Hunting for Disruptive Opportunities
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Lux Research is an independent research and advisory firm, providing strategic advice and ongoing intelligence on emerging technologies.
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Hunting for Disruptive Opportunities
- 3. 3 3 About Lux Research • Helps clients find new business opportuniBes from emerging technologies in physical and life sciences • Offers ongoing technology and market intelligence, as well as market data and consulBng services • Over 250 clients on six conBnents – mulBnaBonal corporaBons, investors, governments, and SMEs • Global reach, with offices in Boston, New York, Amsterdam, Singapore, and Tokyo • Combines deep technical experBse with business analysis to support strategic decisions More at www.luxresearchinc.com 3 Advanced Materials Agro InnovaBon AlternaBve Fuels Autonomous Systems 2.0 Bio-based Materials & Chemicals CoaBngs Corporate Strategic Intelligence Digital Health & Wellness Distributed GeneraBon Electronic User Interfaces Energy Storage ExploraBon and ProducBon Food and NutriBon Future CompuBng Pla]orms Industrial Big Data & AnalyBcs Industrial Internet of Things Intelligent Buildings Sensors Solar Sustainable Building Materials Water Wearable Electronics Coverage areas
- 4. 4 4 Lux Research helps clients translate megatrends into new business opportuni-es • Megatrends in areas like sustainability, energy, and demographics should guide the strategies of companies, investors, and governments • These megatrends drive business opportuniBes from emerging technologies in the physical and life sciences • External scouBng for new technologies, markets, and business models is essenBal to creaBng successful new business from emerging technologies 4 Megatrends Emerging technologies External scouBng New business opportuniBes
- 5. 5 5 Lux Research helps clients populate the frond end of the innova-on funnel Across the innovaBon funnel, clients use Lux Research to: • Get up to speed easily on new areas • Quickly access vital data on markets, value chains, and trends • Cut through the hype and focus only on what’s important • Get an unbiased, outside perspecBve on key companies and technologies • IdenBfy and connect with partners • Extend the capabiliBes of new business development teams • Speed up development cycle and improve Bme to market 5 IdenBfy megatrend impacts Evaluate emerging technology areas Scout for technologies, markets, models Enter and operate in the market InnovaBon funnel Products Ideas
- 6. 6 6 Clients use Lux Research to iden-fy, evaluate, and seize opportuni-es in emerging technologies Across the innovaBon funnel, clients use Lux Research for: • Start-up monitoring: IdenBfy, and assess startups for partnering/invesBng/acquiring • Tech ScouBng: Stay on top of emerging and disrupBve technologies that could form: • A disrupBve soluBon to exisBng problems • A pla]orm for future growth • A (future) compeBBve threat • Market Intelligence: Understand emerging technology markets, find new areas for growth • New Business Development: Idea generaBon, screening, and assessment • (Corporate) Venture Capital: Increase deal flow and set up screening criteria • R&D: Speed up the development cycle and improve Bme to market • Strategic MarkeBng: Stay in touch with needs of upstream and downstream developers 6 IdenBfy megatrend impacts Evaluate emerging technology areas Scout for technologies, markets, models Enter and operate in the market InnovaBon funnel Products Ideas
- 7. 7 7 Providing offerings that deliver full decision making support 7 Intelligence ConsulBng Services Retained Intelligence AnalyBcs Services Lux Research offers the growth organizaBon objecBve decision-support that is criBcal to act swikly and harness emerging opportuniBes: • Intelligence Services: Syndicated, industry- leading insights, reports, and commentary on innovaBon across 21 domains • ConsulBng Services: Bespoke engagements to assist clients in entering and expanding market share • Retained Intelligence: Ongoing surveillance, idea scouBng, and rapid analysis to exploit threats and opportuniBes • AnalyBcs Services: CrystallizaBon of meaningful interpretaBons from a sea of data via data science
- 8. 8 8 Offering different types of services to meet client’s needs, and offer full support • Ongoing Intelligence Services • SubscripBon to all exisBng and new research in chosen technology domains • ConBnuous stream with profiles of highly innovaBve startups focused on growth opportuniBes, including the Lux Take and Lux Scorecard. • Reports to understand the landscape of emerging technologies and markets • Unlimited analyst access to use the research in the context of your business • Access to the Member Site and delivery of a weekly Journal via email • Retained Idea Genera-on Services • Idea generaBon, screening, and assessment • Up to 100 relevant ideas per year from all of the Lux Research technology domains • Custom Consul-ng Projects • Tailored to the client’s specific needs • Deep dives into specific technologies, markets, projects, and opportuniBes • Technology roadmaps, market idenBficaBon and assessment, partner search and selecBon, pre- transacBon search and technical due diligence 8
