CREATING AND INCREASING MARKET AWARENESS – CASE COMPANY

TAMPERE UNIVERSITY Faculty of Management and Business MOHAMMAD AMIN JAFARI CREATING AND INCREASING MARKET AWARENESS – CASE COMPANY Seminar Report ii Jafari, M. ABSTRACT Background: Over the last decade, researchers have investigated the multiple barriers that healthcare technology start-ups face. Many start-ups struggle to capture attention and integrate into the market, even with unique value propositions. Exploring the market barriers that stem from technology, healthcare marketing frameworks, and alliances. Objective: The primary purpose of this paper is to explore how technology healthcare start-ups develop frameworks to market integrate and capture stakeholders' attention. Methods: This paper sees theoretical perspectives from guerrilla marketing, technology adoption, and attention theories in B2B and industry ecosystems to assess collaborative network frameworks and develop positioning strategies in the business ecosystems of healthcare. The qualitative approach is to build a case study on a Finnish digital health start-up focusing on HRV-based solutions. Results: Findings reveal that market and stakeholder access is not acquired purely by the adoption of new technology. The results suggest that strategic development of visibility, aligning narratives with integration into target ecosystems, and value creation is generated by integration into the stakeholder ecosystem. Conclusion: This paper offers a flexible, practice-oriented approach to improving market visibility and partnership creation to support early-stage digital health technology firms in competitive and saturated environments. . iii Jafari, M. PREFACE This paper was written as a part of the Literature Study in the Business and Technology course for the master’s program of Tampere University to enhance the students’ research and writing skills. The paper presents insights into the role of technology awareness in the success of startups and high-tech companies, emphasizing how innovation and strategic communication foster adoption, market penetration, and long-term growth. I would like to thank Dr. Jouni Lyly-Yrjänäinen for supervising my work and his valuable remarks that helped me to find and visualize ideas. His guidance and feedback were instrumental in shaping the direction and quality of this study. Tampere, July 2025 Mohammadamin Jafari iv Jafari, M. TABLE OF CONTENTS ABSTRACT ______________________________________________________ ii PREFACE _______________________________________________________ iii 1 INTRODUCTION ____________________________________________ 1 1.1 Background of Increasing Awareness _____________________________ 1 1.2 Objective of the Report _________________________________________ 1 2 RESEARCH METHODOLOGIES ______________________________ 3 2.1 Research Methods _____________________________________________ 3 2.2 Research Process ______________________________________________ 4 3 THEORETICAL BACKGROUND ______________________________ 5 3.1 Investment Acquisition and Financial Challenges ___________________ 5 3.2 Guerrilla Marketing ___________________________________________ 6 3.3 Increase Awareness Among Potential Partners _____________________ 7 4 FINDINGS AND STRATEGIC PARTNERSHIPS _________________ 9 4.1 Case Company and Identified Challenges __________________________ 9 4.2 Strategic Partner Opportunities Across Industries _________________ 10 4.3 Strategic Reflections and Lessons Learned ________________________ 16 5 DISCUSSION _______________________________________________ 18 6 CONCLUSIONS ____________________________________________ 19 REFERENCES ______________________________________________ 20 Jafari, M. 1 1 INTRODUCTION 1.1 BACKGROUND Succeeding in business today relies heavily on the advanced use of technology in the economy. Emerging technologies such as AI, blockchain, and advanced data analysis are revolutionizing industries by enhancing service delivery, business efficiency, and competitiveness. However, many organizations continue to face issues with technology awareness and adoption, even when such technologies can potentially transform these organizations. The gap between technological development and market readiness can hinder companies from realizing the full benefits of innovation, slowing down industry-wide progress (Rogers, 2003; Christensen, 1997). The most significant barriers to adopting new technologies stem from a lack of awareness and understanding among key stakeholders. Customers and investors alike need to be communicated with in simple terms on how new technologies may be useful before they accept or support their use. Companies that fail to bridge this knowledge gap often face skepticism, resistance, and slower market penetration (Moore, 2014). Furthermore, this problem is compounded by the fact that limited financial resources are available because many technology-focused businesses do not receive