It used to be said that if you were first to market with the right product at the right time, you could expect to take a 60 percent share of the market. Today, that figure is probably closer to 80 percent, with 15 percent of the remainder going to second place and a slim five per cent of the total share spread between the rest of the field. The figures are anecdotal, but the pressure to deliver market share is real for R&D teams across the process industries.
For startups working in a high-risk field like biotech, that pressure is magnified by the need to secure funding and meet the requirements and timescales set by investors. Discipline and scientific rigour are essential for keeping the mission – and funding – on track.
Design of experiments (DOE) can help startups deliver results quickly and demonstrate the reliability, scalability and accountability needed to secure and maintain investment.
For example, Novomer, a green polymers company, used DOE to streamline the development of its proprietary catalyst technology. Just a few years after its formation, the company received a $20.6 million grant from the US Department of Energy and was recognised as one of the 50 Most Innovative Companies by MIT.
By helping organisations to make better decisions faster and meet project milestones more predictably, DOE enables startups to reaffirm their original mission and stay focused on their goals.
Join JMP on 6 February for an exciting discussion about building a culture of analytic excellence and keeping ahead of the competition. Register for the livestream, or attend the event in Copenhagen for a great networking opportunity.
To get a preview of Julia O'Neill, one of the panelists for the event, watch her Analytically Speaking interview. To learn about panelist Alfredo Lopez Navarro's work, read this success story.