- 10. 10 10 Our research supports fact-driven business decisions about emerging technologies Lux Research soluBons support clients’ exisBng scouBng goals and processes, while helping them overcome internal and external challenges 10 External challenges: • Many compeBng technologies • Thousands of labs, hundreds of startups • Shiking policy landscape • GlobalizaBon of innovaBon Internal challenges: • Small staff for scouBng • Unfamiliar tech and industries • Internal inerBa and bias • InformaBon overload; conflicBng data Emerging technologies: • Improve exisBng products • Create new market needs • Lead to new product categories So companies can: • Gain market share • Find new markets for products • Create new lines of business
- 11. 11 11 Lux Research is an external addi-on to internal resources and capabili-es • What Lux Research can add to clients: • A calibrated and consistent process for assessing start-up companies and ideas • Science-trained business analysts with deep experBse in their coverage field • Pro-acBve and ongoing primary research into technology developers and markets • Coverage of 19 domains of emerging and disrupBve technology • A global scope to analyze developments all over the world • Direct interacBon with analysts and consultants to support business decisions • To overcome internal and external challenges: • A small internal staff for scouBng acBviBes and/or idea generaBon/vepng • Unfamiliarity with technologies and markets outside of the company core • Blind spots in experBse for technologies, markets, and geographies • Too many compeBng technologies, labs, and startups to assess • InerBa and internal resistance to open innovaBon principles • Lack of repeatable and formalized methodologies • Shiking policy landscape and the globalizaBon of innovaBon 11
- 12. 12 12 Lux Research’s services provide broad support for decision makers 12 Strategic market analysis • Quarterly Market Reports provide market size and forecast, value chain analysis, technology trends • Analyst Insights give proprietary datapoints and analyst commentary on news • Market Trackers present ongoing quanBtaBve data on capacity, supply, demand • ConsulBng services to select target markets and evaluate market entry strategy Market informaBon Technology scouBng • Detailed Company Profiles cover the top 100 to 200 innovaBve companies in each technology area • Lux InnovaBon Grid and Lux Take help separate the good from the bad • Client Member Site provides searches, filters, analyBcs, across 7 years of archives • ConsulBng services idenBfy and select partners and offer further due diligence Technology informaBon Decision support Customized interacBon to support decisions • Unlimited Inquiry to get analyst comment, insight, and addiBonal depth of informaBon • Webinars and conference calls help disseminate informaBon across the organizaBon • Client-specific ConsulBng services provide customized strategic advice, take deeper dives into key areas of interest, and extend analysis into more technology areas
- 13. 13 13 What makes Lux Research unique? • Proprietary primary research: Over 5,000 first-hand interviews annually with company execuBves, customers, partners, and outside experts • Technical depth with market insight: Deep technology understanding and experience needed to make sound decisions about market impact • Concise, bold, and opinionated research: Doesn’t just repeat company reports, but applies criBcal analysis and makes specific recommendaBons • Services designed to support business decisions: Direct interacBon with analysts and consultants ensures relevant informaBon and insight 13
- 15. 15 15 Methodology and How We Deliver Lux Research provides advisory services delivered through mulBple channels: • Member Site – an online catalogue of all published research. Searchable by taxonomy, technology, product, or coverage area • Journals – a selecBon of Analyst Insights and Company Profiles delivered by email for each Intelligence service • Analyst Inquiry – personal interacBon with the Analyst team via telephone, email, or on-site meeBngs • Webcasts – ongoing webinars presented by Analysts with latest content from featured coverage areas Delivered in the Context of Your Business Needs • We evaluate technology and apply criBcal analysis to uncover the truth and give an accurate evaluaBon of its potenBal for our clients • We process data, tell you what it means, and recommend business decisions 15
- 16. 16 16 Delivering validated, best-in-class emerging technology analysis 16 • Our unique methodology for assessing start-up companies combines primary research focused on emerging technologies, conducted by science-trained business analysts, using calibrated, consistent processes of evaluaBng what will work – and what won’t. • Our experts quickly filter out many of the 90-93% of start-ups desBned for failure, sBll leaving thousands of potenBal candidates to assess more fully. • Our analyses and overall Lux Take further refines this hand-selected group, with 50% of companies with a PosiBve Lux Take realizing a successful exit or reaching profitability within 6 years.
