This compound is primarily used in organic synthesis as a versatile intermediate for constructing complex molecules. It serves as a key building block in the development of pharmaceuticals, particularly in the synthesis of compounds with potential therapeutic properties. Its structure allows for selective functionalization, making it valuable in the creation of indene derivatives, which are often explored for their biological activity. Additionally, it is employed in materials science for designing organic semiconductors and other advanced materials due to its unique electronic properties. Its iodine moiety also makes it useful in cross-coupling reactions, enabling the formation of carbon-carbon bonds in various catalytic processes.