Marketwise Strategies Make Business Dreams Reality

JacquiePotts imageA MARKET research company is helping staff at a North university turn business ideas – that begin life as academic research – into reality.

Newcastle-based Marketwise Strategies was one of five experts chosen to advise entrants in the Northumbria University Staff Business Competition 2009.

The staff business plan challenge invited University staff to put forward their money-making ideas, with Northumbria bringing in experts to help take the potential businesses from initial planning all the way to market entry.

Applicants have pitched ideas from consultancy and training services to health and aptitude testing as part of the annual competition.

And four out of five of this years finalists have opted to use market research conducted by Marketwise Strategies, which is based on the city’s Westgate Road, to help boost their fledgling businesses.Managing Director Jacquie Potts was involved in the business plan clinic offered to finalists, which also included advice from a top lawyer and financial advisor.

She said: Part of the role of academic staff is to carry out research so, as a result, academics often develop product or service ideas that could be commercialised.

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Could market research help high-tech businesses get ahead in the recession?

Jacquie Potts close-up picture

Absolutely, argues Marketwise Strategies managing director Jacquie Potts.

FOR technology businesses, the need to win investment can dominate the months (and even years) leading up to market entry.

That can mean that the business planning phase focuses on generating the kind of statistics and projected accounts to make investors sit up and take notice.

Unfortunately, it can also mean that not enough attention is paid to the real nuts and bolts issues, such as how warm is the market to the benefits of this product? And what possible barriers exist to successful market penetration?.

Thats why most marketing-savvy investors insist on detailed proof of concept market research, at the earliest stages of product development and then more research before market entry.

After the University of Sunderland came up with the idea for a groundbreaking new software tool to tackle financial fraud, it invested in rigorous proof of concept research.

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