As we roll into spring, Dal Innovates celebrates the latest program completion of Lab2Market Validate (previously Lab2Market), where Canadian university research students had the opportunity to explore the market potential of their ideas! Lab2Market Validate is a 4-month program to help researchers validate their ideas with the purpose of finding commercial value.
2023 was the first year Dal Innovates ran two cohorts simultaneously, with one being dedicated to Atlantic Canadian students and faculty, and one for students and faculty with Health-related research nationwide. Across these two groups, over 2000 customer discovery interviews were conducted! We had the chance to speak with three recent graduates of the Lab2Market Atlantic & Health cohorts, who provided personal insight on their experience and key takeaways from the program. Â
Emili Rimar is a chemistry graduate student from Brock University who participated in the Health cohort with her idea to develop flexible chemical compounds that can be modified by pharmaceutical companies to easily create potential new drugs.Â
Jafar Pashami is a graduate computer science student from Dalhousie University who participated in the Atlantic cohort to develop a fintech application for secure money transferring.Â
Le Anh Minh Nguyen of Memorial University’s science program, who also participated in the Atlantic cohort, is working on a solution for assessing edible and essential oils. Â
Applications are now open for Dal Innovates Fall 2023 Atlantic cohort. Apply Now
What surprised you the most about speaking to potential customers?Â
Emili: What surprised me most was how willing people are to speak about their field of work with you. I thought as soon as I cast a line into the pharmaceutical field, people would be too busy to respond or just ignore me. People seem to be very willing to guide or help others, especially if you are clear about what you intend to discuss with them and how long it will take/if it will cost them anything/etc.Â
Le Anh: I was surprised about the levels of engagement that some potential customer segments have for our standard product. The pain points of some customers are really big and urgent, so a connection with academic researchers like me is really necessary. They also introduced me to more people in their network so that we can have a chance to discuss further solutions.
Jafar: What surprised me the most was the diverse range of perspectives and needs those potential customers had, which helped me realize the importance of addressing different pain points in our solution.
In what ways has customer discovery changed or informed the way you’ll position your idea?Â
Emili: The customer discovery segment has proven to me that I still have a long way to go with my idea. I need to keep working at developing my technology and making sure IP protection is in place prior to making any public disclosure or discussing my technology with partners for testing or mass production of my products. In this case, I’ve chosen to pivot and keep diligently working rather than persevere with my idea.
Le Anh: The program helped me position our idea more clearly and specifically address some pain points that we did not think about before talking to them. They also helped me discover more potential customers; I learned suitable ways to bring our product information to each of the customer segments.
Jafar: Customer discovery has significantly influenced our approach by highlighting key features and benefits that matter to our target audience. We have refined our value proposition and tailored our messaging to address these insights
What is your top tip for someone who wants to conduct customer discovery interviews?Â
Emili: You need to allow yourself to be rejected without internalizing it. While a lot of people were very open to speaking with me, I did get ‘ghosted’ and told flat out that an interview with me is not something that my potential interviewee was interested in. If it’s within 1 or 2 to 10 people ignoring you or rejecting you, it isn’t necessarily something you’re doing wrong. If it’s more than that, it might be time to reflect on how you’re reaching out to your interviewee. Maybe you’re not being clear about the interview, or maybe you’re sending emails and LinkedIn messages with too much text. Reflect before you continue. Further, it is extremely important to be clear about your goals for the interview, especially if you might be speaking to someone who does not primarily or fluently speak the language you are communicating in. I unfortunately had one interviewee who thought I was interviewing him for a job, even after I described the Lab2Market grant and that I was reaching out to gain insight, not to hire. Even still, I’m sure it was a miscommunication or language barrier issue on my end.
Le Anh: Be open to contact for interviews. You will meet the right people with pain points who want to share, or people who know the pain points of others and would like to connect you with others. They are always there, and often open to help if you are seeking to learn something.
Jafar: My top tip for conducting customer discovery interviews is to listen actively and ask open-ended questions. This encourages customers to share their thoughts and experiences in depth, providing valuable insights for your venture.
Now leaving the program with market feedback on their business ideas, we wish these three innovators and the rest of the Lab2Market Validate alumni the best of luck with their ventures!
Interested in exploring the Lab2Market Validate program with your ideas? Applications are now open for Dal Innovates Fall 2023 Atlantic cohort. Apply Now
The Incubate Innovate Network of Canada (I-INC) is a pan-Canadian, internationally connected network of high-performance university-linked accelerators and incubators. I-INC creates an ecosystem for the efficient commercialization of university-based and science and technology-enabled innovation. Founded in 2014, the network has expanded to include 13 universities across Canada.
Learn more at www.iincanada.ca.