A manufacturer invented a unique technology for measurement and wanted to determine its potential for a new business. The company worked with ARC to determine potential market opportunity.
A manufacturer of a commodity product invented a unique technology for measurement that significantly reduced their costs, and wanted to determine its potential for a new business. They dominate their market and have a profitable business. However, other applications are reducing the use of this product and the size of their market is declining. Consolidation in the industry is intensifying competition. They need to find other markets for new revenue streams. Can this technology provide the needed new business?
ARC analysts assessed the technology and contributed to business planning in several areas:
- A thorough understanding of current products and solutions to determine the invention's uniqueness
- Technical expertise for evaluation of the technology and its viability
- Knowledge of the industry segments, current trends and pain points
- Familiarity with end-user processes to identify specific applications
- Evaluate pricing based on benefits and comparison with alternatives
- Determine market size and forecast revenue
These assessments were included in a written report, presentations, and a strategy review session with the management team. The revenue forecast included five industries and their specific applications. Some of the questions addressed were:
- Is it unique and viable?
- What industries would benefit?
- What user applications need it?
- What is it worth?
- Market size and revenue forecast?
The support from ARC helped the company apply for two patents. With facilitation from ARC, partners having the necessary technical and testing resources were approached. Now, the technology is incorporated into a product solution and "alpha testing" has begun.