“Introducing our product to the market in a faster, better way”

LTU Business method helped their new product

When introducing a new product to the market it is crucial to know what will be required when it comes to time and resources. Many market validation models are often aimed at startups or large companies, but LTU Business’s unique method Innovation Due Diligence works equally well with established companies that have new product ideas or innovations they want to bring to the market.

“I really recommend to get help from LTU Business and make use of their expertise, especially when you as a company are eager and want to move forward quickly” – Johan Hedlund, CEO of  Neava Technologies.

Start with a brave idea

Software developer Neava Technologies describe themselves as having the courage to change the game plan both in their own industry and for their customers. Their new product Arvue has gone through the whole process with LTU Business unique model Innovation Due Diligence.

“At Neava, we are constantly working on the strategic challenges we face, where increased growth and margins are of course important, but it’s equally important to attract new employees and utilize and develop the talent we have in our employees. Our digital design platform for houses is a product we wanted to work through to find the best possible strategy and business model to introduce it to the market,” Johan says.

The product has received a total transillumination

Johan explains that through Innovation Due Diligence they received a market analysis, found a scalable business model, developed a go-to-market strategy and started the work of meeting financiers to raise capital. “I really recommend to get help from LTU Business and make use of their expertise, especially when you as a company are eager and want to move forward quickly,” he says.

Save time and money with Innovation Due Diligence

Through Innovation Due Diligence, companies gain new and greater insights about their market, the business potential of a new product idea, what the customer values ​​and how scalable and profitable business models can be designed based on it.

”Innovation Due Diligence means that you can get from A to B in a short time. In this case, the process has taken six months and in the meantime Johan and his team have been able to continue to focus on their core business, says Jan Abrahamsson, business development consultant at LTU Business.

As useful for local companies as for large corporations

“Sometimes methods focus on young startups or large companies. Innovation Due Diligence is designed so that it is fully feasible even for smaller, established companies to make an analysis and evaluation of their new product ideas”, Jan Abrahamsson adds.

Companies receive support with innovation

Through the Datacenter Innovation Region (DIR) project, small and medium-sized companies such as Neava with operations in Norrbotten and Västerbotten can receive support for the development of products and services within datacenters and clouds. In this case, the company received financial support with development and market validation of software as a service through the project.

The DIR project is an EU-funded regional development project run by Luleå University of Technology, in collaboration with Cloudberry Datacenters and Umeå University and with support from regional and local actors in Norrbotten and Västerbotten.

Read more about DIR here.