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Exploratory research

Before starting a new business, every entrepreneur, investor or company thinks about a new business idea — what products to produce or what service to provide.

In accordance with UNIDO standards (for the preparation of industrial feasibility studies), the first stage of the pre-investment phase — identification of investment opportunities (opportunity studies) or options for the direction or object of investment. An exploratory study is underway to find such investment options.

Exploratory market research is carried out on the basis of the wishes and limitations of the Customer, its competitive advantages, competencies, experience, connections, available raw materials, available technologies, other aspects and preferences formulated as investment criteria.

At the same time, a detailed study of the market for the identified types of products or services is not carried out at this stage — due to wide product lines.

The result of the exploratory study — one or more products or services (possibly ranked) that meet the agreed investment criteria. At this stage, estimates of market size and other indicators are estimates with some level of error. After choosing a product or service as a possible business idea, they move on to a preliminary study of the market.

Sometimes, by investment opportunities, an investor means start-ups or enterprises with interesting functionality, parameters or competitive advantages.
In this case, the result of the exploratory study – a reasonable list of likely companies to buy.

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