Transforming Market Research: A Case Study on Exsight's Impact for a NY-Based Startup Studio
This case study demonstrates Exsight's ability to revolutionize expert-led market research, offering a superior experience to traditional expert calls. As the venture studio continues to explore the EWA market, Exsight's insights will be invaluable in guiding their strategy and decision-making process through sourcing concepts, landscaping competitors, and more.
Transforming Market Research: A Case Study on Exsight's Impact for a NY-Based Startup Studio
In the fast-paced world of startups and innovation, gaining quick, cost-effective, and actionable insights is crucial for making informed decisions.
Traditional market research methods often fall short, plagued by high costs, lengthy timelines, and a lack of specificity.
Enter Exsight, our new platform powered by Radicle's Innovation Expert Network and an AI-powered synthesis engine. Exsight is designed to address these challenges, offering a superior alternative to conventional research methods.
The Challenge: Understanding the Earned Wage Access Market
A New York-based venture studio was seeking to build a business in the Earned Wage Access (EWA) market, a sector popularized by companies like DailyPay and Clair. The studio needed to quickly and cost-effectively validate core assumptions about the market landscape, including competitive dynamics, market sizing, and customer needs across different worker categories. Traditional research methods were too slow and expensive for their fast-paced development cycle.
The Solution: Leveraging Exsight for Rapid Insights
The venture studio turned to Exsight for its inquiry into the EWA market. Exsight's self-service AI-powered ingestion experience allowed the studio to quickly and confidently specify its focus area, key questions, and the types of experts best suited to their needs. Radicle's platform then identified and engaged with four high-value EWA experts, whose insights were synthesized into a digestible, shareable, and contextualized report.
Key Insights and Impact
The Exsight report provided the venture studio with several critical insights:
Market Fragmentation: The EWA market is unlikely to see a "winner-take-all" scenario due to the diversity of payroll providers and specific worker needs.
Technological Advancements: Despite potential advancements in payroll processing, EWA services are expected to remain relevant due to the inertia of established payroll services.
Regulatory Landscape: Changes in regulation could impact EWA services, especially if advances are treated as credit, requiring EWA providers to obtain licenses like traditional lenders.
User-Centric Solutions: Tailored solutions for specific worker groups, such as restaurant workers or sales personnel, are becoming increasingly important.
Operational and Financial Benefits: Payroll companies' financial benefits from holding funds between pay cycles (the 'float') deter the adoption of next-day payroll, supporting the continued use of EWA solutions.
Customer Feedback and Outcome
The venture studio was highly satisfied with the Exsight experience, particularly impressed by the speed of execution and the quality of insights. The managing partner of the studio praised Exsight's ability to find startup executives with significant domain expertise and the turn-key nature of the synthesized report. Exsight's autonomous and asynchronous operation allowed the studio to focus on other tasks while the platform did the heavy lifting, delivering the comprehensive report in just 7-8 days.
“I was very surprised by Exsight's ability to find startup executives in senior positions who could demonstrate significant domain expertise and mastery of key industry topics. I was impressed by the speed with which the process was executed, and the dossier that was provided, including the summary notes, made parsing through a significant amount of knowledge and insight turn-key.” - Managing Partner, NY-Based Venture Studio
Exsight EWA Report
Check out this example Exsight report, a custom market research report on the Earned Wage Access market, crowdsourced from four experts from our Innovation Expert Network:
Conclusion: Exsight as a Game-Changer in Market Research
Exsight has proven to be a game-changer for the NY-based venture studio, providing quick access to startup and technology experts who are actively building the future of these markets and synthesizing their perspectives into a digestible report.
These aren’t professional experts you may find elsewhere.
This case study demonstrates Exsight's ability to revolutionize expert-led market research, offering a superior experience to traditional expert calls. As the venture studio continues to explore the EWA market, Exsight's insights will be invaluable in guiding their strategy and decision-making process through sourcing concepts, landscaping competitors, and more.
Curious?
We're launching a new AI-powered chat experience in the next two weeks. Email me if you're interested hearing more and demo'ing it: stu@radicleinsights.com
