The
first step in transformation of a technical innovation to a business
is market evaluation. This is where the potential market for the
specific technology is evaluated. This evaluation takes in to
account typically filtering parameters that investors place on
businesses. Market evaluation of a technology is one of the parameters
used in evaluating the potential success of a business endeavor.
It is important for innovators to understand the size of the market,
the current and emerging competitors, the readiness of the market
to receive the technology, the potential reimbursement that the
technology will receive, etc. before they fully commit to a market.
Strategic positioning can identify various potential applications
and markets for each invention. Market Evaluation can then help
the entrepreneurs identify the value and risk of each market.
This information is then used by the entrepreneurs to select a
business model with higher chance of business success as is defined
by higher revenue received in shortest period of time.