- 17. 17 17 We get it right consistently, delivering insight and ac-on to clients looking for growth opportuni-es 17 • In addiBon to the power of the Lux Take, our analysts assess and quanBfy the underlying traits of the start-ups across nine different metrics. • The resulBng Scorecard is a further predictor of success, with individual metrics indicaBng up to four Bmes the probability of a successful outcome. Lux Research prognoses are staBsBcally significance to at least 99% confidence in all cases, providing client execuBves with the confidence they need. • ExecuBves who have to find growth consistently and efficiently use Lux Research to deliver exactly that, through finding the best partners, investment targets and strategies. • Our forward thinking clients use Lux Research to do the same qualified analyses of their own new business development programs, further maximizing the quality of their growth por]olio.
- 20. 20 20 Intelligence – Research Process Lux Intelligence is grounded in rigorous primary interviews and onsite visits. Our process relies on: • IdenBfying and tracking all the top innovators including public and private companies • ConducBng in-depth telephone and onsite structured briefings with 8-10 innovators every week in every service • CollecBng proprietary analyst insights, data points, and anecdotes from across the Lux Research global network • Enabling clients to confidenBally nominate new companies for inclusion and submipng specific quesBons to be asked of companies on our briefing schedule 20
- 21. 21 21 Intelligence – Key Ques-ons We Answer • How many companies are acBve in a sector and depending on emerging technology as a key business driver? • Who are the dominant companies and which companies look strong in the future? • What products/technologies are they developing? • How do these products/technologies differ, and what do these differences mean to developers’ borom lines? • What are the cost and supply chain issues for those technologies? • What will drive demand for these technologies? • How are end buyers responding to the technologies? • What are some key data points/channel checks that are affecBng these companies? 21
- 22. 22 22 21 Intelligence domains • Nano-enabled coaBngs • Wear and corrosion-resistant coaBngs • Tribological and anB-fouling coaBngs • Superhydrophobic coaBngs • Ceramic nanoparBcles • Carbon fiber composites • Composite processing and recycling technologies • High temperature thermoplasBcs • Carbon nanotubes • Graphene • Nanostructured catalysts/ supports • Nanocrystalline metals • High performance metals alloys like AHSS, Al, Mg, and Ti • Metal matrix composites • Metal injecBon molding • Sheet magnesium • 3D prinBng • Smart materials and fluids • Self-healing materials • Metamaterials Precision Agriculture • Sensors • GeospaBal mapping • IrrigaBon Modified Crops • Genomics • Germplasm screening • Marker assisted breeding Agrichemicals and Biologicals • FerBlizers and pesBcides • Growth enhancers • SyntheBc and bio-based Sustainable Food Produc-on • Hydroponics • Aquaculture • VerBcal farming • Animal feed Agro InnovaBon • Ethanol/biodiesel/bio-jet • Butanol, DME, renewable diesel • Waste-to-fuel • Hydrogen • Bio-coal • TorrefacBon • Energy crops • GasificaBon, pyrolysis • EnzymaBc and acid hydrolysis • SyntheBc biology, fermentaBon • Agricultural waste/cellulosics • Coal • Natural gas • Corn, cane, rapeseed, and soy • Jatropha, cassava, and switchgrass • Micro- and macroalgae • Industrial and municipal waste AlternaBve Fuels Autonomous Systems 2.0 Advanced Materials • Autonomous vehicles • Materials for roboBcs • Power systems for robots • Sensors and actuators for machine hearing and touch • Vision sensors (i.e. lidar, stereo vision cameras, smart cameras) • V2X communicaBon (i.e. infrastructure communicaBon, V2V communicaBon chipsets, communicaBon protocols) • UAVs/Drones • Mobile robots – terrestrial and aquaBc • Industrial robots and advanced tooling • Bio-mimicry roboBcs • Computer vision • Machine learning • ArBficial intelligence 22
