We want to support innovation that has a good chance of succeeding in the market, where it can help drive the new opportunities in the innovation ecosystem that we aim to encourage.
There are three factors that are widely regarded as the pivotal elements involved in determining whether an innovation has potential to be a commercial success - and in a typical pitch to investors, you would be expected to speak to these three factors:
- market impact, i.e. will customers want it?
- commercial feasibility, i.e. can you make, deliver and support it?
- commercial viability, i.e. will it be financially successful?
For the purposes of the Ārohia Seed Grant application, we only ask you to demonstrate that your innovation has potential market impact (although commercial feasibility and commercial viability will also be assessed if you progress to the Ārohia Full Grant).
Market Impact is about the impact an innovation will have in the marketplace, both in terms of:
desirability/appeal to target customers (buyers and/or users)
the size of the market created and anticipated market share over time.
To determine whether your innovation has potential market impact, we will look at
the customer problem/unmet need that your innovation will address
the solution that the innovation offers - e.g. how does it work, how does it solve the problem/unmet need and how does it benefit/add value for customers?
how the innovation differs from what’s currently available to customers/users
the size of the potential market, the market share that you hope to capture, and the growth you anticipate over time.
Updated: 19 June 2023