Development of advanced material technologies is a long and resource intensive process. In order to maximize the chances of success on the market it is of key importance to align your technology development efforts with market insights even at quite low technology readiness level (TRL). The types of market insights however largely depend on the stage you are in.
From the moment you reach the level of successful prototyping of your technology and you aim to further invest resources into validation at a larger scale you’ve reached a first pivotal point. At this stage it is important to obtain a good understanding of the direction in which your technology should be further developed. This will strongly depend on the differentiating properties of your technology on one hand and the technology requirements in the targeted applications on the other hand.
You are able to demonstrate the expected performance in the intended environment or even able to produce at a pre-commercial scale. From that point on, your market focus should switch to finding the right partners willing to go for co-development trajectories and evaluate your technology within their real life context. These will be the early adopters of your technology. From these co-developments, your technology will be more and more aligned to the application specific needs and result in a well-defined product definition. This will again clear your path to upscaling to an industrial scale.
You are able to produce at a commercial scale. From that moment on the focus should shift to finding volumes to fill your production. Your beachhead market is preferably clearly defined to focus is on gaining market share.
While your main focus should be on winning this first market, it is important as well to keep your eyes open for new opportunities where your technology may have a role to play.
“As a biorefinery technology platform, BioCon is actively scouting the best market opportunities for our products. The Venturi Tribe helped us to (re)focus our attention in this complex ecosystem. We especially appreciated their bottom-up analysis, combining insights from a lot of individual key players, to reach an overall view on market challenges, trends, and opportunities, yet with sufficient detail and specificity to make it practical.”