CET@Cortex Innovation Community hosted Lisa Richter from Stakeholder Insights, and St. Louis County Library reference team members Michelle Sawicki and Paul Steensland on April 20 to hear about data gathering and analysis critical to planning new business success.
St. Louis entrepreneurs in attendance learned about affordable research strategies that will conservatively estimate customer likelihood to buy and reduce the risk of new business failure. Topics covered included:
- How to confirm there is a potential market for your product using secondary research databases available free from the library such as First Research, Million Dollar Database and Demographics Now
- How to increase product appeal and marketable differentiation through prospective customer interviews
- How to pilot test your business concept to gather convincing sales data for investors and lenders
- Where to monitor and how to respond to potential competitive threats once your business is launched
- Techniques to establish product pricing that buyers will consider fair and reasonable (and return you a profit)
Thanks to Christy Maxfield, Director of Entrepreneur Development Services, Center for Emerging Technologies at Cortex Innovation Community for inviting us to speak and to the entrepreneurs who attended and asked probing, practical questions. We look forward to the opportunity to continue our dialogue with them and host other sessions with entrepreneurs in the future. Helping our St. Louis start-ups launch successfully is one of the ways we support our community.