Research Guides: Entrepreneurship: Industry Research

Introduction to Industry Research Video

Note: Some of the database interfaces have changed since this video was recorded. I am working to update videos, but in the meantime I would advise that all of the same data should be available and if you're having trouble navigating, please don't hesitate to email me. I am always happy to help.

Industry Classification

Some resources will organize industry information by an industry classification number. I highly recommend noting this number (sometimes multiple numbers) when you come across it in your research. It might help you search or browse other resources.

There are two main classification systems:

The North American Industrial Classification System (NAICS) is the newer system. It was most recently updated in 2017. This means it has more cutting edge industries included, though admittedly there are always emerging industries that classification systems haven't caught up to yet.

The Standard Industry Classification (SIC) was the system NAICS replaced in 1997, but some resources are still organizing their information by SIC code, so it can still be a useful number to know. (The Securities and Exchange Commission, for instance, still includes SIC for the standard filings.)

In some instances a company designates its own primary NAICS and/or SIC code, and can also have other associated codes, and in other instances a government agency etc. might assign a primary code based on their assessment of what the company does. So you might find a few different primary codes depending on where you're searching and it can be worth considering which ones you want to use in determining industry competitors etc.

Local Industry Information

BizMiner This link opens in a new window
BizMiner provides detailed industry analysis and market research reports on more than 16,000 lines of business in national and local markets. Types of reports include Industry Financial Profiles, Market Research Reports, Area Demographic Profiles, Business Failure Rate Index, Sole Proprietor/Startup Profit & Loss, and Local Market Vitality Profiles. This is one of the few places you can go to look at detailed local industry breakdowns.

Reference Solutions (CM)
Access millions of U.S. residential and business phone numbers and addresses. The Advanced Search in the Business database will let you to do things like build a heat map of all locations of businesses in the same industry as yours so you can see areas where there's already a higher density of similar companies etc. The Advanced Search in the U.S. Consumers database will let you map things like home values, or search for individuals with certain occupations or income values, etc. A very useful tool.
Census Business Builder - Small Business Edition *
The Census Bureau has a LOT more information, but this tool pares it down to give you an overview of important data for a particular industry in a particular location. Tells you about the demographics of your potential customer base, a summary of the businesses in the area and consumer spending information. (Note: The more granular your geography, the less data is available as a general rule.)

National and Global Industry Information

IBISWorld Industry Reports This link opens in a new window
This database is generally most useful for broad industry background information. Reports are national or global industry level, with national level limited to the U.S. or China. Industries are defined to the 5-digit NAICS level and reports cover industry performance and outlook, information on the supply chain and major markets, the competitive landscape, and operating conditions including things like pending regulation. A great background information source.
NetAdvantage This link opens in a new window
Normally people use NetAdvantage for investment research, but if you have a particular public company you view as a future competitor, or a good model, you can find very detailed company information here. The Screening tool can be used to build a list of companies in more emerging industries and with more details than most other company-list building tools. Also includes Industry surveys by GICS Industry classifications, which may give you slightly different information than your NAICS/SIC industry background.
Fitch Connect This link opens in a new window
Most likely to be used by individuals looking to do business abroad. This resource is focused particularly on risk assessment and reports will dive into economic analyses, SWOT analyses, political risk assessments, global macro outlook and more.
IBISWorld Procurement This link opens in a new window
More detailed information regarding sourcing products and services for your potential business. Reports dive into pricing and major suppliers, supply market characteristics, buying lead time, negotiation questions and more.
EMIS Intelligence This link opens in a new window
Primarily of use to those considering doing business in other countries, especially emerging markets. You can search the site by industry, company or country. Country pages include news, summary information and Oxford Economics forecasts. Industry reports are only down to the 2-digit NAICS level (broad industries) but are global coverage.
Mergent Intellect This link opens in a new window
The most useful resource in this database for industry background is probably the First Research industry reports which you can see an icon for on the homepage below the search box. Reports include an industry overview, news, forecast, critical issues and business challenges, association website links, industry opportunities and even call prep questions for informational interviews.
D&B Hoovers This link opens in a new window
The 'Research Industries' tile on the homepage will take you to a page where you can keyword search or browse D&B Industries. After you click on an industry you'll want to go to 'All Market Research Reports' (lefthand column) to see everything available. Global coverage. Industry reports generally national or global level. MarketLine Industry Profiles are often particularly in-depth.

Statista
This database is a huge collection of all kinds of statistics; you never know what you might find that could be useful to your work. They also collect their various statistics into industry and market reports.

Kauffman Foundation *

The Kauffman foundation supports entrepreneurs through education, the creation of learning communities and providing relevant research and data related to entrepreneurship in the United States. Of particular interest might be their 1 Million Cups meetings (in Columbus) or their online learning resources on Entrepreneurship.org.

Global Entrepreneurship Monitor *

GEM produces multiple reports and data that may be of interest, particularly their Economy Profiles, which explore entrepreneurial behavior and infrastructure in a country, and their datasets which let your explore comparisons between countries re: things like financing available for entrepreneurs, taxes, government programs and more.