Developing Markets for Nascent Technologies

Certain nascent technologies offer significant, transformational potential in the public and private sectors. However, developing and scaling lucrative markets for these technologies typically includes significant challenges. These may include funding, competition for resources, limited talent, commercializing strategies, regulation, and, of course, competition.

This article describes a comprehensive approach to developing markets for these emerging technologies. I use quantum computing as my technology illustration.

On June 7, 2024, the United Nations proclaimed 2025 as the International Year of Quantum Science and Technology (IYQ) – primarily due to the emerging impact of quantum on computing, simulation, AI, cybersecurity, networking, imaging, and sensing. The market is expected to be 12.62 billion by 2032, growing at a CAGR of 34.8% from 2024 to 2032 [1].

Identifying and developing markets for these technologies requires several important stages.

1. Market Research

• Industry Analysis: Identify industries that may benefit from the technology, such as finance, logistics, energy, pharmaceuticals, and manufacturing.
• Competitive Landscape: Analyze the existing technology vendor landscape to understand market gaps.
• Trend Analysis: Follow technological trends, investment patterns, and academic research.

2. Application Identification

• Specific Use Cases: Determine specific problems that can be solved more efficiently with the technology, such as portfolio optimization, supply chain management, remote sensing, medical imaging, and drug discovery.
• Performance Metrics: Compare the performance improvements quantum technology offers over classical methods.
• Align with IT, AI, and Cyber: Seek to identify opportunities that support and leverage IT, AI, and Cyber Strategy.

3. Targeted Outreach

• Key Industries: Focus on industries where existing solutions are inefficient, impractical, or relatively expensive.
• Decision Makers: Identify and reach out to decision-makers like CTOs, CIOs, and heads of R&D departments who are responsible for technology adoption.

4. Value Proposition

• Cost-Benefit Analysis: Provide a clear cost-benefit analysis showing how the technology can save time and resources or improve results compared to classical methods.
• Case Studies: Develop case studies showcasing successful implementations of quantum in similar contexts.

5. Partnerships and Alliances

• Academic Institutions: Collaborate with universities and research institutions that are exploring quantum.
• Technology Companies: Partner with companies that are developing complementary technologies or have a vested interest in quantum adoption.

6. Pilot Programs

• Proof of Concept: Offer pilot programs to potential customers to demonstrate the practical benefits of the technology.
• Customization: Customize solutions to address specific needs and challenges faced by potential customers.

7. Risk, Regulatory, and Ethical Considerations

• Risk Landscape: Identify and assess relevant risks to implementing the technology- and using the technology.
• Compliance: Ensure your solutions comply with industry-specific regulations and standards.
• Ethical Implications: Address any ethical concerns related to the deployment of quantum technologies.

8. Educational and Marketing Campaigns

• Workshops and Seminars: Conduct workshops and seminars to educate potential customers about the benefits and applications of quantum.
• White Papers and Webinars: Publish white papers and host webinars discussing the latest advancements and case studies in quantum.
• Social Media: Leverage professional social media platforms, like LinkedIn :) to promote your message.

9. Market Entry Strategy

• Initial Launch: Plan a strategic market entry, starting with sectors or regions most likely to adopt early.
• Scaling: Develop a plan for scaling your operations as demand grows.

In developing markets for these technologies, it is again worth emphasizing the relationship with academia/research, the early consideration of ethical/compliance issues, the use of pilot projects, and the alignment with IT, Cyber, and AI strategies.

Contact me if you would like to discuss this approach, and, have a great International Year of Quantum Science and Technology in 25.

Reference:

[1] https://www.fortunebusinessinsights.com/quantum-computing-market-104855