the funding needed to grow and commercially exploit their new ideas. Financial constraints often limit a company’s ability to conduct effective awareness campaigns, further delaying adoption and reducing growth opportunities (Gompers & Lerner, 2001). Technology awareness and investment acquisition are a challenge, especially for startups and small enterprises. Established corporations have vast resources at their disposal, but startups must try to educate a market, which requires funds while looking for investment to keep the doors open. Literature suggests that companies adopting strategic partnership models, leveraging venture capital networks, and participating in accelerator programs can enhance both awareness and financial stability (Brown & Mawson, 2019). This research uses this theoretical framework to determine how technology-oriented companies can successfully address these interacting problems through organizational strategies and market actions. 1.2 OBJECTIVE OF THE REPORT The research analyzes how a company can increase visibility as well as adoption in oversaturated markets through research of existing theories and empirical data. The objective of the paper… Jafari, M. 2 ...is to offer a practical solution for the problem of technology awareness and ecosystem positioning in the healthtech industry, especially in the case of early-stage companies, which, after having access to funding, face challenges of visibility, trust, and integration into the ecosystem infrastructure. To reach this objective, the research integrates frameworks that focus on the development of acceptance and awareness in relation to emerging technologies within innovative ecosystems. The study examines the impact of unconventional and low-budget approaches on market visibility using guerrilla marketing techniques. Moreover, the Technology Adoption Lifecycle and strategies for creating awareness help explain the engagement of stakeholders and the communication divide that exists between innovators and adopters. Collectively, these theories form a basis for examining and systematically resolving the positioning challenges faced by startups. The innovations are aimed at solving the strategic positioning challenges primarily associated with enabling technology providers to fully integrate their offerings into existing ecosystems, capturing the attention of end users and key market players. The objective of the study is to contribute to the body of knowledge regarding a practical approach to the visibility and adoption challenges that are essential for technologybased solution providers who seek to expand operations in innovation-fueled markets. In this paper, the theoretical basis for the practical strategy is presented in a sequential manner aligned with the respective chapters. Chapter 2 describes the methodology and research process that shaped the inquiry. Chapter 3 focuses on the theoretical framework and discusses some elements of technology awareness, guerrilla marketing, and strategic partner identification. Chapter 4 provides a detailed analysis of the context of the case company, maps the potential industry collaborators, as well as gives recommendations for further insights. Lastly, Chapter 5 summarizes the findings and presents additional research opportunities, thereby concluding the paper. Such an approach facilitates an understanding of the phenomenon of strategic awareness and partnerships in relation to their potential impact in fostering the adoption of emerging technologies. Jafari, M. 3 2 RESEARCH METHODOLOGIES 2.1 RESEARCH METHODS The case study research is a strategy enabling understanding of dynamics, such as change processes, present in particular settings (Gummeson, 1993). This applies to both phenomena that are highly complex in nature, but also the more straightforward ones, which, however, remain hidden and difficult to discover (Gummeson, 1993). The case study research may aim at providing a description, testing a theory, or generating a new one (Eisenhardt, 1989) and include any issue deemed worth studying (Gummeson, 2017). According to Gummeson (2017), the real scientific contribution of a case study is the conceptualization of the analyzed issue and solutions. Gummeson 1993 claims that the right selection of data-gathering methods is essential for the success of a case study. The data gathered in the process of case study research may be both qualitative and quantitative (Eisenhardt, 1989). Table 1 summarizes five qualitative methods for data collection, which are Gummesson’s (1993) contribution to case study research. Each method is summarized to demonstrate its contribution towards the production of in-depth and contextual insights. Method Description Existing Materials These pertain to distinct groups of data sources. All print materials, like books, databases, brochures, and publications, fall under existing materials. Questionnaires and Surveys This is utilized