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Presentation identifying 20entrepreneurial_opportunities_in_norway_25102015

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Identifying entrepreneurial opportunities in Norway

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Presentation identifying 20entrepreneurial_opportunities_in_norway_25102015

  1. 1. IDENTIFYING ENTREPRENEURIAL OPPORTUNITIES IN NORWAY 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 1
  2. 2. BACKGROUND AND OBJECTIVES Background To start a business one needs to identify a need, a problem/opportunity. Someone new to Norway may not readily identify or have the necessary information/knowledge/network to identify opportunities. Objectives To provide insights into where opportunities can be found Stimulate a discussion 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 2
  3. 3. AGENDA Present possible Sources of opportunities -Mega trends, Trends in Norway Identify possible entrepreneurial opportunities -Present and discuss possible business opportunities - How to analyse, what to look for? -Your market, Segmentation Skills and jobs for the future 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 3
  4. 4. ABOUT ME Francis Stevens George -Author, Entrepreneur, Top/Senior Management, consultant (Big and small companies, public, private sector, cross industry experience- Norwegian International companies. E.g.. Yara, Moota Telecom, Fronter, Norad, IFC, Foundation for Business and Society -Part of one of the first incubators in Oslo (Efjord), 2012-13 Business development Manager at Grunderneshus (Oslo Int. Hub) -Instructor in Innovation Management, Leadership, E-business/commerce - Founder, Owner and editor of Innovationafrica.org -Author of several papers on Business models, Leadership,Innovation and Technology -Published- [China and Africa Love Affair, Feb 2014], The Diplomat (2015), The Plantman(2014), Black White and Coconut(2014), The Autobiography of Siaka Stevens –Parts I and II(2014) -Formal qualifications: London School of Economics-(BSc Econs), Norwegian School of Norwegian (MBA), (Masters in Innovation, E-enterprise and Leadership) 11/9/2015 WEDNESDAY 29 JULY 2015. OSLO. NORWAY
  5. 5. AGENDA Present possible Sources of opportunities -Mega trends, Trends in Norway Identify possible entrepreneurial opportunities -Present and discuss possible business opportunities - How to analyse, what to look for? -Your market, Segmentation Skills and jobs for the future 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 5
  6. 6. SOURCES 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 6
  7. 7. FOUR MAIN SOURCES Me (Internal) My experience, personal pain. I have a problem Out there (External) Trends, Mega trends, Market inefficiency,signals,failures) Your community Corporate/enterprise Research/Academic 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 7
  8. 8. SOURCES: MEGA TRENDS Demographic and social change Shift in economic power Urbanisation Climate change De-industrialisation The Third billion Technology- everything (almost) will become DIGITAL- (IoT) 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 8
  9. 9. SOURCES: TRENDS IN NORWAY Structural Urbanisation Demographic -People living longer -Increase immigrant pop Shift in spending power -Elder generation Technological -Everything digital -Connectivity -Convergence -Mobility -m-health -Innovating to Zero -Disruption  2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 9
  10. 10. TRENDS: THE BIG PICTURE 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 10 Norwegian Global The Smart Money
  11. 11. STRUCTURAL CHANGES The petroleum industry is currently the most important export sector With falling oil prices Norway has currently no choice but to diversify her economy Increase focus on Entrepreneurship Oslo Cancer Cluster Increase focus on biotech Increase focus on knowledge and experiences to solve global challenges. 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 11 52 % 8 % 6 % 15 % 9 % 6 % 4 % 1980-2000 Exports Gas & Oil Fish Chemicals Machine Metals Pulp & Paper Other Manu
  12. 12. URBANISATION 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 12 960.000 pop in Oslo in 2040 0 200000 400000 600000 800000 1000000 1200000 Pop Oslo Pop Growth 2015 2040
  13. 13. DEMOGRAPHIC 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 13
  14. 14. IMMIGRATION 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 14
  15. 15. SUMMARY:FOUR MAIN SOURCES Me (Internal) My experience, personal pain. I have a problem Out there (External) Trends, Mega trends, Market inefficiency,signals,failures) Your community Corporate/enterprise Research/Academic 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 15
  16. 16. OPPORTUNITIES 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 16
