Meet Fuel: A Locally Grown Market and Competitive Intelligence Program
You can’t build a successful, sustainable business if you don’t understand your market and the companies in it.
All great founders and entrepreneurs have a vision. But this vision can’t be your only guiding light. You also need to know what your potential customers want, what your competitors are already doing about it, and what you can do to differentiate.
Market and competitive intelligence is the key to finding this information and acting on it.
The Benefits of Market Research
Whether you’re building a new company, seeking funding or exploring partnership opportunities, knowing your market cold is a great way to demonstrate credibility and push forward toward your end goal.
A lot of founders have an innovative business or product idea, plus the chops to execute on it. But oftentimes that’s all they rely on, ignoring the broader landscape they’re entering. This is called the product-out approach to company building.
If your idea doesn’t meet a need, or you don’t know how to position it properly, your chances of success aren’t good — no matter how amazing your idea. That’s why I recommend a market-in approach, where analyzing your competitors and comparators helps you identify opportunities to take advantage of.
After all, you can’t stand out from the crowd if you don’t have your finger on the pulse of what the crowd is doing. You can’t decide when to zig if you don’t know when others are zagging.
The Challenges of Market Research
So, now that you know the benefits of market and competitive intelligence, it’s time to dive into some research, right? Traditionally, that has been easier said than done — especially when it comes to digging up information on private companies.
The good news is, there’s no shortage of places to find this information.
The bad news is …. there’s no shortage of places to find this information. For the longest time, my initial research on a new company involved over a dozen websites, and there was no easy way to synthesize it all. Furthermore, some of these sites provided conflicting information, and some of the data was just plain wrong.
It takes a lot of time to do consistent, accurate market research, and time is the one thing that founders, entrepreneurs and operators just don’t have enough of.
A Better Way
My team at York IE ran into this same problem while doing research for potential investment opportunities and for the startups we advise. That’s why we built Fuel, a SaaS platform that pulls together hundreds of data points on over a million companies and presents it in a digestible, easy-to-use format.
Fuel has been so useful to us that we recently opened it up publicly. Our mission is to help startups grow, and Fuel provides a self-serve opportunity for startups to access that help. To explore how your company can benefit, sign up for free at https://fuel.york.ie/signup.