A Business Development Associate determines the market potential of a new technology or innovation.
After doing extensive research about how the product or service might be received by consumers, an associate will then use this information to evaluate how to best commercialize it.
Business Development Associates can also help researchers with finding a practical application for their discoveries. They can provide important information that can help guide research projects and streamline the commercialization process.
When an associate is presented with a new technology or idea, he or she will first evaluate various applications of the technology in an effort to determine potential target markets. Then they will try to determine if there would be a demand for the potential product through both primary (contacting potential customers) and secondary (indirect data collection from various sources) market research.
If a company has already been established and is currently promoting and selling their product, associates are still valuable. When a company is further along, it becomes a question of who the customers are, how we access them and how should we price our products or services. Market research will be an ongoing function to guide business decisions and evaluate new opportunities.