The client, a fasteners and specialty products company, partnered with SciTech Patent Art team to identify new markets for an innovative vapor trap developed for metal fusion area.
Problem & Context:
SciTech Patent Art Approach & Deliverables:
At SciTech Patent Art, a 2-member team of a mechanical engineer and a material scientist was formed to help the client identify potential new markets outside the metal fusion area. The team developed a unique methodology for identifying new application areas in which this technology can be utilized. In order to understand the features of vapor trap device, several patents were critically analysed. Based on the understanding, searches for patent and scientific publication were conducted along with web searches. Potential markets were identified based on applications outside of the client’s business area. Provided a summary report comprising of SWOT analysis, market size and CAGR of identified new markets.
The total turnaround time on this project was 1 month and costed $12,000