30 Apr 4Deep Keeps its Eyes Open to New Markets through GBAP
Halifax-based company, 4Deep Inwater Imaging (4Deep) has been successful in exporting their powerful underwater microscopes for the oil and gas, oceanographic studies, academic research and other sectors, but they were interested in doing more.
The company made the decision to explore new global opportunities, but realized they needed assistance. By applying and receiving $35,000 of funding from the Global Business Accelerator Program (GBAP), 4Deep engaged BSM Global Partners Inc. (BSM), to analyze the company’s capabilities and market offering, and conduct an in-depth market research and competitor analysis.
“The overwhelming majority of our business is done outside Nova Scotia and even outside of Canada, so if we are going to grow it’s going to be through a systematic approach to export to global markets,” said 4Deep Inwater Imaging CEO Stephen Jones. “Working with our advisor, we were able to tailor our product for a handful of key markets and generate hundreds of leads.”
BSM helped 4Deep identify five new niche market segments and developed a Business Model Canvass Matrix to be used in the execution of a go-to-market strategy. Since receiving the GBAP funding and working with BSM, 4Deep has begun implementing its new go-to-market strategy in two of the five highest-value niche markets.
Want to learn more about GBAP?
Applications for the third round of funding are now open until May 20, 2014. More information on the program, including guidelines and an application form, is available at www.gov.ns.ca/econ/gbap.