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 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.
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.
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.”