Market Research
Economic Impact Catalyst partners with economic development organizations seeking to undertake market research aimed at fostering inclusive entrepreneurial ecosystems. EIC’s research and analytics team provides technical guidance to EDOs in designing rigorous market research plans, identifying key indicators, gathering quantitative and qualitative data, analyzing findings, and applying insights into strategic recommendations and programming. By supporting thorough market research projects that deeply understand diverse business ecosystems, EIC helps EDOs make evidence-based decisions that effectively advance equitable entrepreneurial growth in their regions.
Components of Analysis
Our market research examines strategic areas essential to fostering inclusive entrepreneurial growth.
We utilize rigorous methodologies to uncover actionable insights through our market research engagements. By implementing mixed methods encompassing surveys, focus groups, interviews, and data analysis, we are able to develop a multidimensional understanding of diverse entrepreneurial ecosystems.
If you don’t see a research need covered here, please reach out as we are open to exploring additional opportunities to meet the needs of your community.
Size and Sample
Purposeful approaches based on business size, demographics, and respondent profiles
Owner Profile
Business owner’s identity, background and experience, and demographics
Financials
The business’s current financial state, performance metrics, and understanding
Challenges
The primary difficulties, obstacles, and pain points faced by the business
Geography
Business location, comparable markets, and other location-based insights
Business Profile
Key information on the identity, nature, and operations of the business
Business Goals
Objectives, growth targets, and any future plans that have been set for the business
Business Needs
The most pressing resource requirements and areas of support needed for the business
Trusted market research partners
With decades of collective experience in market research, data analysis, and economic development, EIC offers the respected capabilities to deliver data-driven market insights. Our team is skilled in designing and executing rigorous qualitative and quantitative research methodologies that uncover granular yet actionable understandings of entrepreneurial communities.
The Dallas Entrepreneur of Color Fund
Assessment Findings, Final Proposal, and Recommendations Presented by Economic Impact Catalyst and The DEC Network
The DEC Network partnered with EIC to address the capital gap among Black and Latinx entrepreneurs in Dallas County. With generous support from JPMorgan Chase, the team undertook an in-depth assessment and developed recommendations for effective remedies and interventions. In this white paper, we present actionable strategies to bridge the capital gap to enable the growth and prosperity of entrepreneurs of color.
Michigan Economic Development Corporation (MEDC) Small Business Survey
Michigan Economic Development Corporation (MEDC) partnered with Economic Impact Catalyst (EIC) to conduct a small business survey across the State of Michigan. Survey responses were collected between October 2021 – January 2022. The survey was designed to help the MEDC and the State of Michigan better connect financial resources and support services to the needs of micro, place-based and underrepresented small businesses across the State.
FAQs
We encourage inquiries from community partners, media, policymakers, entrepreneurs, and other stakeholders regarding our research projects.
We aim to provide helpful information to all parties interested in our market research initiatives. Below we have outlined responses to some common questions we receive about the purpose, methodology, and applications of our studies.
In what ways would our organization benefit from a market research project?
Organization can use market research findings to inform program development, policy recommendations, and strategic initiatives to effectively support underrepresented entrepreneurs.
How will our larger community benefit from a market research project?
By understanding gaps and barriers faced by entrepreneurs, communities can cultivate a more equitable ecosystem that realizes the full economic potential of diverse business owners.
What methodologies do you use for the research?
We utilize a mixed methods approach including surveys, focus groups, and interviews to gather quantitative and qualitative data reflecting diverse perspectives.
How do you ensure a representative sample of businesses?
Our outreach targets businesses across races, ethnicities, gender identities, and business sizes/industries. We often partner with diverse chambers, networks, and other organizations to encourage participation.
How do you protect the confidentiality of businesses participating in the research?
We take data privacy very seriously. All responses are anonymized and aggregated before findings are analyzed and shared externally. Individual company data is kept strictly confidential. You can learn more by visiting our Trust Center.
In the News
See how EIC is empowering innovative businesses and energizing local economies through our press page, which includes the latest news and media coverage on EIC and our expertise and programming.
Other Areas of Expertise
In addition to market research and data analytics programming, EIC offers services in consulting, workforce training, and grant management, to drive economic opportunities and prosperity.
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Get in touch, or learn more about our other solutions for equitable economic development.