to produce quantitative information in case studies using well-structured and circulated questionnaires and surveys. Qualitative Interviews This is the preferred method of data collection in case studies. Interviewers have to comply with a higher level of qualitative interviews. Qualitative or informal interviews are best done in a discussion forum, but they may also be done more formally by means of a questionnaire. Observation There are various forms of observation, such as participant observation and non-participant observation. Action Science In this approach, the researcher engages in and is involved in the case study process. Each approach had value: foundation materials informed the basics, interviews focused on deeper explorations of the managers’ and decision-makers’ viewpoints, and observations revealed underlying operating environment behaviors. The Jafari, M. 4 combination of these different sources of data was used for verifying findings, and abstraction promoted confidence in the results. 2.2 RESEARCH PROCESS This research was executed together with a Finnish health technology startup on an interventionist case study basis. The research study was initially a literature review on funding and awareness barriers for early-stage companies. After talking to the CEO of the company, the problem was reframed, funding was not the primary problem, and the most critical issues became visibility and integration into the market. Consequently, the research pivoted to studying ecosystem positioning and partnership routing as primary strategies for growth. The researcher had constant communication with the company and the academic supervisor. This integration ensured that the proposed strategies had a clear, tangible path of action while honoring the theoretical academic underpinnings. The research moved through several milestones, which included empirical work, design of the study framework, and final validation, describing a clear journey from theoretical understanding to practical implementation. As illustrated in Figure 1, the research process is circular and adaptive in nature, where each stage is informed by the interplay of theory and practice. The iteration of the structure allowed for a flexible correspondence between the academic question and the practical problem. Figure 1. Research Process Timeline Jafari, M. 5 3 THEORETICAL BACKGROUND 3.1 INVESTMENT ACQUISITION AND FINANCIAL CHALLENGE Bringing in secure investment is particularly important for companies that are, in one way or another, technology-oriented, because this enables them to scale and sustain operations. Resource-based theory (Barney, 1991) states that a firm is in a more advantageous position if it possesses valuable, rare, and non-substitutable resources. Financial capital is one such resource that enables firms to innovate, market their solutions, and expand operations. However, startups and SMEs often struggle to attract investment due to perceived risks and uncertainties in technology commercialization (Gompers & Lerner, 2001). As shown in Figure 2, investment strategies vary depending on the company's growth stage. Early-stage startups typically rely on bootstrapping, angel investors, and venture capital (VC), while more mature companies seek private equity or public funding (Brown & Mawson, 2019). Figure 2. Startup Financial Cycle (Ojeaga, 2015). Venture capital firms assess companies based on factors such as market potential, technological feasibility, and the credibility of the founding team (Davila et al., 2003). However, many technology-oriented firms do not have the proper market coverage or sufficient financial information to attract traditional investors, which leads to a need for alternative sources of financing like government subsidies, corporate grants, and crowdfunding. Jafari, M. 12 and stress tracking wellness users therapy services Digital Health BioBeat Continuous vital sign monitoring Strong clinical research orientation Niche market focus HRV marker co-validation Digital Health Google Fit Tracks activity and wellness Crossplatform compatibility Limited integration options Enhance biometric interpretation using HRV Digital Health Headspace Mental & body health Wellnessfocused audience Limited B2B integration Enhance meditation outcomes with HRV feedback Digital Health Livongo Chronic condition platform Proven behavioral coaching Narrow scope Chronic care integration Digital Health Omron Clinicalgrade sensors FDAapproved hardware Weak consumer brand Sensor-toplatform linkage Digital Health One Medical Techenabled clinics Innovative model Limited to urban areas HRV insights in personalized care Digital Health Withings At-home diagnostics Stylish, connected devices Market share limited Multi-sensor integration Insurance & Wellness Aetna Employee wellness solutions U.S. insurance reach Adoption delay Biometric incentives for premiums Insurance & Wellness Blue Cross Blue Shield U.S. insurer Broad employer base Low innovation speed Preventive analytics deployment Insurance & Wellness Bupa Corporate health innovation Global insurer presence Partnership complexity Policy-linked tracking Insurance & Wellness Lifesum Nutrition and wellness app High user base, lifestyleoriented Less emphasis on medicalgrade accuracy Integrate HRV to personalize lifestyle and stress insights Jafari, M. 13 Insurance & Wellness Oscar Health Tech-first insurance Modern wellness tools U.S.