Funding to find the market

Having an idea is one thing, but getting it to market is quite another. EEDA's Proof of Concept Fund helps inventors find their future customers.

Zettlex Printed Technologies print circuits for highly accurate sensors. Like any organisation whose focus is on developments at the cutting edge, it's all too easy to become consumed by the technology. Quite apart from anything else, there's only so much head space.

Mark Howard, managing director of Zettlex Printed Technologies, approached EEDA, via the Proof of Concept fund, for help to investigate the market opportunities for a new technology development in which his business planned to continue investment.

The fund is designed to assist entrepreneurs test the market viability of an idea before committing large capital investment. It's designed to be useful way to mitigate risk as well as validate ideas.

"The Proof of Concept fund pointed us to the aerospace industry as a priority target market. It sounds a bit obvious now, but it's the number one place that you need lightweight sensors that won't go wrong when the going gets tough."
Mark Howard, Zettlex Printed Technologies

This could be achieved by accessing existing market research reports, commissioning new research, undertaking detailed analysis of the market and competitive position, or by conducting customer trials.

Conducting an independent marketing analysis can help to align your ideas to identified customer needs. The outcome could be to shift emphasis onto developing a particular aspect of the technology, or as in Mark Howard's case, to identify new potential customer segments.

Taking a structured approach to market research opened new doors for Mark Howard. A demonstration to BAE, not previously a customer, enabled his business to understand the needs of an entirely new market, ideal for his product.

Making connections between technology development and market opportunity is the great strength of the Proof of Concept fund. It can help you lift your head above the detail and see the bigger picture from the customer's point of view.

Proof of Concept funds are available if you are an entrepreneur, a small to medium-sized business or working in an academic or research institution.

For more information, or to download an application form and supporting guidance notes visit the Proof of Concept page on the EEDA website.

The Proof of Concept Fund is one of many other sources of funding available throughout the region. To find out more, explore the Finance Line of The Business Map.