In the world of research commercialization, finding a genuine market need isn’t just a step in the process, it’s the cornerstone of success. Without solving a real-world problem, even groundbreaking research risks gathering dust on a shelf, its potential unrealized. Yet in academic research, aligning scientific discoveries with practical applications is an inherent challenge. At Fovea, we specialise in uncovering these opportunities, connecting the dots between academic potential and tangible market demands through creative and strategic thinking.
What does it mean to identify a market need?
A market need isn’t just any problem; it’s a specific, defined pain point or gap that customers or industries are willing to pay to address. This goes beyond recognizing broad issues, it's about pinpointing solvable, urgent problems that drive investment and adoption. Finding these needs is often more difficult than anticipated, especially for academic research. Take, for example, a breakthrough material developed at a university that boasts exceptional conductivity and strength. On paper, its benefits are clear. But in practice they may not be enough, so early attempts to commercialize the material stumbled. Why? Industry partners were hesitant due to high production costs, and the manufacturing infrastructure needed for scale-up simply didn’t exist. The need was not a strong conductive material as communicated but a cheap one, without a certain smell, available in a certain continent and respecting a few safety laws. This illustrates a common challenge: academic researchers may create extraordinary innovations, but translating that into market readiness requires a nuanced understanding of what industries are prepared to adopt.
Assessing potential through multilayered market analysis
Fovea employs a comprehensive analysis tailored to each research project. We don’t just look for obvious applications; we consider the full spectrum of possibilities, often venturing into unconventional markets. Our process involves understanding the industry-specific relevance of an innovation for as many industries as possible, and, ask the right questions, to the right people. We are obsessed about 2 questions: Where is there untapped potential for disruption? How much should it cost? We also evaluate industry readiness—factors like existing infrastructure, competitive landscape, and cost tolerance. For academic research, this level of specificity is crucial, as opportunities may be hidden beneath layers of complexity. However, it is not the same as asking a Starbucks customer why did he prefer to spend his money is his local café. Fovea’s approach is distinct in that we don’t rely solely on conventional market research. We engage in what we call “collaborative exploration” with industry experts directly working with us on the project and contacted on a project-basis. They understand the nuances of research-based innovations. Through these partnerships, we gain insights that are far richer than surface-level data and often non accessible to the average person. From PhD experts in their domain, to director-level IP strategist and McKinsey consultants, a rich network of the best people sets us apart during the crucial process of interviewing and ideating the most precise need to answer to.
Conclusion: A structured chase for the golden information
Identifying market needs for academic research is far from straightforward. It demands a blend of deep scientific understanding, creative thinking, and strategic analysis. At Fovea, we pride ourselves on pushing boundaries, looking beyond obvious answers, and finding the hidden opportunities that can transform research into impactful solutions. By thinking outside the box and prioritising genuine market fit, we make academic research commercialisation not only feasible but also deeply rewarding sometimes in unexpected ways.
