Some of the top reasons that startup companies fail include:
- The startup does not understand the market and where they should direct their focus
- The startup does not clearly understand the difference between their customers and the decision makers
- The startup does not understand how much their prospective customers are willing to pay for their ultimate solution
- The startup underestimates the extent and level of their competition
- (there are many more reasons but they will not be discussed under the Market Assessment Phase)
During this phase the university innovator will:
Conduct a market assessment. The process of market assessment includes:
- Customer discovery
- Researching your potential market niche
- Determining your Beach Head Market (BHM)
- Defining the potential Total Addressable Market (TAM) that you hope to reach with your products and services
Additional Resources – Videos
- The Basics of Marketing Research
- Comparing Secondary & Primary Data in Marketing Research
- SBA’s – How to write a business plan
- Marketing Briefs: What is Market Research?
- How to Use Google Trends To Do Target Market Research
- What is a Beachhead Market
Additional Resources – Documents
Triangle Innovation and Entrepreneurial Ecosystem Resources
- Small Business Technology Development Center (SBTDC)
- The Entrepreneurship Collaborative (TEC) at NC State’s Poole College of Management
- The SCORE Association – Raleigh Chapter
- Assets and Resources for Creating a Thriving Innovation Ecosystem in the Triangle
Venture Innovation Partner (VIP) Services
NC State startups have the ability to work with one or more of our Venture Innovation Partners (VIPs) that have expressed interest in working with our startup companies.
NC State University Resources
- NC State Libraries: Markets & Advertising
- Corporate membership: $500 per year, plus $50 per borrowing card
- Individual membership: $100 per year, plus $50 for a borrowing card
Additional Resources – Web Links
- Conducting a Market Analysis for Your Business Plan – Entrepreneur.com
- Market Research For Startups – SlideShare
- Market Research – WorkCompLab
- Hackpad – Startup Intelligence Tools Google Tools
- Google Consumer Surveys – A market research tool.
- Google Analytics – Web traffic and user behavior analysis.
- Google Insights – Search data by location.
- Google Trends – Search trends analyzed.
- Google Adwords – Used to drive traffic to customer experiments.
Additional Resources – Books
- Traversing the Valley of Death: A practical guide for corporate innovation leaders
Written by: Stephen K. Markham
- Research to Revenue
Written by: Don Rose and Cam Patterson
- Disciplined Entrepreneurship: 24 Steps to a Successful Startup
Written by: Bill Aulet
- The Four Steps to the Epiphany
Written by: Steve Blank
- The Lean Entrepreneur: How Visionaries Create Products, Innovate with New Ventures, and Disrupt Markets
Written by: Brant Cooper, Patrick Vlaskovits
- The Ultralight Startup: Launching a Business Without Clout or Capital
Written by: Jason Baptiste
- The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses
Written by: Eric Ries
- One Simple Idea: Turn Your Dreams into a Licensing Goldmine While Letting Others Do the Work
Written by: Stephen Key