Action Learning
Innovation
Taking a startup to the next level
By
Looking for new markets
Knote is an information technology and services company that helps organizations automate document processing, handling, and analysis using natural language processing, a kind of artificial intelligence. Company leaders asked Entrepreneurship Lab (E-Lab) to perform a primary market research study to help them identify new potential markets among such options as the legal, health, pharmaceutical, and insurance industries.
Identifying opportunities
The E-Lab team conducted online market research and interviewed more than 50 people at a variety of companies to zero in on the best market opportunities for Knote. The team assessed six verticals and compared the pros and cons of each using a variety of factors, including willingness to pay, average spending on technology, sales-cycle length, and total available market. Ultimately, students delivered an insightful presentation in support of a specific recommendation for Knote.
Scaling up
E-Lab’s recommendation enabled Knote to focus its limited resources on the most promising new market – a major bonus for a startup, as Knote founder and CEO Ron Glozman remarked.
“E-Lab really helped us develop our market strategy and scale the business,” Glozman said. “The students are top-notch, and the work they deliver is of the highest caliber. It’s an invaluable asset to any company and can help you take your start-up to that next phase.”