-centric Smart policy benefits with HRV Insurance & Wellness Ping An Good Doctor Chinese telehealth High market penetration Limited outside China Localized biometric metrics Insurance & Wellness Virgin Pulse Wellness engagement Established corporate programs Long sales cycle HRV-linked wellness routines Insurance & Wellness WHOOP Unite HRV tools for companies Organizational HRV tracking Enterprise sales difficulty Enterprise biometric dashboard Medical Devices Abbott Develops biosensors for realtime monitoring Medicalgrade device platform Strict medical regulations Embed HRV metrics in wearable sensors for broader clinical utility Medical Devices iRhythm Offers ECG and arrhythmia monitoring devices FDAcleared solutions Highly regulated clinical space Complement ECG data with HRV analytics for proactive intervention Medical Research Cleveland Clinic U.S. health innovation Clinical impact Partnership selectivity Clinical performance pilot Medical Research Johns Hopkins Public health innovation Academic trust Project approval length Epidemiological HRV trials Medical Research Karolinska Institute European medical science Nobel-scale visibility Noncommercial speed Innovation co-testing Medical Research Mayo Clinic U.S. clinical leader Clinical data pipeline Selective project intake Medical-grade HRV validation Public Health GE Healthcare Medical diagnostics Tech-enabled diagnostics Integration challenge Embedded sensing co-design Public Health NIH U.S. science hub Massive credibility Regulatory procedures Populationbased biometric study Jafari, M. 14 Public Health WHO Global health leadership Global healthcare advocacy High bureaucratic delay Cross-country health impact evaluation Sports & Fitness Adidas Performance wearables Global reach Limited tech focus Movementlinked partnerships Sports & Fitness Asics Athlete performance Scientific R&D backing Small wearable presence HRV-based performance shoe tech Sports & Fitness Hydrow Smart rowing machines Immersive exercise Hardware limit Cardio-load recovery feedback Sports & Fitness My FitnessPal Nutrition & fitness tracking Large data ecosystem Weak integration history Nutrientbiometrics sync Sports & Fitness Nike Fitness innovation Global sports brand Not a health tech company Brandpowered biometric visibility Sports & Fitness Peloton Connected fitness devices Loyal content platform Hardware dependency HRV-based training content Sports & Fitness Strava Athlete social network Community -driven metrics No hardware integration HRV data visualization layer Sports & Fitness Techno gym Smart gym solutions High-end fitness tech Price sensitivity Connected gym floor pilot Sports & Fitness Tonal AI gym equipment High-tech muscle analytics Niche audience Biometric strength metrics Sports & Fitness Zwift Gamified indoor cycling Immersive sport platform Stationary use case Real-time performance feedback Telehealth Amwell Virtual clinical services U.S. telehealth leader Patient onboarding friction Integrating biometric data flow Telehealth Drio Health Personalized chronic condition management Proven platform in remote care Focused mainly on diabetes HRV integration into stress & lifestyle interventions Jafari, M. 15 Telehealth Teladoc Health Remote care services Leading telemedicine provider Scalability issues Wearablelinked remote triage Telehealth Zocdoc Doctor booking engine Broad user base Limited diagnostics Integrated HRVinformed scheduling Wearables Amazfit Budgetfriendly sensors Fastgrowing segment Shorter device lifecycle Sleep & HRV budget tools Wearables Apple Smart health integration Global ecosystem leader Limited external integration HealthKit partnership Wearables Fitbit Fitness tracking & wellness Large user base, Google backing Less flexible for integrations Data-sharing model Wearables Garmin Sport and health wearables Multisport range, strong sensors Traditional brand perception Performance data integration Wearables HealBe Offers noninvasive calorie intake wearables Unique offering in metabolic health Smaller market penetration Partner for integrated metabolic and HRV feedback Wearables Mobvoi AI smartwatches Affordable AI-driven tech Brand obscurity Voiceactivated biometric tracking Wearables Oura Ring Sleep and HRV tracking Premium health wearable Niche adoption Advanced recovery syncing Wearable s Polar Heart-rate monitoring Longstanding fitness reputation Conservative innovation pace Training optimization Wearables Realme Smart bands & watches