Market research and competition are an incredibly important section of an SBIR proposal. Research of this depth and magnitude can understandably take up a fair amount of time. One best practice is to pre-prepare for your SBIR proposal. If you think an application to an SBIR program is in your future, start your market research today.
Changes in the Market
Recent and sizeable changes in the target market or industry can offer a lot of insight into what your competitors are doing and how you can best corner the market or offer a product that improves upon the current industry standard.
There are four main categories to watch for: acquisitions, regulatory changes, and technology disruptions
Pay attention to what kind of companies are being purchased via acquisitions. This shows an emerging trend in the marketplace. Acquisitions by larger companies are proof positive that they see this type of company as a money-maker. If acquisitions begin to spike in a certain industry or product line, use what these competitors are doing as an indicator of how best to proceed.
Regulatory changes are important to pay attention to for several reasons. Firstly in order to follow industry regulations properly, you must know what regulations exist. Be aware of how they affect you, your company, and your product. Secondly stay in the know about changing regulations and how these changes can offer new challenges to your business. It is wise to consider several components of regulatory changes as they affect the product. What s the market impact of the regulatory change? How will this change impact current business practices and what is the best strategic response to take given the change?
Disruptions in what we collectively hold to be the industry standard in the technology sector can be a very telling piece of market research. This is likely to assist you in completing the addressable market section in your SBIR proposal. Research any recent disruptions. How is your product better than these disruptive technologies? What do these new technologies suggest about where the market is headed?
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