  17. 17. LOOKING FOR OPPORTUNITIES "Start with your own experience,“-what bothers you? What “is” missing? How are problems solve? It could be business or other Look for a problem! DO NOT CREATE A PROBLEM! CREATE solutions: Why not think of solving problems that will exist, but don’t yet? Market failure Product in Norway, that is not available in your home market Every thing is Digital Everything is up for Disruption Grow your network Save people money; and of course TIME too Fulfil a need Appeal to base emotions Turn your passion, hobby into a business Steal someone else idea 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 17
  18. 18. ASK Why: is it so or is it like this? What: does that mean? How: can I(we) solve this? Where: where does it happen? When: does it happen? Peter Drucker: Entrepreneurs always search for changes, responds to it and exploits it. 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 18
  19. 19. TREND FACTOR & OPPORTUNITY 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 19 •Norway needs to look outside more than ever •Norway leverage its unique advantage to solve global challenges •Knowledge brokers •You as an Agent •Growing interest in encouraging small business growth as a source of employment for the future •Promoting entrepreneurship. Economic -Oil investment fall -Need to diversify -Shift in economic power • Products and services for the old • Products and services for caregivers • Senior Care-old people of immigrant background • Immigrant market • Technology-smart cities Demographic/Urbanisation/Social -More old people(living longer) -Increase immigrant pop -Shift in spending power • Disruption • Internet of Things Technological -Connectivity -Convergence -Mobility
  20. 20. OBSERVING TRENDS • -Oil investment fall • -Need to diversify • -Shift in economic power Economic/Structural • -More old people(living longer) • -Increase immigrant pop • -Shift in spending power Urbanisation/Social • Connectivity • Convergence • Mobility • Innovation Technological Business, product, service. Opportunity Gap: (Difference between what is available and what is possible. This is what Peter Drucker calls The incongruity– between reality as it actually is and reality as it is assumed to be or as it “ought to be New Business 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 20
  21. 21. DEMOGRAPHIC/SOCIAL OPPORTUNITY: IMMIGRANT MARKET 0 100000 200000 300000 400000 500000 600000 700000 800000 900000 Immigrants The EU28/EEA, USA, Canada, Australia and New Zealand Asia, Africa, Latin America, Oceania Africa Asia-incl Turkey Immigrants and Norwegian-born to immigrant parents, by country background. 1 January 2015 Immigrants and Norwegian-born to immigrant parents, total Immigrants NBTIMP 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 21
  22. 22. DEMOGRAPHIC/SOCIAL OPPORTUNITY: THE IMMIGRANT MARKET Segmentation-What is your segmentation based on? Actionable and Meaningful segments Segmentation even more important and complex today The immigrant market? Is this your target market? Who is your target? Do you know the «natives» well?? Do you know your own group well? What are their needs? Look at the United States...some of the most successfull immigrant entrepreneurs solve problems within their community The Lebara boys 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 22
  23. 23. TECHNOLOGY OPPORTUNITY: INTERNET OF THINGS The Internet of Things refers to the networking of physical objects through the use of embedded sensors, actuators, and other devices that can collect or transmit information about the objects. According to Gartner, Inc. (a technology research and advisory corporation), there will be nearly 26 billion devices on the Internet of Things by 2020 What is the opportunity? The data amassed from these devices can then be analyzed to optimize products, services, and operations. The interconnection of these embedded devices (including smart objects), is expected to usher in automation in nearly all fields, while also enabling advanced applications like a Smart Grid, and expanding to the areas such as smart cities. 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 23
  24. 24. TECHNOLOGY OPPORTUNITY: IOT-SIX TYPES OF APPLICATIONS Tracking Behaviour Enhance Situation Analysis Sensor-Driven Analysis Process Optimisation Optimized resource consumption Complex automation system Monitor the behaviour of people and things through space and time. Eg;-presence based advertising Achieve real time awareness of physical environment Assist human decision making through deep data analysis and data visualization Automated control of closed system Control of consumption to optimise use across a network. Eg..smart meters Automated control in open environment with great uncertainty. Eg..collision avoidance systems Information & Analysis Automation & Control 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 24
