a supply would a typical researcher need?
I don’t know that yet. I’d need to work with an engineer to design an easily scalable manufacturing process. I keep improving it every time I run into problems. I’d have to talk to my potential customers to better understand their needs.
These are the type of questions it is good to try to answer before starting a business. I’ll give you a list to consider. The answers will give you some idea of whether starting a business is worth the effort. Let’s meet again, soon and talk about what you learn.
Laila’s List of Early Market Research Topics
View Case Part 2
