{"id":16370,"date":"2021-07-01T11:39:44","date_gmt":"2021-07-01T11:39:44","guid":{"rendered":"https:\/\/sagaciousresearch.com\/blog\/?p=16370"},"modified":"2023-04-03T11:08:03","modified_gmt":"2023-04-03T11:08:03","slug":"technology-evaluation-report-save-business-going-under","status":"publish","type":"post","link":"https:\/\/sagaciousresearch.com\/blog\/technology-evaluation-report-save-business-going-under","title":{"rendered":"How a Technology Evaluation Report Can Save Businesses from Going Under"},"content":{"rendered":"\n<p>Statistics reported by <a href=\"https:\/\/www.fundera.com\/blog\/what-percentage-of-small-businesses-fail?irclickid=w8V1c8QXYxyLWQ80Rw0UrUzuUkBzfLQtOV4rwI0&amp;utm_campaign=Skimbit%20Ltd._10078&amp;utm_source=Impact&amp;utm_content=Online%20Tracking%20Link&amp;utm_medium=affiliate&amp;irgwc=1\" rel=\"nofollow\"><strong>Fundera<\/strong><\/a> show that nearly 20% of small businesses go belly up within the first year of their establishment. This high rate of failure at the initial stage highlights the fact that running a business is not easy. While these statistics may seem a little daunting, businesses should focus on understanding the factors that lead to the failure of entrepreneurial ventures. A popular method to help companies side-step the challenges and build successful businesses is studying technology evaluation report (TER). In the following article, we will discuss everything about TERs, including how they can save businesses from failing.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69ec9bc21c741\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69ec9bc21c741\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/sagaciousresearch.com\/blog\/technology-evaluation-report-save-business-going-under\/#Top_Reasons_Why_Businesses_Fail\" >Top Reasons Why Businesses Fail<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/sagaciousresearch.com\/blog\/technology-evaluation-report-save-business-going-under\/#Case_Study_Why_the_iPad_Racing_Wheel_Failed\" >Case Study: Why the iPad Racing Wheel Failed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/sagaciousresearch.com\/blog\/technology-evaluation-report-save-business-going-under\/#How_Technology_Evaluation_Report_Can_Save_Businesses\" >How Technology Evaluation Report Can Save Businesses<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/sagaciousresearch.com\/blog\/technology-evaluation-report-save-business-going-under\/#Conclusion\" >Conclusion<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/sagaciousresearch.com\/blog\/technology-evaluation-report-save-business-going-under\/#Having_Queries_Contact_Us_Now\" >Having Queries? Contact Us Now!<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Top_Reasons_Why_Businesses_Fail\"><\/span>Top Reasons Why Businesses Fail<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"620\" height=\"336\" src=\"https:\/\/sagaciousresearch.com\/blog\/wp-content\/uploads\/2021\/07\/image.png\" alt=\"Technology Evaluation Report\" class=\"wp-image-16373\" srcset=\"https:\/\/sagaciousresearch.com\/blog\/wp-content\/uploads\/2021\/07\/image.png 620w, https:\/\/sagaciousresearch.com\/blog\/wp-content\/uploads\/2021\/07\/image-300x163.png 300w\" sizes=\"(max-width: 620px) 100vw, 620px\" \/><figcaption class=\"wp-element-caption\"><strong><em>Figure 1: Reasons for Business Failure<\/em><\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n<ul class=\"wp-block-list\" type=\"1\">\n<li><strong>Lack of Market Need \u2013 <\/strong>The most common reason for the failure of most businesses is their inability to understand the market need. In other words, building products or introducing services that do not cater to the needs of the customer.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Funding Issues <\/strong>\u2013 As time and money are finite, they need to be allocated wisely. Businesses that do not understand the importance of money, or spend it frivolously, or fail to raise funding, often go belly up.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Ignoring Competitors \u2013<\/strong> Startups like other established businesses must pay close attention to their competition even in the early stages. This is because competitors keep entering the marketspace and outcompeting the startups with their novel products and strategies. Getting outcompeted regularly eventually leads to the failure of startups.