*Updated August 2022
Sustaining revenues and profits in today's corporate climate is never secure. Product and service life cycles are becoming shorter due to technological innovation, business models are changing, and new rivals from outside the industry are entering the market. But this ebb and flow of global industry isn't a bad thing, rather it opens the door to new market opportunities.
This continuous insecurity necessitates the pursuit of new business opportunities. And to keep up with the changing tide, companies will have to switch up their game plan towards data-driven insights to drive their development.
How to identify new business and
growth opportunities?
Identifying new business and growth opportunities is clearly essential for any business looking to survive and adapt to new market developments. But it’s usually not a clear path to go down with many speed bumps along the way. Any innovation venture or identifying a new market opportunity is daunting and time-consuming.
[Related Article - Accelerating New Growth with Data-driven Innovation]
Here are some ways we see companies looking to start their search for their new market opportunity or for their next innovation venture:
Innovation teams
Innovation is clearly one key way in finding new business opportunities disrupting markets and innovation discovery. Innovation teams within companies can help facilitate that, whether they are internal or external, such as consultancies or innovation accelerators, are commonplace among companies looking for growth opportunities.
Identify innovative startups
One way to spot a new business or market opportunity is to identify disruptive startups that are developing innovative technologies or have come up with an innovative business solution. From here, companies should follow suit to facilitate business collaboration between both companies.
It's a way for startups to get access to the resources a large corporation or company has and is beneficial for the large corporation or business because they get access to the flexibility and innovation that comes with a startup. However, how a company goes about identifying disruptive startups is another issue, as the leg work that has to be done is time-consuming.
It also hinges on whatever innovation or R&D team that has been allocated to the task. That is not saying that innovation teams are inefficient, but rather that these teams rely on the specific knowledge and fields these groups are experts in, which could potentially overlook viable startups in the identification process.
Analyzing the competition
Conducting a competitive analysis will help you to determine what other companies are doing, and, more crucially, what they are not doing. Where are they collapsing? What exactly are they doing correctly? What draws customers to them rather than you? Analyzing your rivals will assist you in identifying crucial business possibilities to broaden your market reach and improve your products and services.
Stay alert for new industry trends and innovative technologies
Following trends is essential to keeping up with your competitors. This is an ongoing process that should be a mandatory part of every company’s core activities. Your innovations team should always be on top of all things happening within your market and on the lookout for growth opportunities and innovative technologies.
How can Valuer help you identify new business opportunities?
We at Valuer would like to help you get accurate industry information easily by relying on our AI-based platform, collecting thousands of data points, and translating them into actionable insights, allowing you to make data-driven decisions. We’ve identified these key features of how businesses tend to identify new business opportunities and stay on top of market development.
What our platform does is streamline the process, we take the pain out of the innovative process and introduce a better way of identifying your next market opportunity.
With that said here are the 10 features of Valuer’s platform you can use to identify new business opportunities:
1. AI algorithms and NLP models creating a platform for innovation
Valuer's platform harvests millions of existing data points from global industries using proprietary machine learning techniques and models. These algorithms and models will act as your AI helper, assisting you in the process of finding the results you’re after, saving you time by filling in the gaps between raw information and actionable insights so users won’t have to.
For starters, we use an NLP model based on a refined version of BERT that takes your search queries and interprets that input to find you the results you're looking for. It allows the user to get the data they are after without having to be specific or use a particular set of keywords.
Users can also help train the AI by voting up or down on the results they receive. This will help the AI, and NLP model, get a better understanding of your needs and provide the outcomes you were hoping for in the future.
2. Find new business opportunities with ease
Valuer's data-driven platform provides an end-to-end innovation pipeline to help corporations, accelerators, and venture capital firms find innovative technologies, growth opportunities, and any business solution needed. We've designed an engaging experience where you'll find relevant enterprises, industries, and technologies quickly. We aim to make a deep dive into the realm of invention and innovation simple and efficient.
That’s why we've also made browsing our platform enjoyable and straightforward, allowing people to interact with AI and the opportunities that result from it. To begin, just select what you're searching for: specific technology, a single firm, an industry overview, or a bespoke report. Whatever it is, we got you covered!
3. Choose your fit with the match score
The “match score” on the platform is designed to assist you in navigating and selecting companies and technologies that are a good fit for your needs. It’s a percentage calculated by our platform that lets you know how well of a fit a company’s profile is in regards to your search query.
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This feature can be incredibly useful for companies in the search for a business partnership or a collaborative endeavor. It will assist you in weeding out some of the companies you may have thought would be a good fit with others you haven’t heard of, but are a perfect match.
[Related article - The Most Effective Way To Validate New Business Investment Opportunities]
Once you’ve selected a company you like, you can also choose to enrich the company profile, which is an in-depth report on a specific company. 6 areas are covered in the report: business model, value proposition, product portfolio, market opportunities, and achievements.
