NanoSight delivers the world’s most versatile and proven multi-parameter nanoparticle analysis, in a single instrument. It visualizes, measures, and characterizes virtually all nanoparticles. Particle size, concentration, aggregation, and zeta potential can all be analysed while a fluorescence mode provides speciation of labelled particles. NanoSight provides real time monitoring of the subtle changes in the characteristics of particle populations and uniquely confirms them by visual validation.
Since its formation, Nanosight has found extensive market interest in its products. Sales have been growing rapidly in recent years as the instrument has been adopted as the de-facto standard for nanoparticle sizing in a wide range of applications. However, the diversity of the applications made it difficult for the company to quantify the full commercial potential for the product range and the full value of the company for the investors. So the company approached Qi3 to help build a market model and strategy that would maximise the company’s continuing growth and its valuation.
There were two major challenges to creating a robust model of the market. First, the instrument is opening up new capabilities for users, which means that there is no relevant historical data on which to base market sizing and forecasts. Second, each of the market segments is too small to be recorded in government statistics or in the global market reports published by market research companies. However, combined together, the market segments have created a substantial market opportunity.
Qi3 addressed this challenge by mapping all the market segments (current, emerging, and nascent) and building a detailed, bottom-up model for each. Parameters such as number of customers, units per customer, pricing, competitive pressures, and adoption rates were built into the models. Where direct data did not exist, proxy data was used to provide evidence based projections. Each model was then tested to ensure its veracity before being aggregated into the final forecast.
Qi3 then compared the current Nanosight sales forecast against the market opportunity highlighted by the market model, and developed a set of market strategy recommendations for increasing sales growth to capture the untapped commercial potential. Qi3 worked closely with the management team to gain buy-in to the strategy, develop detailed operational plans, and support implementation.
As a result of this work, Nanosight was able to clarify its market positioning as Life Science company, substantially increasing its valuation, and to implement detailed plans to accelerate already healthy sales growth. For the investors, this work has supported the highly successful sale of the company to Malvern Instruments.
Throughout the project, Qi3 worked closely with the Nanosight management team.
“It is self-evident that the least objective assessors of a disruptive technology are the incumbent developers, immersed as they are in the practicalities of commercialisation, and we needed independent scrutiny from without. Qi3 brought us a rigorous approach and a sound model. Their questioning of our planning and market knowledge was intensive and insightful, and built both on technological understanding and significant experience. The result was a clear understanding of where our value lay, and a shared ownership of these models, as they had been built, with Qi3 guidance, within NanoSight.”
— Jeremy Warren, CEO NanoSight