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Pricing Issues <\/strong>\u2013 Product or service pricing plays a critical role in the success of businesses. Quite often, businesses find themselves in a dilemma over appropriate pricing. An ideal pricing is the one that covers the costs invested in the product\/service and yet, is low enough to attract customers.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Inadequate Marketing \u2013<\/strong> Startups that develop products but do not market them properly are bound to fail. This is because marketing helps in getting leads that eventually convert to customers that buy products. Marketing campaigns that are run to promote products without knowing the target audience or how to get their attention fall flat and lead to business failure.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Mis-timed Product Launch \u2013 <\/strong>Companies that launch their products before time often risk losing their targeted customers. This is because the customers may not deem such products good enough or this tactic may leave a negative first impression about the company and its products. On the other hand, if companies release their product too late, they might miss the opportunity to enter the market.<\/li>\n<\/ul>\n\n\n\n<p>Let us look at a case study which is a classic example of business failure due to lack of market need for the product.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Case_Study_Why_the_iPad_Racing_Wheel_Failed\"><\/span>Case Study: Why the iPad Racing Wheel Failed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In 2012, Ivaylo Kalburdzhiev (Ivo) came up with a unique idea, which later took the form of the world\u2019s first iPad racing wheel (KOLOS). The wheel could be secured to any table and an iPad could be inserted in it to play tilt games. After conceiving the idea, Ivo took a bank loan to pay industrial designers who worked on the 3D models (3D drawings of the product).&nbsp;He also got the prototypes of the 3D model created that burned a hole in his pocket due to their huge size. Once the product was built, he launched it online at nearly $100 per piece. However, no one bought it.<\/p>\n\n\n\n<p>After facing numerous rejections from both investors and accelerators, Ivo as well as his co-founder were accepted into an accelerator program \u2013 Buildit hardware, where the two spent more money and time on the product but still tasted no success. Thereafter, they raised money in a Kickstarter campaign, which was unfortunately stopped too soon.<\/p>\n\n\n\n<p>Now that we know the common reasons for the failure of businesses, let us learn about TERs and how they can save businesses.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Technology_Evaluation_Report_Can_Save_Businesses\"><\/span>How Technology Evaluation Report Can Save Businesses<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In simple terms, a Technology Evaluation Report offers <strong>crucial information<\/strong> to inventors, small and medium-sized enterprises (SMEs), patent attorneys, or individuals with ideas, for evaluating the impact and value of a technology. Given below are the main components of a TER:<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" src=\"https:\/\/sagaciousresearch.com\/blog\/wp-content\/uploads\/2022\/10\/wsx.png\" alt=\"\" class=\"wp-image-26996\" width=\"663\" height=\"451\" srcset=\"https:\/\/sagaciousresearch.com\/blog\/wp-content\/uploads\/2022\/10\/wsx.png 587w, https:\/\/sagaciousresearch.com\/blog\/wp-content\/uploads\/2022\/10\/wsx-300x204.png 300w\" sizes=\"(max-width: 663px) 100vw, 663px\" \/><figcaption class=\"wp-element-caption\"><em><strong>Figure 2: Key Elements of a Technology Evaluation Report&nbsp;<\/strong><\/em><\/figcaption><\/figure>\n<\/div>\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Summary \u2013<\/strong>&nbsp;The executive summary in a Technology Evaluation Report gives a peek into the information that is offered in the overall report. This section shares information on an invention\u2019s background, market competition, IP competition as well as final assessment of the technology under evaluation.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Technology Description \u2013<\/strong>&nbsp;In this section, we first cover the broader domain of a technology. For example, in the binder jetting process, the broad domain is additive manufacturing. Hence, we give information on additive manufacturing. This is followed by an in-depth analysis of the technology.