Market Research
Using cutting-edge market analysis tools and databases, the Arkansas Small Business and Technology Development Center helps researchers and innovators gauge the commercialization potential of new technologies. Beyond the basics of defining your research, the ASBTDC can provide information on the potential market, competitors, or alternatives to your technology.
The “economic intelligence” ASBTDC offers can also help define your design and distribution as well as find new customers, identify potential markets, and expand product lines. In addition, ASBTDC assists innovation-based companies with market research to enhance commercialization plan sections of Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) proposals.
The goal of our market research services is to help you make sound business decisions by providing high-quality, in-depth information. Best of all, our assistance is free to Arkansas-based entrepreneurs. Contact the ASBTDC Lead Center at 501.683.7700 to learn more.
New Product Ideas
It is exciting to have an idea for a new product. Keep in mind that bringing a new product to market is one of the most challenging types of entrepreneurial projects. It is difficult and very expensive. So, before paying for that expensive patent, consider these points as you determine whether or not to move forward.
1. Does it already exist, or is it already in the research-and-development process?
First, conduct a preliminary U.S. Patent search using search tools found on the U.S. Patent and Trademark Office website.
Another company could be conducting research and development work on the same project idea through a funded SBIR/STTR project. Since the SBIR/STTR program is pre-patent, a preliminary patent search may not catch it. Conduct a keyword search of SBIR/STTR awards through SBIR.gov to ensure that your project idea hasn’t already been funded through the program.
2. Is there a market for your product? If so, how big is it? Give real thought to who would buy your product and how many sales you would need to generate to turn a profit.
Ask yourself these questions: Would your product or service address an unmet need in a way that would save customers money and time? How readily can it be incorporated into your target users’ operations? What are your target customers’ primary concerns with existing solutions?
3. The plan for how to bring the product to market is just as important as the product itself. How do you plan to commercialize your idea? Commercialization is very costly and challenging. Who will sell your product?
Would it be more effective to make direct sales or partner with a major industry player through a license agreement? What kinds of hires will you need to make to ensure that your company can scale up production to meet demand? What marketing strategies will ensure that target customers are aware of your product?
4. Understand the financial realities of bringing your new product to market. Even if you have a good idea, it might be cost prohibitive to commercialize.
How can you validate your idea (ideally through a respected third party) to establish more credibility among investors?
Banks are conservative about funding the unknown, and government grants for commercialization are restricted to projects that meet federal agency needs. It will be up to you to come up with the funds. Do you have the money?
5. If you want to patent your idea, hire a patent attorney. You can locate patent attorneys by area of practice through the Arkansas Bar Association.