Farrukh Shukurov is the visionary founder behind Releven, a market research firm specializing in providing data-driven insights to IT startups and companies. With over a decade of experience across technology, consulting, and entrepreneurship, Shukurov identified a clear gap in the market – quality market research was often overlooked by early-stage IT companies who needed it most. This realization motivated him to launch Releven in 2022, with the aim of filling this gap.
Since then, Releven has established itself as a preferred market research partner for IT startups seeking to transform insights into action. The company brings an agile, customized, and collaborative approach to market research that is tailored to the fast-paced needs of startups. As we will explore, Releven leverages a blend of qualitative and quantitative techniques to uncover strategic insights that guide critical product, positioning, and go-to-market decisions for its clients.
In this interview, we gain valuable perspective from Farrukh Shukurov on best practices in market research and how research can be leveraged by IT companies and web3 startups. He shares insights on market trends, evaluating new opportunities, product positioning, and more. For any startup seeking to navigate today’s dynamic landscape armed with data-driven insights, Farrukh Shukurov provides strategic guidance and actionable advice.
What motivated you to start Releven and focus on providing market research services for IT companies?
I saw an opportunity to fill a critical gap in supporting startups in the rapidly evolving IT industry. There is often a lack of comprehensive insights to guide strategy. By offering tailored market research services, we empower these innovative companies to make more informed, data-driven decisions. I’ve actually written a whole guide on the importance of market research for web3 and blockchain startups that covers recommended approaches in more depth: The Ultimate Guide to Utilizing Market Research for Web3 And Blockchain Startups.
Let’s dive deeper into Releven’s approach. How does your market research methodology differ from traditional agencies? What makes it uniquely suited to IT startups?
Our agile, real-time, and collaborative approach is tailored to meet the needs of fast-paced startups. Blending qualitative and quantitative methods provides our clients with holistic and actionable insights. And our expertise in the IT landscape allows us to contextualize recommendations within industry trends and dynamics. Overall, Releven delivers market research that is customized, predictive, and focused on fueling strategic growth.
Transitioning to common startup challenges, why do you think quality market research is often overlooked or poorly executed? What pitfalls should founders avoid?
Resource constraints and lack of expertise are key reasons startups struggle with market research. Additionally, overconfidence in assumptions or focus on short-term gains can hinder commitment to understanding the market. Startups should avoid biases that lead to superficial or incomplete insights. Building an external perspective through thorough research is essential to making sound strategic decisions.
Let’s discuss specific applications. What kinds of questions or problems can Releven help web3 startups tackle as they develop products?
We can validate product-market fit, analyze the competitive landscape, identify high-potential use cases, and evaluate technical adoption barriers. For token-based projects, we examine optimal tokenomics and ecosystem incentives. Overall, our data-driven approach and industry experience help web3 startups navigate uncertainty and capitalize on opportunities.
Shifting focus to the broader startup landscape, what emerging tech sectors show the most promise currently based on your observations?
Trends like decentralised finance, healthcare AI, clean energy, and quantum computing demonstrate tremendous potential. The common thread is leveraging technology to address real-world needs and drive positive change. Startups building strategic positions within these growing sectors can achieve meaningful impact while seizing business opportunities.
What signs or data points would you highlight for evaluating new markets and opportunities?
Factors like market size, competitive dynamics, regulatory considerations, partnership potential, and long-term trends provide valuable signals. Most importantly, startups must deeply understand user behaviors and unmet needs to build market-validated solutions. Continuous customer insights should inform strategy and product decisions.
Could you walk through Releven’s customer discovery process and how those insights shape messaging and positioning?
Certainly. We use interviews, surveys, and testing sessions to uncover customer pain points and preferences. These insights inform buyer personas and help position the product to address the right problems for the target audience. We then craft resonating messaging focused on relieving pains and communicating differentiated value. The process is iterative, and we continually refine the strategy based on real-world feedback.
How can web3 projects best leverage market research when making product and go-to-market decisions?
