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Using Market Intelligence to Grow New Opportunities
With the help of: Maryland MEP
About
Located in Columbia, Maryland, BTS Software Solutions is a custom software development company developing and operating new technologies to meet their clients’ needs. A veteran-owned business primarily serving the DOD and related industries, BTS is capable of developing simulation, cloud-based advanced collaboration platforms, and custom web applications or transcribing audio/video content. The organization performs both engineering and design as well as integrating these solutions into physical applications.
The Challenge
In the interest of growing and diversifying business, BTS sought support in expanding their products and services to serve new markets, diversifying revenues and bringing their capabilities and proven track record to new industry verticals.
With a proven patented technology for real-time, lossless telemetry data compression, BTS was looking for support identifying and exploring new markets and market opportunities where their technology might have a commercial application.
Overall, we are quite pleased with the work that was performed and are following up with some very promising potential Alpha partners. The program should help us expand and diversify our business. In addition to validating several sectors where we thought we could diversify, the TDMI confirmed other sectors had very low/no potential for growth, allowing us to avoid wasting time and resources where there was low likelihood of success.
MEP's Role
MD MEP, part of the MEP National Network™, worked with BTS to deliver a comprehensive Technology Driven Market Intelligence (TDMI) approach to help the organization identify and evaluate new market opportunities.
MD MEP engaged RTI International to work with BTS using the proven TDMI process to evaluate the existing telemetry data compression technology and the effectiveness and viability for application in commercial markets.
Over the course of 3 months, the RTI/MD MEP team met with BTS stakeholders, conducted extensive research on the technology and markets, synthesized and analyzed the information to generate recommendations and strategies to enter market.
The team also conducted outreach to new and potential markets and provided introductions to the BTS team.