Published on March 3, 2014
Functional Fluidics Customer Discovery Challenge - Case Study The SearchLite Illuminating The Future Copyright © 2014 All Rights Reserved
Summary A Product Market Fit and Industry Ecosystem Profile type of customer discovery challenge was conducted for Functional Fluidics to identify the customer segment that will benefit most from this technology and understand the Industry Component that contributes to technology adoption. The following case study summarizes the process followed and outcomes achieved. “ The SearchLite identified several customer segments that we had not considered. In a couple of cases, they also drilled down to uncover insights relative to industry practices that are relevant to new product commercialization. - Dr. Patrick Hines, Founder at Functional Fluidics snapshot o the potential customer application landscape to Copyright © 2014 All Rights Reserved facilitate the process of customer discovery.
Introduction • Functional Fluidics is developing novel devices and protocols to address the need for measuring thrombosis and adhesion formation in whole blood under pulsatile flow. • Functional Fluidics’ assay can assess the behavior of blood while it is flowing, and mimics in vivo behavior while currently available tests use in vitro methods. • The system uses micro-fluidics to analyze whole blood adhesion and thrombosis and is a much better predictor of blood behavior physiologically. www.functionalfluidics.com Copyright © 2013 All Rights Reserved
How to identify the right Customer Segment? • Functional Fluidics was interested in using The SearchLite’s knowledge gathering services to understand potential field applications as well as the Industry Ecosystem for this technology • The inventor team wanted to look beyond indications including: •Atrial fibrillation (AF) •Deep vein thrombosis (DVT) •Sickle cell anemia (SCA). The SearchLite suggested a hybrid challenge to identify potential Customer Segments and the Industry ecosystem Copyright © 2013 All Rights Reserved
The SearchLite Process •The SearchLite is a Community-Based Market Discovery & Validation Platform. •We connect inventors and technologies with matching Customer Segments, their Industry Ecosystem profiles and Technology Adoption dynamics. •Our Customer Discovery Challenges reduce market risk for early-stage technologies by identifying Product-Market Fit. Product-Market Fit Industry Ecosystem The SearchLite platform brings Inventors, Innovators and Entrepreneurs together in one place to discover Customer Segment Profiles using competitions called Customer Discovery Challenges. Copyright © 2013 All Rights Reserved Tech Adoption Dynamics
Product-Market Fit: A Level 1 Customer Discovery Challenge Timeline • Planning = 2 Weeks • Facilitation = 2 Weeks Inputs • Secondary Research • Community Discussion Outputs • Customer Segment Profiles • Relative Market Sizing • Limited Prior Art Copyright © 2013 All Rights Reserved
Industry Ecosystem: A Level 2 Customer Discovery Challenge Timeline • Planning = 3 Weeks • Facilitation = 3 Weeks Community • Innovators-in-Residence • Mentors-in-Residence • Industry Knowledge Experts Inputs • Secondary Research • Community Discussion • Limited Primary Research Copyright © 2013 All Rights Reserved Outputs • Industry Ecosystem Insights • List of Key Contacts • Secondary Research Reports
Industry Ecosystem Analysis: Outputs • Five Customer Segment Profiles were submitted and shaped by eight Community Members • Participants commented and voted on alternative Customer Segments as to their match with the Functional Fluidics Technology Benefits and Value Proposition. • “Telemedicine” was voted as the most promising Customer Segment for further investigation. • The Outputs included: • Primary Research with KOL insights • Secondary Research with industry articles and presentations • Actionable Next steps and Recommendations Copyright © 2013 All Rights Reserved
Industry Ecosystem Analysis: Community Engagement • Over ten days in January, 2014, our Innovators in Residence and Mentors in Residence participated engaged on The SearchLite’s online community platform to propose Customer Segment profiles. • For example: two of our IIR’s – Wendy Tay and Visha Krishnan responded with secondary research and supporting links • Visha Krishnan: “Given the ability of the functional fluidic device to test beyond thrombrosis, it might be a better product for hematological analyses.” . Copyright © 2013 All Rights Reserved
Functional Fluidics – The Results Drill down for insights … only where it adds value Copyright © 2013 All Rights Reserved
Recommended Next Steps: Technology Adoption Dynamics CDC Timeline • Planning = 4 Weeks • Facilitation = 4 Weeks Community • Mentors-in-Residence • Industry Knowledge Experts • Subject Matter Experts Inputs • Secondary Research • Primary Research • Synthesis & Analysis Outputs • Technology Adoption Insights • Key Recommendations • S-Curve Revenue Estimate Copyright © 2013 All Rights Reserved
About TheSearchLite.com The SearchLite is an online community based market discovery and validation platform that identifies path to market for new technologies. Our Customer Discovery Challenges reduce market risk of new technologies by quantifying product-market fit, mapping the industry ecosystem and providing technology adoption dynamics for new technologies in any stage of development. Check out TheSearchLite.com Got Questions? Drop © 2013 All Rights at firstname.lastname@example.org Copyright us a line Reserved
Functional Fluidics Customer Discovery Challenge - Case Study The SearchLite Illuminating The Future Copyright © 2013 All Rights Reserved Copyright © 2014 All Rights Reserved
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