Youthcentric design Limited B2B appeal Biometric entry collaboration Wearables Samsung Sensor-rich smartwatches Hardware and OS synergy Overdiversified product line Native HRV embedding Jafari, M. 16 Wearables Suunto Outdoor sport tracking Strong in endurance sports Less market penetration Athletespecific partnership Wearables Whoop Athlete optimization Trusted by elite athletes Subscription -heavy model Fitness recovery integration Wearables Xiaomi Affordable smart bands Massive user base Low profit margin Wider population biometric rollout Wearables Zepp Health Sensordriven platforms Strong in Asia Lesserknown in Western markets APAC wellness integration The strategic partner ecosystem underscores the value of ecosystem thinking with respect to the company’s adoption potential. It illustrates the spectrum of possible partners, ranging from established global technology companies to specialized digital health startups, all presenting different synergies. Not only does the company gain significantly enhanced reach and credibility, but by targeting partners aligned both technologically and strategically, it positions its innovation for sustainable integration across industries. 4.3 STRATEGIC REFLECTIONS AND LESSONS LEARNED As the case analysis revealed, relying on technical innovation alone does not guarantee success in the healthtech market. It emphasizes the importance of the creation and capture of value through strategic alliances and ecosystem positioning, where the product fails to deliver value on its own to the consumer. The ability of the case company to incorporate its solution into existing technological ecosystems proved to be a critical success factor. The analysis also highlighted visibility in the market as a more powerful, underestimated resource. Awareness of technological advances was limited among several potential partners, which stifled growth in productivity. Concepts discussed in the realm of guerrilla marketing revealed that visibility can be achieved in a very economical way. Creating campaigns that are more directly about the partner or user’s service demonstrates innovation around traditional marketing limitations. The mapping of partnership opportunities showed why relevance is driven by strategic alignment and not size or funding. Companies from various industries had Jafari, M. 17 potential, but only those with specific shared technical goals, marketing objectives, and integration capability were able to gain focus. This effort emphasized the need to make the product architecture and narrative focus on the possible collaborators. In total, the research reiterated that in emerging technology markets, sole innovation does not determine success. It must be accompanied by communications, credibility, and access to strategically valuable networks. These insights shape how other similar firms might consider tailoring growth strategies to these constraints. Strategy lessons integrated with the firm's experience include establishing partnerships going beyond product development, the necessity of creative visibility strategies such as guerrilla marketing, preferences for alignment over scale when selecting collaborators, and the importance of ecosystem fit regarding adoption success. Each lesson demonstrates insight from capturing practical reality alongside theoretical frameworks, exposing traditional models versus adaptations demanded by the firm’s context. Such statements accompany the approach suitable for entrepreneurs navigating intricate technological domains. Instead of viewing growth to be captured through funding or innovation, firms must embed themselves into pertinent networks while censoriously tailoring messages to different stakeholder groups, identifying the need to shift perceptions where credibility and visibility readily compete alongside capital. Jafari, M. 18 5 DISCUSSION The findings of this study support the idea that utilizing innovative technology is not enough for digital health startups to achieve market acceptance and integrate into the ecosystem. As demonstrated in the company’s situation, limited (or negative) visibility and poor strategic positioning can stifle advanced HRV-based solutions. As previous studies have pointed out, the diffusion of innovation in healthcare is not purely a matter of technical efficiency but involves active stakeholder engagement and trust-building (Rogers, 2003; Greenhalgh et al., 2017). The study also contributes to the literature on marketing by illustrating the importance of guerrilla marketing, which is an adaptable and economical promotional strategy for emergent companies with tight budgets. Consistent with Levinson’s (2007) initial principles, the company’s case illustrates that getting market attention can be achieved with imagination and awareness of the situation, even in the absence of large budgets. The company’s strategic marketing communication and narrative-building initiatives helped