What is market pull?- Innovation funding special

To put it simply, market pull is when product ideas are produced in response to market forces or customer needs. Essentially, when consumer demand forces the invention or development of a new product. An example of this is the development of cameras, which have become smaller, more lightweight, and higher performing as a result of customer needs.

How does market pull for innovation relate to grant funding?

Innovation funders are keen to fund innovation for market sectors exhibiting market pull tendencies as there is a greater likelihood of innovation adoption. This results from the market demand for a solution, combined with a readiness and willingness in adopting change by the customer.

Contrast the difference between the fever pitch at the release of a new Apple iPhone (Market Pull) vs consumer annoyance and avoidance of double-glazing salespeople (Market Push).

How to find evidence for market pull

You’ll need to provide evidence in your grant application to present a strong argument for how your innovative idea provides a solution for an identifiable need. There is a surprising amount of free content available on the internet, use Google or another search engine to track down content for your specific sector.

Sources of evidence include:

• Market reports – from consultancies, investors or other parties
• News articles
• General publications such as the BBC, Guardian, or Financial Times
• Sector-specific publications: e.g. construction publications such as Building and Construction News
• Industry trade bodies and associations: For digital & tech: techUK, BIMA, Digital Business Association
• Government policies and white papers (where to look depends on which sector is involved):
  • Innovation, Energy: BEIS – Department for Business, Energy & Industrial Strategy
  • Agriculture: DEFRA – Department for Environment, Food & Rural Affairs
  • Don’t forget publications issued from the House of Commons

Top tips for evidencing market pull

1. Sources from the last three years are preferred by assessors
2. Consider where the detail is coming from and the quality – think about the difference between the Sun newspaper vs Financial Times
3. Use Harvard referencing style
4. Whilst searching also consider secondary markets (markets you can enter once the innovation is established)

Is evidencing market pull not your strong point?

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