Validating a New Market for Blockchain Startup
Situation
An innovative technology startup sought to revolutionize supply chain transparency in New York State's newly legalized cannabis industry. State regulations required authorized dispensaries to distribute only in-state grown product to spur economic development, while gray/black market product was predominantly sourced out-of-state. The market lacked comprehensive, authoritative end-to-end visibility and provenance certification platforms.
Project
JCY Advisors developed a detailed market overview for capital raising and end-user study for development roadmap guidance. Phase 1 delivered comprehensive market analysis including segmentation, 5-year growth projections, competitive analysis, customer needs assessment, and PESTEL analysis. Phase 2 involved field research with gray market distributors using mockups and questionnaires, producing detailed reports with platform interface mockups and anonymized interview summaries.
Results
The project positioned the client to articulate compelling market opportunity and business model to investors:
Validated attractive, unserved market opportunity with regulatory tailwinds
Developed clear product and go-to-market roadmaps for platform business model
Identified compliance solution opportunities for in-state growers and distributors
Defined ancillary data service revenue streams for capital markets, regulators, and insurers