Understanding the market need is important. A small company with limited resources is often likely to avoid the work required. Yet it is highly likely that it is this piece of work, and not the technology, is the difference between success and failure.
A small company with limited resources may be tempted to either: 1) assume they understand the need, or 2) approach market research to a very surficial level. Their Board might want to believe the CEO already has a firm grasp of market need and changes within the market. Recently, a VC looking at the Sienna opportunity was delightfully surprised by how much resource Sienna had put behind understanding the market size, opportunity and unmet need. In large part, this research was conducted by experienced third parties (Cogentum) who have formal training in Voice-of-Customer (VOC) techniques, have ready access to global networks and can quickly translate novel technology into a product. In planning the delivery of its first cancer diagnostic test to the US market, Sienna has begun to define its technology milestones partly in response to market knowledge. This strategy has led to strong interest from prospective partners who know that Sienna is more than just a technology company.
During this process, Cogentum provided insightful, well-researched and convincing answers to key market questions. These answers allowed Sienna to: 1) make a confident decision about continuing investment in the technology development, 2) assess quantitatively the additional value to Sienna, 3) articulate specific key milestones to investors, and 4) be strategic in setting a technology development program. We found Cogentum principals not only strong in their field, but a strong complement to the Sienna team; they become part of your team. The synergy, even after the conclusion of the project, continues because Cogentum clearly cares about growth and integrity within the biotech sector.
Sienna Cancer Diagnostics
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