Market research reports are a booming business. Small companies filled with consultants who have previously worked for law firms and public institutions such as the European Commission, NATO or the United States Congress write these long reports about market expectations for a growing segment of industry (or for one that is shrinking in order to decide which companies you cut and which you keep but that is another discussion).
These reports then get snapped up, either by the industry who wants to know what market expectations are or, by the same law firms who use them in order to prove a hypothetical thesis about how a certain case or decision could go.
If you are a major Fortune 500 company faced with a possible billion dollar fine for antitrust or competition matters before the EC, the US FTC, the Japanese FTC or the Chinese Ministry of Industry, spending a few million in legal advice from (mostly) various law firms seems a wise investment.
Apple and Google for example, who have both been hit with billion dollar fines from the EC’s Margrethe Vestager in the past decade (the woman referred to as the Tax Lady by US President Donald Trump), have hired multiple law firms in the US and Europe at similar intervals in order to get multiple of these advises written for them.
In order to make their arguments sound credible and to make sure these behemoths of industry follow your advice, these law firms insert graphs and charts into their documents, taken from market research reports. These reports are written in the following manner: young lawyers, fresh out of Oxford or Harvard work their ass off to prove theory as pronounced by the law firm’s partner responsible for the case. In order to prove this theory, they need to back it up with facts and figures. This is where the research reports come in.
You now see that market research reports are a booming business and understand why these are sold for just a tad more than a subscription to the New York Times.
Therefore, the fact that the BlockChain in Agriculture and Food Supply Chain market report (what’s in a name), out on offer by various firms features VeChain next to major companies such as IBM and Microsoft is quite the development for the small cryptocurrency.
(FYI: the same report is also offered for the Spanish-speaking market by another firm, as it’s always good to add another possible language market, broadens your sales you know…)
It means that hundreds of people, who all make a considerable salary, will be reading the name in the report in a few weeks or months. The name will stick in their brain and their subconscious will reference it in a few years if the crypto can deliver on it’s promise and indeed become a major player in this industry. Don’t believe me? That’s basically the plotline of 2010’s Inception and it is also spelled out in Sapolsky’s Behave book.
After being named on Jim Cramer’s co-owned website The Street this week (which has a 700,000 follower Twitter account) and seeing a 37% rise in it’s value over the past month (which is a good bounce back from the 12-13 March crypto crash), things are looking up in the short term.
For those of you that don’t know: VeChain is the world’s leading blockchain platform offering Blockchain-as-a-Service to enterprises for products and information.
Disclaimer: I do not own VeChain at the time of writing, nor have I ever in the past.