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The Research Phase
In this phase, you'll test your assumptions about your idea by researching the problem space. The goal is to validate that this is a good idea to pursue by researching the industry, similar companies, and the market. Or maybe the information you find will invalidate your idea: then you can use the information to help you pivot until you find another market opportunity.
Secondary Research
This section of the guide focuses on secondary research: Secondary research involves searching for information that's already been published to help find answers to your questions. Typically, you will do secondary research before you do primary research, because it's less costly and time-consuming. You might need to use a mix of the resources on this guide to do a thorough job in researching your company, idea, or problem space.
For information on primary research, see the Validation section.
What are Market Research Plans?
Having a market research plan can help you stay on track as you conduct your research. There are different frameworks you can use for your research: I recommend using the Market Research Canvas (below), which you can download and fill out as you navigate through the next sections of the Research Phase.
- Market Research CanvasAdapted from the Business Model Canvas, this guide will help you on your market research journey. Consider each section using the databases provided on this site. Market Research Canvas adapted by Amanda Wheatley, 2019.
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Resources
Business Model Generation by ISBN: 9780470901038Publication Date: 2010-07-23This highly visual book details various business models, how to apply them, and innovate within them for the competitive business world of today.
Running Lean by ISBN: 1098108744Publication Date: 2022Speaking from first-hand experience, Ash Maurya presents a systemic model that takes entrepreneurs from product ideation to market fit.
- The Case for the Socially Oriented Business Model Canvas: The Social Enterprise Model CanvasArticle by Sergio Sparviero
Market Research in Practice by ISBN: 9781398602847Publication Date: 2021-11-30Learn the fundamentals of market research with this bestselling guide that delivers an overview of the whole process, from planning a project and executing it, what tools to use, through to analysis and presenting the findings.
Campus Resources
There are many supports around Waterloo campus who can help you with secondary research. Here are some suggestions:
- Entrepreneurship LibrarianRachel Figueiredo is Waterloo's Entrepreneurship Librarian. She can support your secondary research efforts.
- Conrad School - MBETThe Conrad School of Entrepreneurship and Business is Waterloo's academic engine for entrepreneurship. At the research phase, you might be interested in the MBET program, or the E Co-ops program.
- Professors and Researchers across campusSearch for professors and researchers at Waterloo who are working in your area of interest. Connect with them to see if they have research suggestions.
- Centre for Peace Advancement - Map the SystemMap the System is a global competition run by the Skoll Centre for Entrepreneurship in partnership with Oxford University and other post-secondary institutions around the world. The competition is research-focused. Applications are open every November to January.