Post on 13-Jul-2015
Copyright © 2014 All Rights Reserved
Illuminating The Future
The SearchLite
Functional Fluidics
Customer Discovery Challenge - Case Study
A Product Market Fit and Industry Ecosystem Profile type of customer discovery challenge was conducted for Functional Fluidics to identify the customer segment that will benefit most from this technology and understand the Industry Component that contributes to technology adoption. The following case study summarizes the process followed and outcomes achieved.
Summary
Copyright © 2014 All Rights Reserved
“ The SearchLite identified several customer segments that we had not considered. In a couple of cases, they also drilled down to uncover insights relative to industry practices that are relevant to new product commercialization. - Dr. Patrick Hines, Founder at Functional Fluidics snapshot o the potential customer application landscape to facilitate the process of customer discovery.
Copyright © 2013 All Rights Reserved
• Functional Fluidics is developing novel devices and protocols to address the need for measuring thrombosis and adhesion formation in whole blood under pulsatile flow.
• Functional Fluidics’ assay can assess the behavior of blood while it is flowing, and mimics in vivo behavior while currently available tests use in vitro methods.
• The system uses micro-fluidics to analyze whole blood adhesion and thrombosis and is a much better predictor of blood behavior physiologically.
www.functionalfluidics.com
Introduction
Copyright © 2013 All Rights Reserved
How to identify the right Customer Segment?
• Functional Fluidics was interested in using The SearchLite’s knowledge gathering services to understand potential field applications as well as the Industry Ecosystem for this technology
• The inventor team wanted to look beyond indications including:
•Atrial fibrillation (AF)
•Deep vein thrombosis (DVT)
•Sickle cell anemia (SCA).
The SearchLite suggested a hybrid challenge to identify potential Customer Segments and the Industry ecosystem
Copyright © 2013 All Rights Reserved
The SearchLite Process
•The SearchLite is a Community-Based Market Discovery & Validation Platform.
•We connect inventors and technologies with matching Customer Segments, their Industry Ecosystem profiles and Technology Adoption dynamics.
•Our Customer Discovery Challenges reduce market risk for early-stage technologies by identifying Product-Market Fit.
The SearchLite platform brings Inventors,
Innovators and Entrepreneurs together in
one place to discover Customer Segment
Profiles using competitions called
Customer Discovery Challenges.
Product-Market Fit
Industry Ecosystem
Tech Adoption Dynamics
Copyright © 2013 All Rights Reserved
Product-Market Fit: A Level 1 Customer Discovery Challenge
Inputs
• Secondary Research
• Community Discussion
Outputs
• Customer Segment Profiles
• Relative Market Sizing
• Limited Prior Art
Timeline
• Planning = 2 Weeks
• Facilitation = 2 Weeks
Copyright © 2013 All Rights Reserved
Industry Ecosystem: A Level 2 Customer Discovery Challenge
Community • Innovators-in-Residence • Mentors-in-Residence • Industry Knowledge Experts
Inputs • Secondary Research • Community Discussion • Limited Primary Research
Outputs • Industry Ecosystem Insights • List of Key Contacts • Secondary Research Reports
Timeline • Planning = 3 Weeks • Facilitation = 3 Weeks
Copyright © 2013 All Rights Reserved
• Five Customer Segment Profiles were submitted and shaped by eight Community Members
• Participants commented and voted on alternative Customer Segments as to their match with the Functional Fluidics Technology Benefits and Value Proposition.
• “Telemedicine” was voted as the most promising Customer Segment for further investigation.
• The Outputs included:
• Primary Research with KOL insights
• Secondary Research with industry articles and presentations
• Actionable Next steps and Recommendations
.
Industry Ecosystem Analysis: Outputs
Copyright © 2013 All Rights Reserved
• Over ten days in January, 2014, our Innovators in Residence and Mentors in Residence participated engaged on The SearchLite’s online community platform to propose Customer Segment profiles.
• For example: two of our IIR’s – Wendy Tay and Visha Krishnan responded with secondary research and supporting links
• Visha Krishnan: “Given the ability of the functional fluidic device to test beyond thrombrosis, it might be a better product for hematological analyses.”
.
Industry Ecosystem Analysis: Community Engagement
Copyright © 2013 All Rights Reserved
Functional Fluidics – The Results
Drill down for insights … only where it adds value
Copyright © 2013 All Rights Reserved
Recommended Next Steps:
Technology Adoption Dynamics CDC
Community • Mentors-in-Residence • Industry Knowledge Experts • Subject Matter Experts
Inputs • Secondary Research • Primary Research • Synthesis & Analysis
Outputs • Technology Adoption Insights • Key Recommendations • S-Curve Revenue Estimate
Timeline • Planning = 4 Weeks • Facilitation = 4 Weeks
Copyright © 2013 All Rights Reserved
The SearchLite is an online community based market discovery and validation platform that identifies path to market for new technologies. Our Customer Discovery Challenges reduce market risk of new technologies by quantifying product-market fit, mapping the industry ecosystem and providing technology adoption dynamics for new technologies in any stage of
development.
Check out TheSearchLite.com Got Questions?
Drop us a line at info@thesearchlite.com
About TheSearchLite.com
Copyright © 2014 All Rights Reserved