- Jan 20, 2011
Step 2: Research Competition and Opportunity
Without thorough market research, it doesn't warrant building a new product or service. On many occasions I found that parts or complete functionality that we were looking to implement was already available via another product. It hence made business sense to modify an existing product or use an Application Programming Interface (API). APIs allows companies and programmers to build on an existing product via defined instructions that programmers can use to customize or add value. Researching competition also means that innovators can avoid replicating products and develop better versions of existing offerings.