Context: A McGill Lab engaged NTX Services to perform Market Validation for an innovation in the Neural Implant space that is expected to measure neural implant stability more quickly and reliably than current methods used by both Industry and Academia.
Deliverables:
Consistent with NTX Services specialized offering, we reached out into the NTX Network to find the right Subject Matter Expert in the niche subject area to work on the technical aspects of the project and to ensure the quality of the analysis. We vetted multiple experts in the niche subject matter and selected one profile based on skills and experience in the specific subject matter.
The NTX Services team developed the scope of work and the deliverables for the market validation exercise. The Subject Matter expert developed a list of comparable solutions and provided their opinion on the scientific/technical validity of each solution currently available on the market. They were also responsible for developing the questionnaire to be used in conducting Market Validation Interviews and identifying Key Opinion Leaders (KOLs) to target. The NTX Services’ team validated the relevance and applicability of the selected KOLs with the McGill lab in question.
Together the NTX Services team and the Subject Matter Expert conducted the Market Validation Interviews with the KOLs identified. These market validation interviews revealed the current solutions available, the decision factors behind choice of solution, shortcomings of current solutions. We also questioned KOLs on the validity of the premise of the McGill Lab, the burden of proof required for adoption of the proposed solution and the dollar value associated with the proposed solution.
NTX Services’ team analyzed the results of the Interviews and determined whether there was commercial potential for the proposed solution and defined the next steps towards developing a commercially viable solution. Final deliverables included the key insights from Market Validation exercise and implications of each and the full interview notes from all Market Validation Interviews conducted.
Next Steps:
NTX Services’ conclusion was that there was a market for the innovation developed by the McGill Lab. The team clearly defined next steps towards further development/ commercialization of the proposed solution including establishing a minimum burden of proof for the solution, establishing technical feasibility for a commercially viable MVP and determining the market potential for the solution. We are looking forward to continuing the work with the lab in question as they further develop their solution