In 2020, the biotech industry experienced a boom in venture capitalist (VC) funding. Of course, that increase was spurred by the race to develop a COVID-19 vaccine. But even after vaccine rollouts, funding continued to climb in all areas of biotech until 2022. This year, funding dropped nearly 40 percent.
Research needs to be acted on. Otherwise, what’s the point? A market opportunity study is one of the most powerful tools a business leader can use to drive that change.
Too often an organization falls down the rabbit hole after launching a market opportunity effort, simply because they can’t see the path forward.
At Cascade, we don’t just drop market opportunity research on your (virtual) desk and walk away. Instead we stick with you to make sure you learn, apply, and drive change inside your organization.
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When considering market opportunity research, you may think a straightforward quantitative survey is enough to get to know the landscape. But if you don’t understand why your customers think the way they do and the environments in which they operate, you can’t possibly have the whole picture, and you’ll end up creating a bad game plan.
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You have a hypothesis: There is a problem you want to solve, and you’re pretty certain you can envision a solution that provides more value than everything already on the market.
Like a scientist, you need to test that hypothesis to ensure you’re on the path for success. In this case, you’re doing market opportunity research rather than an experiment.
Market opportunity research identifies if there is a market, if there is a need, and if it will be profitable.
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