The importance of industry and market research for your business plan with Howard Rosen, CEO of Lifewire
By Helen Kontozopoulos, MEIC
First posted on Mobile Experience Innovation Lab, OCAD University, Jan 2014

The challenge for any business is to collect the large amounts of research and then be able to condense it into an impressive (but brief!) twenty-five-page business plan. Howard Rosen, the CEO of Lifewire, says that the plan needs to be succinct yet comprehensive and match what you are saying.  If it isn’t, the listener will wonder why you don’t just get to the point and “get to the meat” of your business.

The “meat” of course comes from all the research you have done previously. In this two-part video, Howard discusses the importance of collecting research and validating it.


Show Me!
For Howard, it always came down to the basic question “does it work?” He knew he had an excellent idea for mobile health, but the more he talked to people the more he realized “I better make sure this thing works!” People were always asking him to show them the product, to prove it to them, and to match what he was saying by what he was showing them. Research helped him prove his product and prepare to present it in his business plan and to his customers.


Research, Research, Research
The importance of research is to test your idea, to see if and how it works in the real world—not just in your head. Is your idea really that brilliant? You might think it’s an excellent idea, until your research shows that you are wrong. Discovering that your idea might be conflicting with your research is a good thing: it means something has to be changed.
Part of Howard’s research process was to reach out to 3rd parties to help him validate his assumptions about his product. One of the key elements of planning is using 3rd parties that can help you confirm your assumptions and give you direction on how to proceed with your product.


Key Elements to Planning: 3rd Party Validation

• Advisors
• Thought Leaders in the industry
• Professionals (Lawyers, accountants, etc…)

The validation of your idea gives decision makers such as funding bodies a reason to choose you instead of your competitor.


Getting Out There
In the “Knowing Your Market” video, Howard stresses the need to not only know your industry’s market from reports, but also go out to your market’s environment. For him, he went to hospitals, doctor offices, and any place that provided health care. You need to see how your market perceives your industry and its services and to delve deeper into your customers’ true needs. Howard says, “Just because someone says they need something, doesn’t actually mean they need [it], that’s what they perceive they need.” By going into these markets, you test those perceived needs and compared them to the real needs.
Getting out there and testing your product gives you an excellent opportunity to see what changes you need to make. What you think is simple to do, the user might find confusing and difficult. “Knowing how to evolve [your product] for the marketplace and [for] the changing marketplace” becomes an ongoing process in your product development.


It never really ends
Research never really ends. Even when the business plan is written, research continues as you build upon all the knowledge you have accumulated over time. For any new market you enter, a new business plan has to be created, researched, and validated.
Part 1 – Writing out your business plan
Part 2 – Knowing your Market

Monday, January 13, 2014
New Year – New Career: Get Job Hunt Ready​

Details

After the holidays, it's time to put those New Year's resolutions into action. The New Year brings about new opportunities and change which makes it the perfect time to take the next big step in your career. Whether you're looking for an opportunity or you're considering a move from your current position, we want to make sure you're fully prepared for the job hunt of 2014. This month's special event will leave you charged and optimistic for the job searches and career advancements ahead.

On Monday, January 13th, Jobspring Partners, a professional recruitment company specializing in tech placements, will ready us for a New Year job search. The Jobspring team will present on job hunt best practices including how to approach your search, what to expect in interviews and steps to take during that process. You'll learn tips for a successful job hunt, see examples of effective resumes, and ultimately learn how to get the attention of potential employers. They'll also touch on women’s prospects including statistics on women in the workforce.

Following the presentation, Jobspring has offered personal 5-minute one-on-one consultations for expert career advice and questions with one of their recruiters. To sign up for a personal consultation, please answer YES when prompted during your registration for the event. Please note there are only 40 spots available for the consultations so be sure to reserve one if you want one. We will notify you of your time slot upon arrival at the event.

Don't miss this informative event which promises the hiring perspective that could make 2014 a big year in your career!

Evening's schedule

6:30pm: doors open, guests arrive, grab a bite to eat and settle in

7:00pm: presentation

8:00pm: one-on-one consultations (sign-up needed, limited spots)

About Jobspring

Jobspring Partners is a professional recruitment and placement agency with operations in Boston (http://jobspringpartners.com/locations/boston), Philadelphia (http://jobspringpartners.com/locations/philadelphia), Washington (http://jobspringpartners.com/locations/washington-dc), New York, (http://jobspringpartners.com/locations/new-york) Chicago (http://jobspringpartners.com/locations/chicago), San Francisco (http://jobspringpartners.com/locations/san-francisco), Silicon Valley (http://jobspringpartners.com/locations/silicon-valley), Los Angeles (http://jobspringpartners.com/locations/los-angeles), Orange County, CA (http://jobspringpartners.com/locations/orange-county), and Toronto, Canada (http://www.jobspringpartners.ca/locations/toronto). We specialize in technology hiring for both permanent and contract positions, and have made over 30,000 successful technology hires since 1989.

Follow @JobspringCanada on Twitter (https://twitter.com/JobspringCanada) and visit jobspringpartners.ca (http://www.jobspringpartners.ca/).

SYPA (Stuff You'll Probably Ask)

Why the $10 fee?

All monies collected go directly to bringing you a top tier experience with notable speakers each month. Some months we get help with sponsorship and others months we do not, so the small fee balances out over the year and ensures that the events can continue to grow. Food and refreshments are provided each month and vary based on the venue. Your $10 goes directly towards covering the costs of food, drinks, thank you gifts for our speakers, hosting of our web spaces and other costs incurred to run events. We are a non-profit group run by volunteer organizers and we do not make money through this group.