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The Neutrino Donut / LARTA - Agriculture Market Research and Competition

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Our goal is to help companies understand their markets, distribution and partnership opportunities, develop an understanding of strengths and weaknesses and allow the company to target their efforts toward the appropriate customers.
Market research is about defining your market and identifying individual players in the market. The competitive landscape includes direct and indirect competitors, as well as “doing nothing.” They key to a successful market entry process is the identification of specific companies and individuals for contacts.
Competition is about challenging the market against the companies’ strengths and their weaknesses. We will focus on an understanding of the value and distribution models.

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The Neutrino Donut / LARTA - Agriculture Market Research and Competition

  1. 1. MARKET RESEARCH/ COMPETITIVE LANDSCAPE APRIL 30, 2020
  2. 2. PANELISTS Earle Hager Larta Principal Advisor Managing Partner, The Neutrino Donut Lars Panquin Program Associate, Sustainability, Larta 2
  3. 3. WEBINAR FORMAT All attendees muted throughout presentation Submit your questions via Questions-Textbox on GoToWebinar ‘Dashboard’ Use ‘Hand Raise’ function to ask questions live (microphone required) Webinar is being recorded – recording will be available Share your feedback! Take our brief survey following today’s webinar 3
  4. 4. GOALS • Understand your markets • Understand your distribution and partnership opportunities • Understand where you have strengths • Target your efforts towards the appropriate customer 4
  5. 5. BYTHE END OF THIS SESSIONYOUWILL UNDERSTAND • Market research is about defining your market and identifying individual players in the market • The competitive landscape includes direct and indirect competitors, as well as “doing nothing.” 5
  6. 6. THE BASICS - MARKET RESEARCH • They key to a successful market entry process is the identification of specific companies and individuals for contacts • Do not target your market by broad ranges of market sizes • Do not target your market by general listings of companies 6
  7. 7. THE BASICS - COMPETITORS • Competitors must be challenged against your strengths and their weaknesses • Competition is based on value and distribution models • Cost is important, but often not the key decision point in product comparisons 7
  8. 8. DEFINETHE PROBLEM • These farmers have [this problem] which we are attempting to solve. • This is how the farmer will use our idea • This is how the farmer will pay for our idea and see a return • This is how we will distribute our idea 8
  9. 9. DEFINETHE CUSTOMER • Your customer is “farmers of [this size] farm growing [these crops] who will be evaluating our product in the [this season] time frame” • And here is list of those farmers … • Your customer is not “farmers” 9
  10. 10. DEFINETHE DISTRIBUTION NETWORK • Our distribution network are [these businesses] and the key contact point is [this person] • We will leverage this distribution network by [this strategy] • Our distribution network is not “stores who sell products like ours” 10
  11. 11. DEFINETHE PARTNERS • Our partners are [these businesses] and the key contact point is [this person] and they develop [this advantage to our company] • Our partners are not “companies who develop stuff which can help our product” 11
  12. 12. MARKET SIZE • “We have identified 25 organizations to target and expect to close on 5 of them in the next year.The sale will be $X and we will make $Y in revenue.” • One of the challenges in the grant process is demonstrating profitability with lower sales numbers – being profitable in the second and third year and expanding beyond • Do not say “The market size is $1.5B and we are seeking 1% of that market” 12
  13. 13. EARLE HAGER LARTA PRINCIPAL ADVISOR • LARTA Consultant for 3 years • Energy, Biotech, and Agriculture Projects • Principal Advisor and Commercialization Consulting • Developed reports in commercialization • Principal Advisor for grant processes 13
