How To Get Research And Advisory For Your Startup

How To Get Research And Advisory For Your Startup


Before seeking research and advisory services, it's crucial to define your objectives clearly

Every industry has its specific research providers. While looking for research providers look for some key indicators

Here are some key steps to consider when seeking research and advisory support for your startup

In today’s fast-paced business environment, having access to reliable research and advisory services is essential for making informed investment decisions and scaling up a startup. 

Whether you’re a seasoned investor looking to diversify your portfolio or an entrepreneur seeking guidance on market trends and strategies, leveraging research and advisory services can provide valuable insights and help you stay ahead of the curve. 

Here are some key steps to consider when seeking research and advisory support for your startup:

Define Your Objectives: Before seeking research and advisory services, it’s crucial to define your objectives clearly. Determine what specific areas you need assistance with. These include conducting: 

  • Market Analysis: Market analysis typically includes an in-depth examination of market size, growth trends, segmentation, competition, and consumer behaviour. It involves gathering and analysing data on industry dynamics, such as: 
    1. Supply and Demand factors
    2. Target Audience
    3. Demographic preferences
    4. Personal likes & dislikes
    5. Macroeconomic indicators
  • Competitor Research: Competitor research involves analysing the strengths, weaknesses, strategies, and performance of direct and indirect competitors within a specific market or industry. It includes gathering information on:
    1. Competitor products
    2. Pricing structures
    3. Market share
    4. Market Distribution Tactics
    5. Product Differentiation to gauge pricing comparison
    6. Presence across Areas of Operations
  • Financial Modeling & Valuation: Financial modelling encompasses the creation of mathematical representations of a company’s financial performance in the form of financial statements, conducting sensitivity analyses and scenario planning to assess the impact of various variables typically projecting future financial outcomes based on historical data and assumptions. 

Based on the outcomes derived from modelling, advisory firms prepare realistic valuations. These valuations are used during Mergers & Acquisitions etc. These consist of the preparation of the following documents:

    1. Pitch Deck
    2. Projections
    3. Due Diligence Report
    4. Valuation Report
    5. Investment Deck
    6. Equity Restructuring
    7. Term Sheet Preparation
  • Strategic Planning: Strategic planning involves defining an organisation’s long-term objectives and developing comprehensive strategies to achieve them. It includes:
    1. Conducting internal and external SWOT Analysis
    2. Setting clear goals and priorities
    3. Hiring Technical Experts who can assist in strengthening weaker areas
    4. Increasing Market Presence

Understanding your goals will help you identify the right service providers and tailor their expertise to meet your needs effectively.

  • Research Service Providers: Once you’ve identified your objectives, conduct thorough research to identify reputable research and advisory firms or professionals. Look for providers with a proven track record of delivering high-quality insights and recommendations in your industry or niche. Every industry has its specific research providers.  While looking for research providers look for the following key indicators:
    1. Expertise in covering that particular industry
    2. Experience in providing recommendations
    3. Client Testimonials
    4. Industry Recognition

Consider the following factors while looking for Research Service Providers:

  • Conduct Due Diligence: Before engaging a research and advisory firm, assess their capabilities and offerings by conducting due diligence to ensure they align with your needs. Review the following:
    1. Range of services
    2. Methodologies, and resources to determine if they can provide the level of support you require. 
    3. Inquire about their experience working with similar clients and request case studies to gauge the quality of their work
  • Establish Clear Communication Channels: Effective communication is essential for successful collaboration with research and advisory service providers. Establish clear communication channels and communicate the following:
    1. Expectations from the outset, including timelines
    2. Establish deliverables and feedback mechanisms

Ensure that there is an open dialogue between you and the service provider to address any questions or concerns promptly.

  • Leverage Customised Solutions: Seek research and advisory services that offer customised solutions tailored to your unique needs and preferences. Keep the following in mind: 
    1. Avoid one-size-fits-all approaches
    2. Prioritise providers who take the time to understand your specific challenges and goals

Customised solutions ensure that you receive relevant insights and actionable recommendations that drive tangible results for your investment or startup.

  • Evaluate ROI and Continuously Improve: After receiving research and advisory services, evaluate the return on investment (ROI) and assess the impact on your investment or startup. Measure key performance indicators (KPIs) such as 
    1. Revenue growth
    2. Cost savings
    3. Market share
    4. Customer satisfaction would assist in quantifying the value derived from the services

Use this feedback to continuously improve and refine your approach to research and advisory support.

In conclusion, accessing research and advisory services is essential for informed decision-making and strategic planning in today’s competitive business landscape. By following these steps and partnering with the right service providers, you can gain valuable insights, mitigate risks, and accelerate the success of your startup journey.

Note: The views and opinions expressed are solely those of the author and does not necessarily reflect the views held by Inc42, its creators or employees. Inc42 is not responsible for the accuracy of any of the information supplied by guest bloggers.

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