Due Date: MARCH 31st :: 11:59PM
Submission: Slide presentation presented in class and submitted via Canvas
Market exploration is the process of researching and analyzing a market to uncover viable business opportunities and validate demand before fully committing to a new venture. This project emphasizes the importance of thorough market research in entrepreneurship. Many startups fail because they build products no one wants – in fact, 42% of startups fail due to “no market need”. By investing time in market exploration, entrepreneurs can ensure they are solving a real problem for customers and avoid the fate of launching into a non-existent market. In short, this project underlines that understanding your market early is crucial for success: without proper research, you’re essentially “shooting in the dark”. A strong market exploration will help identify customer needs and market gaps, assess the size of the opportunity, and gauge whether an entrepreneurial idea has a solid foundation to pursue. This lays the groundwork for a venture that is aligned with real market demand and conditions.
NOTE! YOU WILL REVISE AND ITERATE THIS FINAL PRESENTATION FOR PROJECT 3.
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By the end of this project, you should be able to:
• Understand the Market Context: Clearly define the market or user segment you are exploring and why it matters.
• Identify Customer Needs: Pinpoint user pain points, desires, and motivations using secondary research (and optional direct interactions).
• Analyze Competitors: Summarize existing products or services, noting where they succeed or fail to meet user needs.
• Recognize Market Trends: Highlight any relevant trends (technological, social, or economic) that influence your chosen market.
• Discover Opportunities: Based on the needs and gaps you find, determine potential areas of opportunity for new or improved offerings.
• Communicate Findings Clearly: Develop a concise slide deck (8–12 slides) presenting your key insights in a logical, well-structured manner.
• Use of AI: Leverage AI to help discover data, frame research and organize presentations.