  14. 14. EARLE HAGER THE NEUTRINO DONUT, LLC • Focused on the management and commercialization of science • Multiple development projects in innovative technologies over the last ten years for domestic and international clients. • Programs for DoE, DoD, NIH, NSF, and other agencies US and foreign universities, SBIR grant development, and running multiple startups • Grant Development 14
  15. 15. LET’S GET STARTED • “Opportunities multiply as they are seized.” ― SunTzu,The Art ofWar 15
  16. 16. HOTTOPIC AREAS IN INNOVATION • Biofuels • Water Efficiency • Crop Growth Efficiencies 16
  17. 17. A SUMMARY OF THE MARKET – THE BASICS • Market Research starts with the individual and builds to a large-scale view • Identification of a general market,“soybean sales” does not create a market view • Identification of the profiles of customers is how you build a market view • Research involves sizing and developing an understanding of the customers in the market 17
  18. 18. A SUMMARY OF THE MARKET – DEFINITIONS • Definition of the problem for the customer • Definition of the customer process • Who helps the customer with decisions? • Identification of specific contacts for future business development • The process for working with these contacts – the local Dairy Queen 18
  19. 19. PROBLEM DEFINITION • Relate it to small, medium, large, and corporate farms • Relate it to geography • Organic? Non-Organic? Both? 19
  20. 20. PROBLEM DEFINITION – PART TWO • Relate it to crops (food and feed crops) • Define the problem in terms of customer issues • Treat problems and opportunities separately 20
  21. 21. PROBLEM DEFINITION – PART THREE • Is this a new market, an existing market, or improvement on current processes? • Irrigation techniques can improve yield or create new opportunities 21
  22. 22. INNOVATION PROCESS – USE OF TECHNOLOGY • Understand how the technology will be used • Relate to other systems or processes • Is this an ongoing relationship or a one-time opportunity? • Think in terms of ongoing revenue • If you are providing information, will the information be shared? 22
  23. 23. INNOVATION PROCESS – DECISIONTIMEFRAMES • Using current hardware or improving information • What is the decision process on value and time? • Multi-year payback? 23
  24. 24. INNOVATION PROCESS – PURCHASING DECISIONS • Define product purchase decision points • Between harvests • Before planting • During the season 24
  25. 25. INNOVATION PROCESS – RETURN ON INVESTMENT • Reduce costs? Generate revenue? Expanded yields? • Need to define specific value • Depreciation is nice for larger farms, but not smaller farms • Tractor GPS devices had an 18-month income/cost payback 25
  26. 26. INNOVATION PROCESS – IMPACT OF TECHNOLOGY • What is the process/cost of implementing and using the product? • What is the impact of costs of capital and labor? 26
  27. 27. A SUMMARY OF THE MARKET - ANSWERS • These farmers have [this problem] which we are attempting to solve. • My customer is a farmer of [this size] farm growing [these crops] who will be evaluating our product in the [this season] time frame. • This farmer buys products from [these organizations] and gets advice from [these groups] 27
  28. 28. COMPETITIVE LANDSCAPE – WHO • Your competitors are other products • Your competitors are similar products • Your competitors are “do nothing” 28
  29. 29. COMPETITIVE LANDSCAPE – FEATURES • Define the competitive space • What are your competitors’ strengths, weaknesses, and distribution models • How do you match up with them? 29
  30. 30. COMPETITIVE LANDSCAPE – THE KEY COMPETITOR • What is the advantage to the farmer of “doing nothing” 30
  31. 31. COMPETITIVE LANDSCAPE – DISTRIBUTION • Define the supply chain and distribution network • Distribution is not sales – it is a tool for purchasing • How will they sell or use the technology? • Who sells?Who markets?Where does the money go? 31
  32. 32. COMPETITIVE LANDSCAPE – RELATIONSHIPS AND PRICING • How do you make the John Deere distribution network a partner, not a competitor? • What are the competitors pricing models? • Distribution costs are usually 40% added to the cost 32
  33. 33. BUSINESS PARTNERS – FARMING TECHNIQUES • Utilizing other technologies / business partners • IBM / Watson • BASF • Groups that are studying farming techniques 33
  34. 34. BUSINESS PARTNERS – SOFTWARE SYSTEMS INTHE CLOUD • Cloud Storage • Data stored here; partners develop applications already in this space • Partners are certified to work with client data stored in the cloud 34
