Before getting a product into production and launching it to the marketplace it’s critical to determine its acceptability to the marketplace. Concept validation is a powerful market research methodology that enables you to do just that.
Whether you’ve just got the product vision for the design or a fully working prototype, Silicon Valley Research Group will put your concept in the hands of potential users and systematically collect market data from qualitative and quantitative concept tests and provide empirical, statistically valid insights and recommendation on the viability of your product concept. We will also build a "market simulator" that will enable your design & engineering teams assess the impact of various product decisions on the overall market potential of the product.
Our clients view Concept Validation as a real investment in their success rather than an expense. As the CEO of a recent client in the transportation technologies emailed us: "This is the most important tool I have given my engineering team. The only problem is they are playing with the market simulator as if it were Candy Crush, hope they are also getting the product built!"
A stand-alone module that is frequently requested in conjunction with Concept Validation, Business Modeling involves a thorough verification of our research findings against syndicated research data and competitor's technology roadmaps to provide a higher order forecasting tool for the business. The output is detailed five year revenue forecasts with key assumptions stated and proforma EBITDA projections. Our startup clients frequently use this output from our work to establish internal rate of returns and valuation for their potential investors. Established clients use the output for internal budget planning purposes. In both cases, however, business model development is a potent and powerful tool in developing business strategy.
It is widely known that during the start-up process, founders need to set up the boundaries of the business and define the product/service to offer. This is a very complex task, especially for new technology-based companies which usually require large investments and have a limited time span (avoiding product obsolescence) to turn the idea into a full-time venture. Although business model design within the entrepreneurship field is a recent topic, it is gaining a growing attention in industry. The usefulness and predictable power of business models are expected to help entrepreneurs make more informed decisions, thus increasing the chances of success.