Developing new products can often take a long time and involve great uncertainty about profitability. Innovation Due Diligence is used to market validate more than 300 new ideas annually from research at Luleå University of Technology, Swedish and European companies.
Save time and money with Innovation Due Diligence
Innovation Due Diligence gives companies new and greater insights about their market, what business potential a new product idea has, what the customer values and how scalable and profitable business models can be designed based on it.
- Innovation Due Diligence allows you to move from a to b in a short time. In this case, the process has taken six months and meanwhile, Johan and his team at Neava have been able to continue to focus on the core business, says Jan Abrahamsson, business development consultant at LTU Business with a focus on innovation management.
It all starts with a brave idea
Software developers Neava Technologies strive to be a brave and visionary industry player who is driving change for their customers. One of their new product ideas has gone through the whole process of Innovation Due Diligence.
- At Neava, we are constantly working on the strategic challenges we face, where increased growth and increased margins are obviously key, but being able to attract new employees and utilize and develop the talent we have in our employees is at least equally important. We saw great potential in our digital design platform for houses and wanted to find develop a strong strategy and business model for launching it, says Johan Hedlund, CEO of Neava Technologies.
Market analysis, business model and strategy in six months
- We have done a market analysis, found a scalable business model, developed a go-to-market strategy and are now getting to grips with securing investment. Thanks to LTU Business we have been able to do this both faster and better. It's really something I can recommend, especially if you want to accelerate the process, says Johan Hedlund.
As useful for local companies as for large corporations
- Sometimes methods focus on young startups or large companies. Innovation Due Diligence is designed so that it is fully feasible even for smaller, established companies to do an analysis and evaluation of their new product ideas, says Jan Abrahamsson.
Key gains for Neava Technologies
- Situation Analysis
- Survey of the market
- Choice of business model and priority markets
- Go-to-market strategy
- Investor contacts and pitch training