  35. 35. BUSINESS PARTNERS – MAPS • Mapping • Does your product leverage mapping data? • Many services in this space 35
  36. 36. WHAT IS MISSING? • What is missing? • Product development to match market / competitive requirements? • Definitions? • Other information? 36
  37. 37. MORE INFORMATION NEEDED? • What do you not know? • Partners? • Identification? • Pricing Models? 37
  38. 38. LARTA PROCESSES • Use the summary of information you know and don’t know in developing your requirements to work with LARTA • Budgeted choices for information offerings • Leverage this program to develop your business 38
  39. 39. LARTA PROCESSES - PLANNING • Leverage LARTA resources to develop your business plan • Develop outline of grant information and processes 39
  40. 40. WHAT AM I DOING FIRST? • LinkedIn • Do not identify companies to contact • Used LinkedIn to identify people in the companies to contact 40
  41. 41. WHAT AM I DOING FIRST – LINKEDIN • LinkedIn provides names, company HQ information, and websites • Access to networks • Identification of companies • Identification of individuals in these companies • Call or connect with person, not a job title 41
  42. 42. AND THEN IWILL …. • Send invites to people in this seminar • Send invites to LARTA • Send invites to me 42
  43. 43. THINGS TO CHECK OUT – AGRICULTURE DISTRIBUTION NETWORKS • Agriculture Co-ops - https://en.wikipedia.org/wiki/Agricultural_cooperative • Agriculture Co-ops - https://www.rd.usda.gov/files/RD_Top100AgricultureCooperatives.pdf • Crop Life 100 / Ag Retailers- https://www.croplife.com/top-100/ 43
  44. 44. THINGS TO CHECK OUT – DISTRIBUTION NETWORKS – PART TWO • Agriculture Distribution Networks • Sanders - https://www.sanders.com/company/our-story • Pinnacle Agriculture - https://www.pinnacleag.com/ • Meridian - http://www.meridianad.com/ • Aligned Ag - http://www.alignedagdistributors.com/ 44
  45. 45. THINGSTO CHECK OUT – AMAZON CLOUD PARTNERS – SOFTWARE PROJECTS • Precision Agriculture - https://aws.amazon.com/blogs/iot/aws-iot-driven-precision- agriculture/ • Agriculture Success Stories - https://aws.amazon.com/blogs/startups/tag/agriculture/ • Farmobile Case Study - https://aws.amazon.com/partners/success/farmobile/ 45
  46. 46. THINGSTO CHECK OUT – AMAZON CLOUD PARTNERS – SOFTWARE PROJECTS • Hexagon Agriculture • https://aws.amazon.com/partners/find/partnerdetails/?n=Hexagon%20Agriculture&id=0010L00 001jTQZJQA4 • https://hexagonagriculture.com/ 46
  47. 47. THINGS TO CHECK OUT – WATER TECHNOLOGY PARTNERS • MetropolitanWater of Los Angeles - http://mwdinnovates.com/#home • Always looking for new technologies to evaluate • TheWater Council - https://thewatercouncil.com/ • Milwaukee,WI • Connected to water companies across the Midwest 47
  48. 48. THINGS TO CHECK OUT – BIOFUELS PARTNERS • Multiple Large Companies seeking new technologies • BASF • IBM / Watson • Bayer • Air Products and Chemicals 48
  49. 49. THINGS TO CHECK OUT – CROP EFFICIENCY PARTNERS • Multiple Large Companies seeking new technologies (and their partner networks) • John Deere • Caterpillar • Co-ops 49
  50. 50. NOW THATYOU ARE EXPERTS … • I would like two volunteers to discuss their business • This is for ideas and sharing with the group • “I don’t know” is a good answer 50
  51. 51. VOLUNTEER #1 • My customer is “farmers of [this size] farm growing [these crops] who will be evaluating our product in the [this season] time frame” • And here is list of those farmers … 51
  52. 52. VOLUNTEER #1 • These farmers have [this problem] which we are attempting to solve. • This is how the farmer will use our idea • This is how the farmer will pay for our idea and see a return • This is how we will distribute our idea 52
  53. 53. VOLUNTEER #1 • Our distribution network are [these businesses] and the key contact point is [this person] 53
  54. 54. VOLUNTEER #1 • Our partners are [these businesses] and the key contact point is [this person] and they develop [this advantage to our company] 54
  55. 55. VOLUNTEER #2 • My customer is “farmers of [this size] farm growing [these crops] who will be evaluating our product in the [this season] time frame” • And here is list of those farmers … 55
