50-Expert Research Method

Kevin Ryan's research process for identifying and validating new business opportunities through deep industry analysis.

Core Research Process

• Dedicates 2.5 months to deep industry research
• Interviews 50+ people in target industry
• Creates comprehensive 50-page analysis deck
• Focuses on identifying clear, solvable problems
• Looks for opportunities 10 years into the future

Research Team Structure

• Dedicated team member leads each deep dive
• Team member works full-time on single industry analysis
• Specialists focus on specific sectors:
  • Healthcare (2 MD/MBAs)
  • Developer tools
  • Enterprise software
  • Social impact
  • Semiconductors/material science
  • Marketplaces

Example: Maritime Industry Deep Dive

• Team member attended maritime conferences
• Met with:
  • Ship owners
  • Data providers
  • Industry investors
  • Various stakeholders
• Resulted in two investments:
  • Boxhub - container marketplace
  • New procurement marketplace for ship parts

Research Validation Criteria

• Must identify clear industry problems
• Looks for obvious solutions that aren't yet implemented
• Seeks problems that will persist for 10+ years
• Evaluates if current solutions are inadequate
• Assesses if market dynamics support new entrants

Investment Decision Framework

• Initial investment typically $1-1.5M per company
• Must see path to significant scale
• Looks for opportunities where competitors haven't solved core problems
• Prefers markets where technology can create clear advantages
• Values opportunities where outsider perspective can be beneficial