4. Create your customized radars
Within our innovation platform, we've built a radar tracking tool that allows you to save companies and startups that you want to keep tabs on. It works much like saving a song to a playlist– think Spotify, and allows you to keep track and stay on top of various companies simultaneously. From there, the platform will take care of the rest. Set up alerts to get notified whenever a new innovative technology, startup, or game-changing market opportunity appears on the radar.
5. Explore industries to get an overview
The “Explore Industries” feature on our app is designed to provide users with an instant overview of select industries. What the feature provides is a cluster map of an industry, which is made up of startups and sub-industries, plus a list of companies that are situated within that particular overarching industry.
These cluster maps are a visual representation of how the companies and sub-industries are situated within a particular industry. Each dot represents a startup or company, and each sub-industry is represented by a color. The position of the dots/companies is based on their similarity to all other companies on the map, and if two companies are very close, then they are suggested to be very similar, likewise with the color-coded sub-industries. Furthermore, each map has been generated by our platform using our database.
6. Find new market trends and innovative technologies
Diving into the unknown is perhaps the most challenging aspect of exploring new ideas and opportunities. A great place to start looking is within disruptive technologies, and on our platform, you can find this with ease using our “Explore Technologies” feature.
This feature provides a list of various technologies and technological applications that provides an overview of the technology, relevant industries and sub-industries, and a list of companies using or developing this technology. You can also order a “Technology Deep-dive” report on any technology you want to jump into. These reports will provide a description of the technology and in-depth information on applications, benefits, maturity, market opportunities, and sustainability.
7. Generate a list of innovative companies along your search parameters
Do you want to diversify your business portfolio? When it comes to expanding your organizations reach and breadth, having the tools to identify and follow the newest business opportunities is integral. That is exactly what our platform allows you to accomplish with our search features.
There are two search features on the platform where you can directly engage with the AI. They are– "Company Search" and “Look-alikes.” With “discover companies using specific technologies,” it works just like a search engine. You type in a search query, with the option to also choose various industries and sub-industries, and then you're ready to go with your results.
The Look-alikes Search feature allows a user to type in a company name and generate a list of companies and startups that are all similar to that particular firm. For example, you can type in “Tesla,” and the platform will generate a list of companies that are all similar in some way or another to Tesla.
Furthermore, each results list can be further filtered by various criteria you choose so you can easily narrow down and hone in on your specific targets.
8. Request reports & resources
We understand that in order to gain a clearer perspective, a thorough and tailored deep dive is sometimes required. To help you get the most out of our innovation platform, we've introduced bespoke reports. With us, you get more than just the platform, but also services and a research team that can help you find and track the most critical and emerging innovative technologies, solutions, and industry trends for your organization, as well as give extensive information about them.
Our in-house research team delivers customized bespoke reports on whatever you want to target specifically, whether for your research or the needs of your stakeholders. A list and some basic company information are sometimes all you need to get started with, or you might wish to be able to grasp the whole spectrum at other times.
Simply order a bespoke report, and our experts will give you the qualitative information you need to make data-driven decisions. Our team and support structure are always available to assist you in getting the ball rolling on innovation.
Also, don't overlook the value of good material; we have various articles, ebooks, case studies, and free reports available. This is something that other systems and databases just don't have, and it's something we can offer.
9. Integrate our tool into your innovation team
We recognize that innovation is a collaborative endeavor. Vote as a group, annotate, plan, and share the findings with your team and other stakeholders. Our innovation platform provides a central point for your team to exchange feedback on our system's findings. Compile the most accurate opportunities to communicate with important stakeholders.
Use Valuer alongside your team to make educated decisions about whether to partner, invest, collaborate, or acquire. If your organization has specific requirements for integrating with us, either from a management or database standpoint, there are also partnership opportunities available.
We realize how essential it is for your operations to be successful and efficient. We're not just another tool on which you must invest your time. Instead of providing answers for a single subject, like a typical consultancy would, Valuer offers specialized insight into a variety of industries and technologies. And with our platform’s help, you'll be able to spot new business opportunities you didn't even know existed.
10. Data-driven insights
Overall, the goal of the platform is to make identifying new business opportunities, investments, and innovation easier through data-driven insights. The foundation of this mission lies in the database of over +500,000 companies and startups coupled with the platform's AI and our research team. Each feature on the platform is meant to streamline the whole innovation and investment process, making the research phase easier and more resource efficient while delivering reliable data that organizations can use and implement.
Wrapping up
Valuer is a revolutionary data-driven process that includes artificial intelligence and research. We eliminate uncertainty by providing actionable insights from which you may start your data-driven journey.
With our platform and services, you can map out new business opportunities, create a foundation for innovation strategies, spot innovative startups, and get tailored reports to your specificities. Start your exploratory search now and find out how we can help you.
