Creating and leading a research company is probably the biggest dream of my life. How do I know this? Because asking myself a question, which everybody surely asked one day of their life, “What would you do if you won a lottery?”, after thinking through my first answer was creating a research company, second) as a company offering PhD scholarships for students, and third) creating a non-profit organisation. In this article I will first tell you about what it means to have a research company, then I will define how to turn such a dream into an achievable goal and plan.

What is a research company?

As we can intuit from the name, a research company is one that is dedicated to conducting research by gathering, analyzing and interpreting data and consequently producing insights, reports or recommendations, which are then openly provided to other businesses, governments, institutions or the general public. The scope of research companies varies greatly based on what the company specializes in. There are various types of research companies can specialize in, some relevant to a tech business can include:

• Technologies and IT:  Technology trends, IT markets, software evaluation, and more.
• Environmental and Energy:  Environmental trends, energy consumption, renewable resources, and other related topics,
• Financial: Financial markets, investment opportunities, economic trends, and related topics,
• Academic and Institutional: Universities and institutions might have dedicated research departments or entities that delve into a wide range of academic and scientific topics, and as a company I may want to collaborate and closely work with academia.

The methodologies used by research companies might include surveys, focus groups, observational studies, experiments, data analytics, and more. Typically, a research company will have professionals like data analysts, statisticians, field researchers, and subject matter experts to conduct and interpret the research. Research companies could also be outsourced to conduct research on other companies or institutions behalf. 

What kind of research should you be investigating? 

Although, the question may warrant a different answer depending on who you ask, considering the current trends, knowledge and global challenges, the following are predicted to have significant potential in terms having the most influence over world and life improvement and scientific discovery, which can drastically shift the trajectory of science and society. 

• Genomics and personalized medicine: Advancements in genomics could revolutionize medicine by providing tailored treatments based on an individual’s genetic makeup. This could significantly enhance treatment efficacy and reduce side effects.
• Neuroscience and brain-computer interfaces: Understanding the human brain better can lead to breakthroughs in treating mental and neurological disorders. Brain-computer interfaces could transform how we interact with technology and potentially treat conditions like paralysis.
• Artificial intelligence and quantum computing: Continued advancements in AI can reshape industries, enhance productivity, and even address complex challenges like climate modeling. Quantum computing, if realized, could revolutionize fields ranging from cryptography to drug discovery.
• Climate change mitigation technologies: Breakthroughs in carbon capture, alternative energy, and energy storage could play pivotal roles in addressing the global climate crisis.
• Sustainable food production: Research into lab-grown meat, vertical farming, and genetically modified organisms (GMOs) could address food scarcity issues and reduce the environmental footprint of agriculture.
• Space exploration: Discovering signs of life elsewhere, mining asteroids, or establishing a human presence on Mars or other celestial bodies could have profound implications for humanity’s understanding of its place in the universe and spark technological advancements.
• Nanotechnology: At the intersection of biology, physics, and chemistry, nanotech offers the potential for breakthroughs in medicine (like targeted drug delivery), materials science, and energy storage.
• Advanced energy solutions: Fusion energy, if realized, could provide a nearly limitless, clean energy source. Breakthroughs in battery technologies can also support the transition to renewable energies.
• Regenerative medicine: Research into stem cells and tissue engineering holds the promise of repairing or replacing damaged organs and tissues, potentially increasing lifespan and quality of life.
• Advanced materials: Discovering and designing new materials with unique properties (like graphene or topological insulators) can lead to technological leaps in various sectors.
• Ocean exploration: Oceans remain largely unexplored, and understanding their depths better could lead to discoveries in biology, geology, and more.
• Biotechnological innovations: CRISPR and other gene-editing technologies can have vast implications, from curing genetic diseases to potentially addressing environmental challenges.

From history, we know that scientific breakthroughs have often come from unexpected quarters, so while the above areas seem promising, the next big thing could be something entirely unforeseen. For this reason, as a company, the plan is not only to focus on the promising areas of research such as A.I., but also going outside of the borders into the unexpected, as you will see from the applications, which are in the works.

How to turn your dream of having a research company into a feasible plan and consequently reality? 

Strategic planning, dedication, industry knowledge and perseverance are the top qualities you will need to live by in order to accomplish this mighty goal. Here is a step-by step guide to help you establish and grow a research company.

1. Identify a niche or gap: Start by identifying a specific area or industry where you feel there’s a need for research. This could be based on your expertise, current industry trends, or a specific challenge that businesses or societies face.
2. Draft a business plan: Outline your company’s vision, mission, objectives, target market, competitors, financial projections, and operational plan. A solid business plan will serve as your roadmap and is essential for attracting investors and partners.
3. Acquire necessary qualifications and training: Ensure you (and your team) have the necessary educational and professional qualifications. Consider pursuing additional courses or certifications relevant to your research domain.
4. Secure funding: Research ventures can be capital-intensive. Explore funding options, including personal savings, bank loans, angel investors, venture capital, or grants specific to research and development.
5. Assemble a skilled team: Surround yourself with experts and skilled professionals in your chosen domain. Diverse teams often bring a range of perspectives, enhancing the quality and breadth of research.
6. Choose a suitable location: Depending on the nature of your research, find a location that facilitates your work. If you’re into scientific or technological research, you might need a lab or tech hub. For market research, a standard office might suffice.
7. Invest in necessary tools and technology: Depending on your niche, invest in state-of-the-art equipment, software, or other tools to facilitate top-tier research.
8. Establish a network: Join industry associations, attend conferences, and collaborate with academic institutions. Networking can lead to partnerships, collaborative opportunities, and client leads.
9. Develop ethical standards: Establish a strong ethical framework for conducting research. This is crucial for credibility and trustworthiness in the industry.
10. Market your services: Build a professional website, offer webinars, publish whitepapers, and engage in content marketing to showcase your expertise. Consider offering initial discounted services or free insights to attract initial clients.
11. Stay updated: Research industries are constantly evolving. Ensure you’re up-to-date with the latest methodologies, technologies, and industry trends.
12. Adapt and pivot: Be ready to adapt your research focus based on emerging trends, client needs, and global events. Being flexible can open up new opportunities and revenue streams.
13. Seek feedback: Regularly solicit feedback from clients and peers to improve your services and adapt to the market’s needs.
14. Be patient: Establishing a reputation and client base in the research world can take time. Stay persistent, maintain your passion, and continue producing high-quality work.
15. Legal and compliance: Ensure you adhere to all local, state, and federal regulations. This might include obtaining necessary permits, ensuring data privacy, or adhering to industry-specific regulations.

Hope this article inspired you to consider creating your own research company, or inquire further into the topics listed above as having the most transformational effect on our world today. Technology can benefit advancing any of the areas listed, however there are of course even more technical and software based topics which can be elaborated on further, possibly in another blog post. Why not subscribe to our newsletter to stay updated and follow Joye’s ig?

Thank you for reading. If there are any topics you may like to learn more about drop a comment below.