- 23. 23 23 21 Intelligence domains (con-nued) • Bio-PE, PET, PP, PLA, PHA, hybrids, and composites • Succinic acid, adipic acid, and acrylic acids • PDO, BDO, butanols, pentanols • Isoprene, butadiene, and other bio- olefins • Bio-based aromaBcs and styrene • Bio-based nylon, furans, terephthalic acid • Bio-based plasBcizers, solvents, lubricants, and greases • Corn, cane, rapeseed, soy, and other crops • Cellulose and hemicellulose • Algae for nutriBonal oils and high- value products • Waste gases and natural/shale gas to chemicals • Industrial and municipal waste • FermentaBon and enzymaBc conversion • Bioreactors and separaBons processes • Thermochemical processing • GeneBcally-modified organisms, metabolic engineering, and syntheBc biology CoaBngs Proper-es & formula-on • ConducBve • Wear-resistant • Corrosion-resistant • Tribological • Superhydrophobic • Bio-acBve & bio-resistant • Barrier • AnBreflecBve • PhotocatalyBc • Bio-based components • High solids • Low/Zero VOC • Waterborne Applica-ons • Agriculture • Architectural • Electronics • Energy • Industrial • Infrastructure • Consumer goods • TransportaBon Technologies • Biosensors • Sample preparaBon • Microfluidics • Molecular diagnosBcs • Novel imaging • Data analyBcs • Mobile/wireless health • Vital signs monitoring • Telemedicine Applica-ons • Point-of-care technologies • At-home diagnosBcs and monitoring • Consumerized health • Personalized medicine • Sports and fitness • Device-based therapeuBcs • Compliance/adherence monitoring • Mobile/wireless health • Distributed and remote clinics • Aging in place • Chronic diseases management • PrevenBve care • Wellness Digital Health and Wellness Bio-based Materials and Chemicals Distributed GeneraBon Technologies • Small solar • Micro-hydro • Wind turbines • Bareries, including Li-ion, flow • Fuel cells, including SOFC, PEM • Advanced diesel generators • Natural gas turbines • Power-to-gas electrolyzers • Flywheels • Waste-to-power • Sokware Applica-ons • Renewable integraBon • Commercial baseload power • Power backup and reliability • Microgrids • Off-grid and weak-grid • ResidenBal energy generaBon • Virtual power plants • Demand response • UBlity of the future 23
- 24. 24 24 21 Intelligence domains (con-nued) Technologies • Transparent conducBve films • Gesture/voice control • Eye tracking • OLED • 3D display • Speakers • HapBcs • Hologram Components • Touchscreen • Smart glasses • Virtual reality • Augmented reality • Home controls • AutomoBve cabins Electronic User Interfaces BaMeries • Li-ion bareries • Flow and molten salt bareries • Lithium-sulfur, metal-air, and solid-state bareries • Advanced lead-acid bareries Components • Cathodes, anodes, separators, and electrolytes Other Technologies • Supercapacitors and hybrids • Fuel cells • Flywheels • Energy harvesBng, including thermoelectrics, piezoelectrics • MagneBc materials and motors • Centralized and distributed barery management systems Energy Storage Ingredients • Novel & natural ingredients • AlternaBve food sources • AddiBves • Flavors & coloring • FuncBonal foods/ingredients Products • Energy bars & energy drinks • Snacks and frozen foods • Supplements/neutraceuBcals • Animal feed Processes & technologies • Food formulaBon • Food packaging & safety • PreservaBon • Taste masking • ExtracBon technology • MulBsensory percepBon Personalized Nutri-on • NutriBonal physiology • Gut microbiome • NutrigeneBcs • PrebioBcs and probioBcs • Taste geneBcs Food and NutriBon ExploraBon and ProducBon • Seismic data acquisiBon and analysis • Aerial gravity, radiometrics and gamma ray surveys • Lightweight offshore pipes, risers and umbilicals • Advanced materials for drilling equipment • Fluids and addiBves at high pressure and temperature • Targeted delivery and controlled release of chemicals and materials • AlternaBve fracturing techniques • Enhanced recovery and beneficiaBon • Advanced proppants systems • Down-hole and reservoir sensors • Brine and nonconvenBonal mining systems • Early warning and emergency systems • Advanced oxidaBon remediaBon • Efficient water use systems • Storage and transportaBon systems 24
