The SearchLite completed a Market Discovery Challenge for University of Michigan Pediatric Device Consortium (MPED) to assess the market potential for a novel flow cytometry device in the healthcare and life science industry and advise on the best path to market strategy. The SearchLite also investigated other potential industrial applications for this novel technology and was successful in identifying some early revenue generating opportunities.
The World Health Organization reports that infectious diseases are the world’s biggest killer of children and young adults. Infectious diseases reportedly cause 63% of all childhood deaths in non-industrialized countries and are responsible for more than 17 million deaths worldwide each year, most of which are associated with bacterial infections. The detection and diagnosis of infectious disease is a time intensive process, requiring up to several days to culture and analyze blood samples in order to positively identify the responsible pathogens, during which time the patient is often managed suboptimally using broad spectrum antibiotics. The challenge was to discover if this novel Flow Cytometer could be applied to solve this problem.
As a part of this challenge, The SearchLite conducted several industry experts interviews as well as secondary research with help of a team of four Innovators-In-Residence under the able guidance of our Mentor-In-Residence Jack Ball.
The SearchLite identified the critical factors that affected the customer segments in this industry in order to segment the market effectively. Based on the key features of the technology, the end user’s pain points and needs, The SearchLite helped the inventor team to refine their value proposition.
Phase I of the project consisted of identifying all the potential market applications for this technology. The Market Application Landscape evaluation of the top five applications on the basis of their importance to the end user, product market fit and market size resulted in identification of the Target Market for the novel flow cytometry device.
Phase II of the project consisted of Validation of the identified Target Market. The Current State of the Art analysis and Current State of Industry analysis were performed for forecasting the market adoption scenarios.
Based on these comprehensive evaluations, The SearchLite proposed the best market opportunities for the client in each of the identified target segments and also advised the client on the critical aspects that affected adoption of the technology. The SearchLite also had recommendations for market opportunities that had potential for early adoption and would generate early revenue for the client.