TETFAIR Market Validation commences. The TETFund Alliance for Innovative Research (TETFAIR) commenced its maiden edition at Innov8 Hub on the 5th of December, 2022.
TETFAIR is an initiative of TETFund in collaboration with Innov8 Hub. The programme is designed for the Nigerian academia from public institutions with ideas and research they intend to turn into Innovation & solution for the Nigerian innovative and technological value-chain.
Participants are currently in the market-validation phase of the year-long programme. This phase is fundamental to the development of new technologies. It involves determining demand for their suggested solution products and getting a better grasp of potential users’ challenges. Validating business ideas enables them to appraise their solution products or services, as well as determine business model sustainability.
Following the Bootcamp in December 2022, participants have been working remotely on their validation process. This involves traveling to meet with potential users, sending out online questionnaires, and field trips to conduct research.
TARGET MARKET VALIDATION COMMENCES
As the TETFAIR market validation commences, some teams have already made field trips to interview potential customers, such as the AniMed team. They visited Ibadan in Oyo State, Nigeria, for an insightful market validation of their Digital Non-Invasive Automatic Livestock Measuring Device.
The SmartAgro team arrived Alabata village to conduct a market validation for their NIMTrack project, with over 20 farmers present. The participants comprised leaders of the Cattle Farmers Association , all engrossed in a very educative and revealing market validation session.
After the TETFAIR market validation, an online mentorship session ensued with a review of the outcomes of the validation process, which translated into insights and decisions on the development of solutions.
Participants also had an online engagement with Mr. Itzik Ronen, CTO of Innov8, where they learned about market requirements documents (MRDs), which are strategic documents written by product managers or product marketing managers to help define the market’s requirements or demand for a particular product. PRDs are used in the product development process to communicate what capabilities must be included in a product. Additionally, they are presently constructing PRD and MRD.