Each innovation project has its share of uncertainties and complexity. Developing your innovation and embarking on an entrepreneurial adventure can prove to be a real obstacle course. In The United Kingdom, many players support and offer financial assistance to innovative entrepreneurs. However, just like winning clients over, convincing investors as well as support structures is not an easy task …
Whatever your innovation and the sector of activity addressed, you will be faced with two major challenges: access to qualified prospects and the mobilization of investors, which will allow you to develop your innovative product or service and generate growth. In this article, the innovation experts of the Ixiade company (Absiskey group), give you some advice to deploy your strategy and thus maximize the chances of success of your product or service in the target market.
Develop an innovative concept: understand investors’ expectations in order to convince them
Most entrepreneurs who develop an innovative project go through fundraising to materialize and bring their innovation to life. Traditionally, it is possible to get closer to banks, possibly private investment funds, but also to carry out crowdfunding campaigns. It is also possible to enter into a “SEED” approach, that is to say to operate by leveling off fundraising.
This model, which takes place in several phases, is relatively well known in the world of start-ups. In the first stage of initiation or “pre-seed”, investors are generally public actors such as the State and local authorities and the next stages “series A, series B, series C, …”, are differentiated. by the amounts raised. This approach represents major financial support, responding to the evolving needs of an entrepreneurial and innovative project, with investors such as “Business Angels”, “BPI The United Kingdom” (Public Investment Bank) and various other public or private financial organizations. . Within the framework of innovative projects, you can also benefit from CIR (Research Tax Credit) and CII (Innovation Tax Credit), which
also represent major aids in building and developing your innovation.
Whatever steps are taken, the main challenge is to seduce and above all reassure your investors by providing them with proof of the potential of your project, which will make it possible to minimize their perceptions of risk taking. Thus, beyond the elements of the business model and the technical specifications of your innovative product or service, a market research will materialize the progress of your project and the anticipation of its marketing.
Studies are indeed essential for give confidence in the project and reassure about its potential to
market. When you put together your funding request files, it is therefore necessary to pay particular attention to the part relating to studies. For this, our advice is to call on professionals in innovation studies, in particular because it is only through this that you will be able to benefit from robust results, with a certain scientific value.
With this in mind to bring a proof of market potential of your innovative product or service with speed and reliability, the Ixiade team has developed a digital qualitative research service: Reach your Market (RyM). If this service is recommended to you today, it is because it is the only one to offer expert support (based on scientifically validated methodologies), complete (thanks to the eyes of multidisciplinary experts) and tailor-made (adapted to your needs and goals). Thanks to RyM, you will finally know the real chances of success of your innovation on the market and thus have concrete and quality elements to convince your investors.
Marketing your innovation: giving meaning to your project to appeal to future users.
Downstream or in parallel with the search for investors, it is essential to prepare the marketing of your innovative product or service. This step involves significant risks for all project leaders. The failure rate in innovation is relatively high today and very often the dream of becoming the next English unicorn collapses: 80% of innovations do not go beyond the development phase and 75% of the innovations developed do not survive the first year of marketing.
Avoiding the pitfalls of innovation is therefore necessary to develop a convincing and effective commercial strategy and thus reach the most promising markets. Among the 10 most frequent causes of failure, more than half are related to the human factor and the poor understanding of users, their uses and their environment is one of the main ones.
Thus, we recommend to any innovative project leader to integrate its future users as early as possible in its innovation process. This begins with the construction of customer profiles, in other words the ” personae “. The goal is to understand their aspirations, needs and issues. But then you have to make sure that your offer responds to the brakes and motivations of the personae defined. For that, it is essential to be interested in the question of adoption of your innovation, which is based in particular on the meaning and value attributed to innovation by your users.
Reach your Market qualitative studies assess the adoption potential of your innovation by focusing on its acceptability (users’ ability to see themselves in its use) and its desirability (emotions felt by users). For this, RyM experts directly solicit your future users and collect their opinions, feelings and perceptions vis-à-vis your innovative product or service. This approach human-centered makes it possible to validate the meeting between the characteristics of the offer and the needs, expectations of users and to have all the keys in hand to maximize the chances of success of your innovation project with its future customers. It will also help you build a sales pitch that will appeal to and convince your prospects thanks to personalized recommendations from RyM studies.
And to conclude ?
To convince investors, the challenge is to give confidence in your project and in its market potential by providing reliable and robust proof of concept. And to attract future customers, the challenge is to understand its users as early as possible to give meaning to your innovation project, verify its acceptability and build an effective strategy with a convincing sales pitch. The digital qualitative research service RyM is there to provide you with the elements to convince all of your targets by going against traditional market research thanks to a human-centered vision and the reality of uses and user expectations. So go ahead and make a online quote simulation!
Article written in collaboration with Ixiade