User-centric design, positioning, and messaging can all be improved through market insights. Research also informs segmenting users, choosing distribution channels, and sustaining competitive advantage. Most importantly, market feedback provides validation before allocating significant resources. Research should be an ongoing practice for enhancing product-market fit.
Shifting to the crypto space, what market research practices do you recommend for investors to identify opportunities and risks?
Thorough technology analysis, project evaluation, sentiment monitoring, and risk management are key. Blending fundamental and technical analysis while staying updated on trends empowers informed decision making. Establishing clear investment objectives and maintaining a long-term perspective also helps overcome volatility.
For cryptocurrency investors or funds, what market research practices would you recommend to identify opportunities and mitigate risks?
I had the opportunity to share my perspective on evaluating different investment sectors including crypto in a recent interview with Releven. We discussed key factors like risk tolerance, time horizon, and return potential that investors should consider when researching opportunities. I provide a detailed comparison of popular models including real estate, stocks, and crypto assets: Trends in the Investment Market 2023: Comparison and Risks of the Most Popular Industries. I think that interview provides useful guidance for investors on assessing different markets.
Which liquidity strategies tend to thrive in crypto, and how does research guide decision making?
Arbitrage, swing trading, staking, and liquidity mining can be successful with the right data inputs. Research informs strategy development, platform selection, order placement, and risk mitigation. In an evolving landscape like crypto, continuous learning and adaptation based on research is crucial.
Looking to the future, where do you see the most potential for crypto to gain mainstream traction?
Areas like decentralized finance, digital payments, tokenized assets, and educational initiatives could drive adoption by solving real-world problems. Collaborative policymaking and user-friendly experiences will also facilitate mainstream acceptance. Crypto’s potential hinges on providing tangible utility.
How might bitcoin’s role and adoption evolve in the years ahead? What are the main factors that may shape this?
Regulatory clarity and institutional adoption could enable further integration with the financial system. Scalability solutions may also expand bitcoin’s utility for daily transactions. However, environmental impact mitigation efforts could significantly influence bitcoin’s future trajectory and growth.
What potential industry disruptors should crypto businesses monitor and prepare for?
Evolving regulations, decentralized finance, central bank digital currencies, scalability and interoperability protocols, and changing competitive dynamics could profoundly impact the industry. Awareness, adaptation, and leveraging opportunities will be key for businesses to remain at the forefront.
What cost-effective market research tactics do you recommend for early-stage startups? When is it worth ramping up investment?
Startups should leverage free resources, DIY approaches, and pilot studies before committing major investments. As the business grows and research needs become more complex, allocating resources to fill knowledge gaps and support strategic decisions becomes wise. The key is balancing insight value with cost.
How can web3 projects determine the right balance between relying on data versus trusting their vision when deciding on product direction?
Using iterative experimentation, multidisciplinary input, risk assessment, and continuous feedback loops allows companies to leverage data while still pushing boundaries. Vision provides differentiation, but data offers validation. Ultimately, adopting an adaptable approach is critical for web3 businesses operating in uncharted territory.
What trends are you seeing in startup investments for 2023? Are there any sectors that look particularly promising?
Based on our analysis at Releven, there are several technology sectors that appear very promising for startup investments in 2023. However, I would highlight web 3.0 and blockchain as sectors poised for exponential growth given recent market trends.
I actually recently published a detailed report on the growth projections for web 3.0 and blockchain markets Trends of Growth in Web 3.0 and Blockchain Markets: Releven Analysis. In that report, I cover key drivers spurring exponential expansion in these areas, from increased corporate and government investment to new regulatory clarity. Given the confluence of factors, I expect these sectors to continue rapid growth. For startups positioned in web 3.0 and blockchain, the conditions seem favorable for attracting investor interest.
Looking ahead, what future market research trends or changes do you foresee over the next 5 years?
I foresee a rise in leveraging real-time data through online communities and user analytics. Innovative passive data collection and predictive analytics techniques may also gain prominence. There will likely be greater focus on deriving strategic insights from market research data using AI and machine learning capabilities. Companies that leverage these trends can gain a competitive edge.
