Adventus is a full-service market research/strategy and management consulting firm. Using a variety of techniques, their expert team offers key insights and industry-specific knowledge to develop go-to-market strategies that help businesses grow and prosper.

The Adventus team has long been connected with Innovation Factory, providing market research support to many of our clients. We chatted with them about a key step that many early stage startups underestimate when building their business: knowing your audience through critical market insights.

Our partners make LiON’S LAIR possible. Because of their support, local entrepreneurs are able to reach their goals faster. We are proud to feature invaluable tips, advice, and information from our partners for startups and small businesses in Hamilton!  

How can market research help entrepreneurs with developing their idea or business at an early stage?

Entrepreneurs can use market research to better understand the actual needs of their target markets which can shed light on what aspects of the product or service are most valued by prospective customers, or which elements are less important. With these insights they can customize their offering to match end-user needs before developing the final solution. Early stage market research can save time and money by revealing features that are not valued and therefore not needed in the final product, and improve future sales by identifying key benefits that customers will be expecting the new business to provide.

Why is it important to Adventus to be actively involved in Ontario’s Innovation Ecosystem through Regional Innovation Centres, Ontario Centre’s of Excellence (OCE) and accelerators?

The partners of Adventus, Gary Svoboda and Michael Van Belle, both worked for one of the first non-profit “Innovation Centres” established in the 1980’s in Waterloo. For close to three decades Gary has been actively and continuously supporting the Ontario Innovation Ecosystem that has yielded a successful and fulfilling career that continues with active involvement with Regional Innovation Centres like the Innovation Factory.

What advantages do businesses experience when using Adventus over conducting their own research (i.e. distributing surveys, looking up industry reports)?

In addition to having a professionally designed and executed analysis of target markets and the competitive environment, a key advantage Adventus can deliver over a company conducting its own market research is the objectivity we bring to the process. When starting a business venture it can be difficult to hear or believe negative feedback about your new creation, your baby. Adventus will test your value proposition with actual potential customers and provide an unbiased, transparent assessment of the market’s reaction to your offering. Essentially, if the data warrants it, we will tell if you have an ugly baby.

Why is innovation so important to Adventus? (i.e. being a part of NSERC Idea to Innovation Market Assessments, working with early stage clients, etc.)

Adventus has assisted numerous Canadian clients in the evaluation of their new product or business concepts. This includes multiple clients of government funded programs such as the Ontario NRC IRAP program and the NSERC Idea to Innovation program for university researchers. Of course not every new idea is a good idea, and for over 16 years Adventus has been providing the market knowledge and insights that help our clients, which includes the Canadian taxpayer, determine which innovations have the best potential to positively impact Canadian businesses and therefore the Canadian economy. It is a legacy we are very proud of.

What does it mean to Adventus to support LiON’S LAIR and the work that Innovation Factory does?

Adventus is an innovation-focussed, Hamilton-based company, and naturally has always been a strong supporter of all the excellent work that the Innovation Factory does. Special events such as LiON’S LAIR serve to encourage, support and highlight the area’s top emerging innovators and entrepreneurs, creating opportunities for jobs and growth in the greater Hamilton community. We will always be strong supporters of LiON’S LAIR.

This post is sponsored by our generous LiON’S LAIR partner, Adventus Research + Consulting Inc. Learn more about them here.