Smart Architects is an early stage start-up company which had developed a hardware token targeting the problem of weak passwords and introducing two factor authentication. The prototype product was generating interest from a diverse range of market segments. It needed to prioritise these opportunities and focus on the user requirements of the more attractive segments to make early sales to fund further development and possibly raise external finance.
Qi3 primarily assisted Smart Architects in its application for a Technology Strategy Board Proof of Market Grant. On award of the grant, Qi3 firstly carried out a high level market assessment, identifying potentially attractive markets, competing technologies and potential sources of real differentiation. Using secondary market research and telephone interviews, Qi3 was able to rank the potential markets & select a few markets for detailed market segment analysis.
In the second Phase, Qi3 engaged with potential customers and channel partners to map the supply & value chain, understand routes to market and business models and determine high level user requirements in the chosen market segments. During this market engagement, Qi3 identified and met early adopters and determined the product proposition required by the market.
Qi3’s report made a set of specific recommendations regarding both product road map and strategic and tactical market engagement which have been used by Smart Architects both in its business development and fund raising activities.