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).
What is market pull?
This is where a product and/or service is produced in response to market forces or customer needs.
An example includes the development of the camera with Kodak’s first commercial camera launched in 1888, the subsequent introduction of 35mm film rolls, the launch of the polaroid instant camera, the recent transition to digital cameras and now cameras are incorporated into everyone’s mobile phones.
Where to find evidence
You will need to provide evidence in your grant application to present a strong argument for why your innovation should be funded. 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: for example Construction – there are 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.
Evidencing market pull key tips
- Sources from the last three years are preferred by assessors.
- Consider where the detail is coming from and perceived quality – think about the difference between the Sun newspaper vs Financial Times.
- Use Harvard referencing style.
- Whilst searching also consider secondary markets- Subsequent markets you can enter once the innovation is established.
Our team evidence the market pull of our client’s projects daily, get in touch for over a decade of advice on developing grant applications. We are here to help.