Identifying North American tech clusters

The Challenge

UK-based RDvault is a revolutionary end-to-end SaaS R&D tax credit platform, helping SMEs prepare their own claims. Looking to scale, RDvault’s founder and executive team had their sights set on expanding into North America and needed our help to gain insight into the US and Canada’s tax credit markets with a focus on identifying and analysing tech clusters, competitors and market sizing.

Quick Facts

  • Website: https://rdvault.co.uk/
  • Industry: Fintech
  • HQ: Manchester, UK
  • Founding year: 2017
  • Expansion priorities: Validating North America’s markets

The Approach

RDvault had already started to research North American markets before asking for our help but didn’t have the time or resources to collate existing insights or draw conclusions. Acting as an extension of its team, we worked closely with RDvault’s innovation consultant to consolidate its existing research and blend it into our own report.

Our research explored which North American states presented the best opportunities for RDvault and was packed with data on investment, talent, initiatives and each state’s R&D tax credit programmes. We broke down competitors in the US and Canada into three clear tiers of direct, semi-direct and indirect competitors and defined each market’s size in line with federal R&D tax credit claims.

As a busy scale-up, finding the time to research and validate North America’s markets was a challenge for us. However, Newfound made things simpler, working as part of our team to gain a real understanding of tax credit markets and the opportunities for growth.

Shoayb Patel | Founder

The Results

Our insights helped the founder, Shoayb and his executive team feel knowledgeable when making in-market visits, giving them a clear outline of opportunities in North America and how their product could fit into the market. Shoayb was even able to cite our report’s findings when meeting with up-and-coming tech cluster Miami’s mayor, presenting RDvault as experts in their field.

New Market Entry

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