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Potential Advantages \u2013<\/strong>&nbsp;In the potential benefits section, we offer the advantages of the technology under evaluation. For example, if the technology is additive manufacturing (AM), then we mention all the advantages of AM over conventional manufacturing.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Potential Market Interest &amp; Markets \u2013<\/strong>&nbsp;This section includes narrow as well as broad market research based on the domain. For example, if the technology is binder jetting process, then a broad market research is performed for the technology\u2019s domain, i.e., AM. On the other hand, a narrow market research is conducted for binder jetting. Besides market research, this section also includes exemplary geography mapping analysis that helps in detecting the geographical area from where innovation in the domain originates. This includes the area with the highest number of patent filings, grants, etc. For instance, the main technological innovation for the binder jetting process comes from the US, China, and the European region.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Key Application Areas \u2013<\/strong>&nbsp;This section of the report includes the technology\u2019s main application areas. For instance, the key application areas for the binder jetting process are energy, electronics, tools &amp; mold making, aerospace, etc.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Barriers \u2013&nbsp;<\/strong>This section of the report covers two types of barriers. The first hurdle is existing IP. For example, if a company plans to launch a novel technology or use or commercialize a technology, then it needs to identify the type of IP that already exists in the domain that may act as an obstacle to its entry into the market. The second hurdle can be any technical challenge. Companies can use these reports to find out all the technical challenges that they need to tackle.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Recommendations and Subsequent Steps \u2013 <\/strong>A researcher gives a final recommendation based on the information provided in the Technology Evaluation report. Such a recommendation may include information on licensing opportunities as well as a strategy on how to move ahead with a product launch. Besides, the information given in the report can also be used by startup founders or inventors to prepare an investment pitch book.<\/li>\n<\/ul>\n\n\n\n<p>Information derived from TERs help companies to <strong>save time and costs<\/strong> by identifying whether the technology\/idea is viable. These reports also <strong>identify specific demographics<\/strong> for their product\/technology, provide <strong>competitor studies<\/strong> to learn from their business strategies, <strong>evaluate the competitive advantage of their technology <\/strong>over their competitors, and determine the potential technical or IP <strong>risks and opportunities<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Successful businesses cannot be built overnight, and they can certainly not be built without performing thorough technology evaluation studies. Recommendations from these studies that are included in TERs enable businesses to make informed decisions and save them from going under.<\/p>\n\n\n\n<p>In case you are interested in performing technology evaluation studies, we can help you. Sagacious IP\u2019s <strong>Technology Evaluation Report<\/strong> <strong>(TER)<\/strong> allows you to evaluate a proposed idea\/technology for profitability and competitiveness. It helps you gauge the strengths, weaknesses, opportunities, and threats while also steering you further for the next steps. Click <a href=\"https:\/\/sagaciousresearch.com\/technology-evaluation-report\">here<\/a> to know more about this service. To watch a webinar on the subject, <a href=\"https:\/\/sagaciousresearch.com\/blog\/how-can-technology-evaluation-report-help\/\" target=\"_blank\" rel=\"noreferrer noopener\">click here<\/a>.<\/p>\n\n\n\n<p>-Yogesh Soam (Engineering Searching) and the Editorial Team<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Having_Queries_Contact_Us_Now\"><\/span>Having Queries? Contact Us Now!