When solving a problem, smart entrepreneurs and entrepreneurial thinkers take advantage of the vast amounts of information and access that exists. Remember, our primary goal is to make the world, or maybe just our corner of the world, a better place. To do that we need to come up with some solution to the problem at hand, and then get that solution in the hands of the people who need it.

That's why we'll look at two sides of the market research process; what do we know about the problem and possible solutions, and what do we know about our market?

How does market research inform the Business Model Canvas?

We must conduct market research at all stages of the ideation and implementation process. It is an iterative process, meaning that market research leads to new insights, that lead to new questions, that lead to new research, etc. 

In particular, market research will help us:

• Identify potential problems that need solved/opportunities for value creation
• Understand customer pain points
• Discover customer segments and explore how to reach them
• Find channels + partners in unique to your context
• Further refine your value proposition as differentiated from competitors (and remember, a competitor does not need to be business. It's any way a customer has their needs met currently.)

There won't be data available on every question, and you'll be expected to talk with your customers to make up for this lack of data. This might be other students, or staff + faculty at the university, students' parents, etc.