- 25. 25 25 21 Intelligence domains (con-nued) Technologies • Data storage and management • Cloud compuBng sokware and services • AnalyBcs, business intelligence, and visualizaBon Applica-ons • Industrial Internet • Consumer products • Manufacturing • Personalized medicine, nutriBon, health, and wellness • Sports and apparel • Intelligent buildings, infrastructure, and ciBes • Smart Oilfield • Precision agriculture Industrial Big Data and AnalyBcs Future CompuBng Pla]orms Technologies • Semiconductor, thin-film, and 3D printed electronics • Smart dust, motes, and mesh/ swarm networks • Tangible compuBng and immersive visualizaBon • Intelligent polymers • Emerging human-machine interfaces Applica-ons • Personal compuBng and communicaBon • Intelligent buildings, infrastructure, and ciBes • Consumer products and packaging • Medical devices and prostheBcs • TransportaBon vehicles and systems • Surveillance and security Industrial Internet of Things Technologies • Sensors • Embedded Systems • M2M Protocols • IoT Device & ConnecBvity Management • IoT ApplicaBon Enablement • IoT AnalyBcs • IoT Security Applica-ons • Manufacturing • Energy • Agriculture • Supply Chain & LogisBcs • Heavy Industry • Oil & Gas • Water • PredicBve Maintenance • Asset OpBmizaBon • Fleet Management • Remote Monitoring • Industrial AutomaBon • Resource ConsumpBon • Health & Safety • Physical Security • SBrling engines, CHP, thermo- acousBcs • Load disaggregaBon sokware • HVAC central plant equipment • Heat and energy recovery venBlators • Distributed sub-meters • Low-power and wireless sensors • MulB-funcBon sensors • Smart thermostats • Networked lighBng control • Air quality sensors • Connected home • ConBnuous opBmizaBon algorithms • Data collecBon and management • Energy analyBcs sokware • MulB-variable regression algorithms • Energy modeling sokware • Wireless communicaBon Intelligent Buildings 25
- 26. 26 26 21 Intelligence domains (con-nued) Sustainable Building Materials • Building envelope materials • Advanced insulaBon, phase change and high thermal mass materials • Windows: low-e, thermochromic, electrochromic , photochromic • Building integrated photovoltaics • Structural materials • Concrete/cement: transparent, photocatalyBc, carbon/smog capturing, insulaBng • Recycled metals: steel, aluminum, copper • Polymers: roofing, siding • Wood: sustainable forestry, recycled wood, GM trees for wood • Glass: low –e, opBcal films for daylighBng and solar heat gain control • Membranes and admixtures for improved durability • Paints and coaBngs • Low VOC and water-efficient materials, reflecBve • Materials from renewable feedstock • Siemens, FBR, UMG and other polysilicon • Photovoltaic producBon equipment • Non-acBve materials and coaBngs • Standard and kerfless wafering processes • Si, CdTe, CIGS, and OPV cell architectures • Crystalline silicon and inorganic thin-film modules • ConcentraBng photovoltaic (CPV) opBcs and systems • ConcentraBng solar power (CSP) systems • Hybrid/complex solar systems • Solar power electronics • Racking & mounBng equipment, trackers, and other balance of systems technologies Solar Sensors • Environmental sensors • Vision sensors • Physical sensors • Chemical sensors • Temperature sensors • ElectromagneBc sensors • Biological sensors • Materials for sensors • Flexible sensors • Wearable sensors • Down-hole and reservoir sensors • Low-power and wireless sensors • MulB-funcBon sensors • Air quality sensors • Water sensors • Agricultural sensors 26
- 27. 27 27 21 Intelligence domains (con-nued) Wearable Electronics Technologies • Smart watches • AcBvity trackers • Smart texBles • Virtual and augmented reality • Smart glasses • Sensors • Displays • Power and energy harvesBng • Logic/memory Applica-ons • Smart homes • Health and wellness • Entertainment and media • AthleBcs • AutomoBve • Manufacturing Membranes • Defined pore size membranes • AnB-fouling strategies Disinfec-on • ElectrolyBc & hydrodynamic cavitaBon • Advanced chemical disinfecBon Process Water • Advanced reuse and recovery • Ultrapure water Water Sensors, So_ware, & IT • Fouling detecBon sensors • Agricultural water sensors Wastewater • Toxic/extreme condiBon treatment • Nutrient extracBon Pipe rehab • RoboBc/remote inspecBon • Mapping/advanced algorithms Irriga-on • Plant monitoring and smart irrigaBon Water 27
