Improving Innovations’ Readiness Market Readiness
Market Readiness is the potential of an innovation to develop a solid business case and attract investors.
BRIGAID will improve the market readiness of innovations through the MAF+: a tested and improved guidance framework enabling innovators to increase their chances of commercial success. BRIGAID’s Market Analysis Framework (MAF+) is a web-based toolbox designed to help innovators bring their solutions to the market. Its conceptual setup has been tested, validated and applied in a variety of business cases across Europe.
The main purpose of the framework is to guide non-specialists (particularly small enterprises with no dedicated business development or marketing departments) through the process of analysing a market and developing a business strategy. By using the MAF+, innovators can identify potential clients and take the necessary steps to establish business relationships with them.
The MAF+ follows a carefully structured, stepwise approach that is based on a suite of market analysis and business strategy development techniques. The framework provides clear and interactive guidance on the use of these techniques, allowing its user to estimate the size and potential profitability of a market, analyse competitors, identify opportunities and threats, estimate risk, and calculate financial projections.
Within the framework, an introduction to each of these techniques is given and their rationale and objectives are described. Illustrative, input-based examples and supplementary information to run the analyses are provided on the web platform.
The MAF+ allows for easy data analysis through interactive data-visualisation. The output of the exercises provides a breadth of information that is used by innovators to prepare a well-informed marketing strategy, select an adequate business model, and elaborate a compelling business plan.
Ultimately, product development informed by the MAF+ ensures end-user oriented solutions with clear routes to market, and an overall enhancement of the business skills and competitiveness of the innovators behind them.