Case study: EEDA-funded Proof of Market

The client, a micro company, was producing a new, innovative product as part of an existing product range. They wanted to research the market thoroughly to ensure there would be sufficient take-up of the new product. They had tight budgetary constraints and could not afford a project of the extent needed in addition to their technical development.

Action

We suggested that an EEDA Proof of Market grant would provide (at the time) 75% of the cost, to help SME companies in the region achieve business growth.

The company were keen to apply, so Proactive Research assisted with the application, formulating a market research plan for the technology concerned. The customer applied for the grant.

Result

The customer was awarded a £15,000 grant which was used to research the new market, organise IP rights, and purchase relevant industry standards.

Proactive Research carried out all of the market intelligence section of the project, including competitor analysis, PEST analysis, and secondary and primary research into potential new sectors. This resulted in several very positive market sectors for the new technology and a qualified list of prospective customers. Subsequently the company's new product has sold very successfully into the proposed sectors.