Market Analysis
Six forces press a company: competitive rivalry, threat of new entry, threat of substitution, supplier power, buyer power and complementary productives. While startups may face challenges breaking into and are remaining in the markets where existing, established firms, they also have tools. “You’re not alone” says Tommaso Morbiato of Wind City. Early adopters are ideal pilot testers who naturally forgive work in progress and care about a product’s values and spread words.
Our experience
Week 2 was filled with three Natural Bites to open our minds. First was with Giuliano Trenti from Neurexplore on neuromarketing and another with Davide Pettenella from the University of Padova on marketing social environmental values through standards and labels, and third on mutant design with Giorgio Biscaro, professor at Scuola Italiana Design, to understand how design, function and purpose come together.
With Giulia Turra, our startups analyzed who our customers are by using an empathy map to picture the gains, pains and the customers’ jobs. Understanding how an individual customer thinks, behaves and feels and then being able to zoom out, our startups took another look at their potential customers and thereby potential new product. With Emiliano Fabris, Director of Galileo Visionary District, we dived into who our competitors are using SWOT analysis, which Emiliano calls “the mother of all tools”. When we speak about competitors, we speak about who or what we are — and this identity is in relationship with the needs of the customers. On Friday, we got a hint of corporate culture with Tommaso Morbiato by comparing the lean method with standard method in terms of vision, steering and acceleration.
Our startup’s experience
“I found extremely useful this competitor analysis – the theoretical part as well as practical,” says Bacho Khachidze of Oxyn, delivering corporate social responsibility investments to transparent, participative opportunity for customers using blockchain. “It’s not something new, but I’ve never paid so much attention. I did not know making SWOT analysis for my competitor could be so important.” Bacho is already going deep taking his lessons home. Geoffrey Okoth Yoga of Green Charcoal Uganda says the market analysis gives him a way to market entry in Uganda: “I never had any knowledge of market analysis. I am seeing how it can be used to quicken a product into the market” Geoffrey was also a fan of the lean method. “Sometimes you think you have the best production process, but with detail analysis, you can see there may be other inputs that can make it even more efficient. So I got a lift from the lean method!”
Wrapping up Week 2 and looking ahead
Value proposition. Check. Market analysis. Check. Supplied with different analytical tools, our startups are ready for Week 3’s corporate culture and public, private funding trainings.
FIND OUT MORE
WEEK 1 ARTICLE: why do we hack startup business model?
MEET THE STARTUPS: presentation event
STARTUP PORTFOLIO: discover more about our selected startups
ECOSTAR CALENDAR: register to our events!
Developed by ECOSTAR and powered by Fledge, the Nature-Accelerator is an intensive eight week acceleration programme for nature-based startups. As part of ECOSTAR initiative, Etifor Srl and the University of Padova, promote and manage the acceleration programme.