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AgriThority Hosted Roundtable on Accessing New Markets: A Disciplined Product Development Approach
(Kansas City, Missouri, USA — July 19, 2021) AgriThority® hosted a roundtable on the topic, “Accessing New Markets: A Disciplined Product Development Approach” during the World AgriTech South America Summit.
Gloverson Moro, AgriThority Chief Technology Officer, led the discussion with participants from many sectors of agriculture who gathered virtually from around the globe.
“Product development is as much about science as it is about process,” Moro said. “It’s common for companies to want to jump from the start to the very finish. The question is how do we balance the will to get a product to the market with the need to thoroughly develop a concept into a product? The roundtable focused on challenges and successes for the participants in finding that balance.”
To get the conversation rolling, participants answered the following questions:
- What does the product development approach look like for your company?
- What barriers have halted progress when bringing new products to market?
- How could you benefit from a more disciplined product development approach?
- What is the most difficult development stage to execute for your company?
- Have you experienced issues or success when accessing markets because of the product development process?
The main consensus was the need to prioritize and plan. Proper planning and preparation allow companies to meet the demand quickly and to be ready to grow. One participant said to enter or not enter a geography, product or market is a choice based on limitations of budget and human capital. Opportunities are everywhere, and companies have to choose. In order to make the right choices, we need market background and technical background. Once it’s decided, then it’s about planning.
Many echoed that making mistakes at times brought about important insights; however, attendees acknowledged bigger companies have more space for mistakes than startups. The best way to avoid mistakes is to prioritize and plan. When companies want to enter a market, it takes an investment of time, money and energy. Understanding the potential uses and current practices of the new market is essential.
“Generating new data for new markets is important, but it’s also important to leverage data you already have,” said Ignacio Colonna, AgriThority Global Director, Science and Technology, during the discussion. “It should not be as if you have to start all over from zero at each new geography. If properly understood and analyzed, previous information is always valuable.” The use of counter seasons to increase data sets during early and late development can define positioning and best use practices that apply to similar conditions in other markets. While this may not replace in-market trials or local farmer experience that aids adoption, it allows a proper understanding of your product interaction with the environment.
Moro closed with the importance in embracing the regulatory process. “Sometimes taking the easy route at the beginning may leave the product unable to reach its full potential over the long term,” he said.
AgriThority® uses a disciplined, proven Prescriptive Response™ process to help develop new products. Reach out to AgriThority for more information about how the process aids clients in their scientific product, business and market development.
Founded in 2008 and with roots dating back to 1985, AgriThority moves agricultural innovations to market. Our seasoned, scientific global network serves as an independent and collaborative resource devoted to accelerating product, business, and market development. We help overcome regulatory challenges, manage product development process, and establish connections for market access. Learn more at https://www.AgriThority.com/.