by Taivara, Technology Innovation
Don’t be so Insecure
The go-to security measure for most software application is a username and password. We see it everywhere, yet, as hackers become more sophisticated our usernames and passwords become more insecure.
A client came to Taivara with a potential solution. They had existing intellectual property that used already-available information on a device to better ensure the user was who they claimed to be.
Can We Sell This?
The client wanted to turn that IP into a product. They asked Taivara to research the market and see if there was a demand before investing in a full build. Taivara’s Opportunity Assessment consultants dug deep into the cybersecurity field to uncover opportunities for the company.
A World of Opportunity
The client’s initial assumption was to sell to enterprise customers. Large corporations are always under attack from cyber-threats and the have money to spend. However, Taivara’s consultants found that the space was highly competitive. The cost of entry was high and established competitors could be dangerous. Taivara suggested the client should be wary of focusing all their attention in this space. Entering the space too quickly could be risky, but the size of the market was still attractive.
We gave the client ideas for other markets to pursue. One being the consumer web space. The market was very large and needs were unmet. Rather than collecting big payments from a small number of enterprise clients, we saw opportunity in collecting small payments from a large number of consumer-based clients. However, we advised that distribution may be difficult in such a large, unorganized space.
Another market we found particularly interesting was the Internet of Things space. IoT technology was new and the market was quickly growing. Security was a big issue for IoT companies. The hands-free nature of the IoT devices made them perfect targets for cyber-criminals and a perfect fit for out client’s technology.
The Next Steps
The new business model pleased our client. They appreciated that we challenged their assumptions and opened new doors.
They chose to target the IoT and Enterprise markets, but decided not to go after the consumer web space. They invited us to continue the project and test our assumptions with the new markets.
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