- 30. 30 30 Intelligence – Deliverables Company Profiles • Profiles include detail of company’s technology and its key metrics, including vital company staBsBcs • Features the Lux Research Scorecard, the ‘Lux Take’, and ‘What We Think’ secBons Analyst Insights • Concise items providing commentary and analysis on important news items in the field, proprietary insight and data points from Lux Research’s network, deeper dives into key technology trends, and updates on criBcal policy developments Market Reports • A series of comprehensive reports that focus on: technology updates, segmentaBon, value chain, market size, market forecast, compeBBve landscape, intellectual property, partnership & collaboraBon strategies, government funding, corporate R&D spending, internaBonal development & compeBBveness, standardizaBon, EHS issues, regulatory policy, etc. On-demand Custom Inquiry • Direct access to Lux Research’s expert analysts to ask specific quesBons in detail and in confidence • The ability to submit quesBons on topics of interest; these quesBons are included in the next interview with this company and the answers are provided back to the client confidenBally • Based on the technology scouBng interests expressed by the client, Lux Research brokers meeBngs between the client and targeted start-up companies upon request 30
- 31. 31 31 Intelligence Deliverables – Company Profiles 31 Company profiles provide: • Technology descripBon • Lux Research’s scorecard • Key metrics on the technology • Vital stats on the company • Business model and stage of development • Taxonomy of technologies, processes, properBes, products, applicaBons For the most important companies to know, write-ups provide addiBonal detail on: • Strategies and markets • Key issues – with Lux’s “What We Think” • Partners and compeBtors
- 32. 32 32 Intelligence Deliverables – Analyst Insights Concise items providing: • Proprietary insight from Lux Research’s network • Datapoints from onsite visits or conferences • Commentary and analysis on important news items in the field • Deeper dives into key technology trends • Updates on criBcal policy developments 32
- 33. 33 33 Intelligence Deliverables – Market Reports • Reports covering: • Technology and market trends • Market sizing and forecasBng • Financing and innovaBon picture • Overall landscape and criBcal issues for commercializaBon • Driven by extensive primary research • Employ rigorous quanBtaBve analysis • Provide clear opinions and recommendaBons for clients • Reference sources for the market sizing, forecast, and financing figures necessary to support business decisions 33
- 34. 34 34 Intelligence Deliverables – Custom Analyst Inquiry Clients have the ongoing opportunity to direct quesBons towards analysts, answered during conference calls or in email. Analyst inquiry can: • Provide addiBonal depth on published research: Clients can inquire for further details on companies profiled in the journals, or dig deeper into the data and models behind Lux Research’s market analyses • Support ongoing efforts in technology scouBng, screening, partnership search and market assessment: Lux Research analysts will act as a virtual extension of the client’s team to enlarge the research and market intelligence capacity of the team • Allow client to contact analysts on an ad-hoc basis: Analysts will respond to targeted quesBons with a quick turn-around Bme Lux Research designates a client services coordinator for each client available by phone or email, to facilitate analyst inquiry and provide ongoing client support 34
- 37. 37 37 Reading the Lux Innova-on Grid Technical Value Criteria Descrip-on Technology/SoluBon Value QualitaBve measure of the value of a company’s offering, in terms of performance and cost Market Size Size of the addressable market for a company’s technology and whether the technology has a play outside of shale gas water treatment IP PosiBon QualitaBve measure of the value of the company’s patents or trade secrets and considers defensibility CompeBBve Landscape QualitaBve ranking of the strength and amount of compeBBon that a company faces in its part of the oil and gas sector Key Metrics QualitaBve score based on capital costs, operaBng or recurring costs and energy use 37 Business Execu-on Criteria Descrip-on Momentum QualitaBve measure of the rate of a company’s progress Partnerships QualitaBve measure of the strength and number of a company’s partnerships Revenue/Employees Company’s revenue divided by the number of employees; measure of profitability Barriers to growth QualitaBve ranking of the barriers that the organizaBon has to overcome in order to achieve growth Cash PosiBon Company’s cash on hand; measure of company’s livelihood Maturity Criteria Descrip-on Employee Count Number of employees Stage of Development QualitaBve score given based on the company’s primary product’s stage of development Revenue Amount of yearly revenue Age Number of years since company was founded