generate interest and enhanced the company’s appeal as a partner within the current value networks. Regarding the ecosystem, the conclusions reiterate what Adner (2017) and Jacobides et al. (2018) said on the need for strategic alignment among players in nascent technology markets. This research went on to map and rank over fifty potential collaborators in the health, wellness, and sports sectors. This is a demonstration of how a startup can find points of entry into partnerships that create value, in contrast to competing for attention in a vacuum, in the importance of networks for gaining legitimacy and access to the resources that are necessary to enter regulated markets, such as health tech, by positioning themselves as a contributor. The research advances the integration of the diffusion of innovation, strategic marketing, and ecosystem theory into a single practical framework for the construction of a marketing ecosystem. This framework can advance the theory on market visibility, which, in my opinion, is a consolidation of multiple constructs, including communication, legitimacy, and cooperation. Finally, the research provides startup managers with practical insight and a framework for visibility that uses adaptable storytelling to reposition strategic partnerships in order to gain a foothold in a contested market. This study describes the interventionist research approach as one example for connecting the scholarly and managerial worlds. The repeated cycles of collaboration between the researcher and the company resulted in collaborative learning and improvements in the strategic decisions the company made. In future studies, the proposed framework could be examined in different industries, and the effect of the framework on partnership levers, trust of investors, and diffusion of the innovation in the market could be studied. Jafari, M. 19 6 CONCLUSIONS Startups face various challenges when commercializing health technology in fastchanging, competitive markets. This provided the opportunity to examine digital health, telemedicine, and wearable technologies and the interrelated issues of technology adoption, market awareness, and partnership engagement. Post pandemic, the issues of remote health and wearable technologies offered a unique opportunity to study a Finnish case company providing HRV-based solutions, initially perceived to be limited by investment resources, but deeper analysis indicated the case was constrained primarily by strategic alignment and ecosystem visibility. The objective was to develop a partnership model that would enable the firm to advance integration and overcome the barriers of partnership awareness. This involved a designed theory-based framework aimed to strategically use the saturation theory of guerrilla marketing in the firm’s ecosystem and market to aid in the integration of innovation diffusion. It also included the formulation of a preliminary positioning plan and the identification of potential strategic partners in the industry. It is clear that the advancement of new technologies relies on more than just the skills that technology possesses; the development of visibility, trust, and alignment with other companies within the ecosystem also needs to take place. In the situation with little funds available, the effectiveness of guerrilla marketing to develop a low-cost awareness campaign and spark interest in partnerships was apparent. A tailored collaboration compass that the study developed engaged over twenty potential partners in health, wellness, and sports, showing that network development in marketing is possible without traditional advertising and large financial outlays. This is the first research for technology start-ups on strategic marketing and ecosystem integration that demonstrates the utilization of limited funds and the brilliant marketing within ecosystem integration with allied technology sectors. Future research could center on the sustainability of visibility over time and its impact on forging relationships, and the effectiveness of guerrilla marketing with respect to trust and being a credible player in business relationships. Comparing violence and aggression marketing within sectors like fintech or edtech could explain the embedded operational frameworks using marketing awareness and advocacy. Looking into the customer and partner onboarding in relation to the used frameworks, the proposed research could be validated more meaningfully by research. Jafari, M. 20 REFERENCES Auerswald, P. E., & Branscomb, L. M. (2003). Valleys of Death and Darwinian Seas: Financing the invention to innovation transition in the United States. Journal of Technology Transfer, 28(3–4), 227–239. Baltes, G., & Leibing, I. (2008). Guerrilla marketing for information services? New Library World, 109(1/2), 46–55. Barney, J. (1991). Firm resources and sustained competitive advantage. 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