Product-market Research
This project is suitable for companies with a tangible product prototype and an accessible potential target market who seek further insight into key product features, market segmentation and business scaling strategies.
Module
New Business Venturing
Duration
September – December
Student expertise (level of study)
Masters
Developing key skills for startup businesses
MSc students develop an understanding in the classroom about the theory for how an entrepreneur can successfully develop a business opportunity into a product for a new venture.
This involves validating key hypotheses around a product prototype to achieve a product-market fit and then building a story around it to create a scaling strategy connecting the different parts of the business model. The entrepreneur uses the story to create a pitch for external funding.
How it works
In the project, students will collaborate with your company to support your market research around a product prototype. Initially, the student team will meet the business founder to understand the context including your company, product and market and develop hypotheses around a product prototype including the product, the market and the scaling strategy.
Using market-industry analysis and semi-structured interviews, the students evaluate the hypotheses further to improve the problem-solution fit and the product-market fit in close collaboration with your company. Typical outcomes include refined market segmentation, new product features, and new revenue models which are presented and discussed in a stakeholder presentation. Feedback is then used by the students to research scaling strategies and funding which is submitted in a report.
Their work has greatly enhanced our understanding of how technology can be used to reduce accidents and improve safety in different settings. We truly appreciate their dedication, professionalism, and the fresh perspectives they brought to this project.Aaron Lee, co-founder, BNET-Tech Ltd
Why get involved
- Cost-effective resources: Partner businesses gain access to student resources with specialised skills for product-market research.
- Fresh perspectives: Student teams can develop key insights into market segmentation, product features, and scaling strategies for a product prototype.
- Knowledge transfer: Student teams transfer learning to the partner businesses including research findings and research methodology.
- Networking opportunities: Partner businesses can leverage a network with students, academic staff, and other stakeholders to develop other business synergies.
Working with the students gave me a chance to give back to a program that played a key role in shaping my own journey. It was inspiring to see the students' passion and fresh perspectives in action. Their insights into market segmentation and client outreach were incredibly valuable to our business.Abdullah Albar, CEO / Founder of Bina-Robotics
What we need from your company
- Should commit a minimum of 2 hours / week to mentor the students for the duration of the project, including weekly team meetings and the stakeholder presentation.
- Should have a product prototype whose product features are easily understood by students.
- Should have initial research for market segmentation and a designated target market.
Get in touch today
If you’re a business looking to collaborate with developing student talent and receive tailored insights into your own industry challenges, please contact us. The B-Clinic at Surrey Business School is your opportunity to gain practical solutions while shaping the next generation of business leaders.