  56. 56. VOLUNTEER #2 • These farmers have [this problem] which we are attempting to solve. • This is how the farmer will use our idea • This is how the farmer will pay for our idea and see a return • This is how we will distribute our idea 56
  57. 57. VOLUNTEER #2 • Our distribution network are [these businesses] and the key contact point is [this person] 57
  58. 58. VOLUNTEER #2 • Our partners are [these businesses] and the key contact point is [this person] and they develop [this advantage to our company] 58
  59. 59. THINGS WE DID NOT DISCUSS • Are there patents?Trade Secrets? Marketing advantages? • EU Markets? • Third world markets? 59
  60. 60. LARTA’S SUITE OF COMMERCIALIZATION SERVICES Product Development &Validation Market Research Customer Discovery & Insights Intellectual Property Assessment Capital & Fundraising Regulatory & Expansion Strategy Manufacturing Plans 60
  61. 61. For more details on engaging with Larta Commercialization Services, please contact: Bandhana Katoch Sustainability Practice Director, Larta Email: bkatoch@larta.org Ph: 213-538-1441 61
  62. 62. IDENTIFYING MARKETS • The day to day processes of your customers is key • Break down each step on action, decision, evaluation, and payment 62
  63. 63. RESEARCH SUPPLEMENTS FOR SBIR GRANTS • TABA Funding for business development • Rxx Funding for university research • The PI for the project can supplement additional research subject to 51% rule • BAA Announcements from the military • SBIR program processes 63
  64. 64. REAL FRAMEWORK TO RE-EVALUATETHE MARKET • The closer you are to the customer in the sales process, the more agile you will be in your product development opportunities • Sell to the department, not the corporation • Sell to the business unit • Have an ongoing subscription model • Excuse to call and get updates 64
  65. 65. LICENSING MODELS – UNDERSTANDING THE MARKET • Per User / Per System • Fully Paid up Licensing – Source Code • Simultaneous Users • SAAS • Open Source with Consulting 65
  66. 66. DATA SOURCES FOR PUBLIC AND PRIVATE COMPANIES • https://clinicaltrials.gov/ - ClinicalTrials database • https://www.sec.gov/edgar.shtml - EDGAR database of reporting • https://www.sbir.gov/ - SBIR grant lists • https://www.grants.gov/ - all grants • https://www.linkedin.com/ - database of people and companies 66
  67. 67. DATA SOURCES FOR PUBLIC AND PRIVATE COMPANIES • Industry Organizations – Membership lists by companies, refer back to LinkedIn • Conference Attendees - Attendee list of companies, refer back to LinkedIn • Bloomberg Profiles – headquarters, contact info, websites • Quick way to find out if company is owned by another group • https://www.facebook.com/ - Why not? 67
  68. 68. DATA SOURCES FOR PUBLIC AND PRIVATE COMPANIES • https://scholar.google.com/ – Competitive Research • https://www.uspto.gov/patents-application-process/search-patents • Applications are more recent • Local Industry Groups – Attend industry events • SoCalBio, First Friday, Innovation Institute, Biocom, LA BioMed, LACI 68
  69. 69. NEXT STEPS AFTER SBIR • TABA funding for business development • Execute on sales • Find partner to execute on sales programs • Use Letter of Support Process to identify partners • Industrial Partners may help with networking 69
  70. 70. FINDING INFORMATION ON PRIVATE COMPANIES • LinkedIn • People, size of company, location(s) • Patent database • EDGAR • Venture Databases 70
  71. 71. MORE STUFF • Technology Scouts • Yet2.Com • RangeMe • LACI • Individual organizations have centers for technology evaluation 71
  72. 72. WHATYOU REALLY NEED IS … • Find the person looking for new technologies in the organization 72
  73. 73. FINALLY … • Some best practices in market research fromTHE Earle Hager. • Learning more about market research and having an opportunity to see Earle in action! 73
  74. 74. Q & A • Now: Questions from the audience Submit your questions via Questions-Textbox on GoToWebinar ‘Dashboard’ Use ‘Hand Raise’ function to ask questions live (microphone required) 74
  75. 75. THANKYOU The Neutrino Donut, LLC www.neutrinodonut.com Los Angeles and Austin Earle Hager / ehager@neutrinodonut.com 512 431 3940 75
  76. 76. THANKYOU • Understand your markets • Understand your distribution and partnership opportunities • Understand where you have strengths • Target your efforts towards the appropriate customer 76

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