<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\nvar gform;gform||(document.addEventListener(\"gform_main_scripts_loaded\",function(){gform.scriptsLoaded=!0}),document.addEventListener(\"gform\/theme\/scripts_loaded\",function(){gform.themeScriptsLoaded=!0}),window.addEventListener(\"DOMContentLoaded\",function(){gform.domLoaded=!0}),gform={domLoaded:!1,scriptsLoaded:!1,themeScriptsLoaded:!1,isFormEditor:()=>\"function\"==typeof InitializeEditor,callIfLoaded:function(o){return!(!gform.domLoaded||!gform.scriptsLoaded||!gform.themeScriptsLoaded&&!gform.isFormEditor()||(gform.isFormEditor()&&console.warn(\"The use of gform.initializeOnLoaded() is deprecated in the form editor context and will be removed in Gravity Forms 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id='input_203_12' type='text' value='' class='large'     aria-required=\"true\" aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_203_8\" class=\"gfield gfield--type-email gfield--input-type-email gfield--width-half gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_203_8'>Your Work Email<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_asterisk\">*<\/span><\/span><\/label><div class='ginput_container ginput_container_email'>\n                            <input name='input_8' id='input_203_8' type='email' value='' class='large'    aria-required=\"true\" aria-invalid=\"false\"  \/>\n                        <\/div><\/div><div id=\"field_203_9\" class=\"gfield gfield--type-phone gfield--input-type-phone gfield--width-half gfield_contains_required field_sublabel_below gfield--no-description 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id='input_203_17' class='large gfield_select'    aria-required=\"true\" aria-invalid=\"false\" ><option value='' >Please Select Country<\/option><option value='United States' >United States<\/option><option value='Canada' >Canada<\/option><option value='United Kingdom' >United Kingdom<\/option><option value='China' >China<\/option><option value='India' >India<\/option><option value='North Korea' >North Korea<\/option><option value='South korea' >South korea<\/option><option value='United Arab Emirates' >United Arab Emirates<\/option><option value='Afghanistan' >Afghanistan<\/option><option value='Albania' >Albania<\/option><option value='Algeria' >Algeria<\/option><option value='Andorra' >Andorra<\/option><option value='Angola' >Angola<\/option><option value='Antigua and Barbuda' >Antigua and Barbuda<\/option><option value='Argentina' >Argentina<\/option><option value='Armenia' >Armenia<\/option><option value='Australia' >Australia<\/option><option value='Austria' >Austria<\/option><option value='Azerbaijan' >Azerbaijan<\/option><option value='The Bahamas' >The Bahamas<\/option><option value='Bahrain' >Bahrain<\/option><option value='Bangladesh' >Bangladesh<\/option><option value='Barbados' >Barbados<\/option><option value='Belarus' >Belarus<\/option><option value='Belgium' >Belgium<\/option><option value='Belize' >Belize<\/option><option value='Benin' >Benin<\/option><option value='Bhutan' >Bhutan<\/option><option value='Bolivia' >Bolivia<\/option><option value='Bosnia and Herzegovina' >Bosnia and Herzegovina<\/option><option value='Botswana' >Botswana<\/option><option value='Brazil' >Brazil<\/option><option value='Brunei' >Brunei<\/option><option value='Bulgaria' >Bulgaria<\/option><option value='Burkina Faso' >Burkina Faso<\/option><option value='Burundi' >Burundi<\/option><option value='Cabo Verde' >Cabo Verde<\/option><option value='Cambodia' >Cambodia<\/option><option value='Cameroon' >Cameroon<\/option><option value='Central African Republic' >Central African Republic<\/option><option value='Chad' >Chad<\/option><option value='Chile' >Chile<\/option><option value='Colombia' >Colombia<\/option><option value='Comoros' >Comoros<\/option><option value='Congo' >Congo<\/option><option value='Costa Rica' >Costa Rica<\/option><option value='C\u00f4te d\u2019Ivoire' >C\u00f4te d\u2019Ivoire<\/option><option value='Croatia' >Croatia<\/option><option value='Cuba' >Cuba<\/option><option value='Cyprus' >Cyprus<\/option><option value='Czech Republic' >Czech Republic<\/option><option value='Denmark' >Denmark<\/option><option value='Djibouti' >Djibouti<\/option><option value='Dominica' >Dominica<\/option><option value='Dominican Republic' >Dominican Republic<\/option><option value='East Timor (Timor-Leste)' >East Timor (Timor-Leste)<\/option><option value='Ecuador' >Ecuador<\/option><option value='Egypt' >Egypt<\/option><option value='El Salvador' >El Salvador<\/option><option value='Equatorial Guinea' >Equatorial 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