  25. 25. MARKET FAILURE OPPORTUNITIES 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 25 Customer has unique charcateristics/patterns/behaviour that provides for a service Time-inconsistent preferences Will you have 500 today or 505 tomorrow? Information Asymmetry A situation where there is imperfect knoweldge. In particular it occurs where one party has different information to another. Imperfect Markets e.g: The Poles and Latvians in the building trade
  26. 26. JOBS OF THE FUTUREFUTURIST THOMAS FREY Personal Rapid Transit Systems (PRTs): -Station Designers & Architects, -Demand optimizers Atmospheric Water Harvesters: -System Architects, -Purification experts, -Water Supply Transitionists The Sharing Economy : -Sharability Auditors – People who analyze homes and businesses for sharable assets - Opportunity Spotters - Involvement Specialists The Quantified Self- The “quantified self” is all about building a measurable information sphere around each of us. We will become far more aware of our deficiencies and the pieces needed to shore up our shortfalls. - Data Contexualists - Deficiency Analyzers -Skill Quantifiers - Bio-Waste Optimizers Micro-Colleges Micro Grid Conversion - Micro Grid Strategists - Mass Energy Storage Developers Bio-Factories 3D Printing - Automation Auditors – Assessing what parts, processes, and systems can be automated - 3Dimensionalists – Those with an innate ability to think three dimensionally - 3D Printer “Ink” Developers - 3D Food Printer Chef - 3D Printed Clothing Fashion Designers, Material Specialists, and Stylists - Organ Agents – 3D printed organs are now being created and are in hot demand - Manufacturing Process Consultants Internet of Things-. IBM even created a starter kit to help people get started. - Locationists – People who specialize in adding the relevance of “place” to our global online communities. - Augmented Reality Architects – Much like the paint we put on houses and the flavorings we add to food, the future will seem boring if our reality hasn’t been augmented in some way. - Ownership Network Setup Specialists – Everything people own over a certain value can be tagged, tracked, and monitored. Big Data- Social media, blogs, web browsing, and company’s security systems are all generating enormous quantities of data, and it all needs to be stored, managed, analyzed, and protected - Smart Contact App Developers - Waste Data Managers - Opportunity Spotters 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 26
  27. 27. HOT NEW SKILLS 1-7 Futurist Thomas Frey 1. Transitionists – Those who can help make a transition. 2. Expansionists – A talent for adapting along with a growing environment. 3. Maximizers – An ability to maximize processes, situations, and opportunities. 4. Optimizers – The skill and persistence to tweak variables until it produces better results. 5. Inflectionists – Finding critical inflection points in a system will become a much- prized skill. 6. Dismantlers – Every industry will eventually end, and this requires talented people who know how to scale things back in an orderly fashion. 7. Feedback Loopers – Those who can devise the best possible feedback loops. 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 27
  28. 28. HOT NEW SKILLS 8-14 8. Backlashers - Ever- new technology will have its detractors, and each backlash will require a response. 9. Last Milers – Technologies commonly reach a point of diminishing returns as they attempt to extend their full capacity to the end user. People with the ability to mastermind these solutions will be in hot demand. 10. Contexualists – In between the application and the big picture lays the operational context for every new technology. 11. Ethicists – There will be an ever-growing demand for people who can ask the tough question and standards to apply moral decency to some increasingly complex situations. 12. Philosophers – With companies in a constant battle over “my-brain-is-bigger-that- your-brain,” it becomes the overarching philosophy that wins the day. 13. Theorists – Every new product, service, and industry begins with a theory. 14. Legacists – Those who are passionate and skilled with leaving a legacy. 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 28
  29. 29. TAKE AWAY Competition has made customers more demanding You are in an opportunity filled space Disruption is the name of the game. Disruption equals opportunity Everything is Service Explore and experiment in different areas Build your network. Explore and be open to the idea of serendipitous connections Look for new uses for old inventions. Build on platforms that have come before Entrepreneurial life is not for everyone 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 29
  30. 30. QUOTES Good ideas are common – what’s uncommon are people who’ll work hard enough to bring them about. Ashleigh Brilliant A failure is not always a mistake, it may simply be the best one can do under the circumstances. The real mistake is to stop trying. B.F. Skinner 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 30
  31. 31. THANK YOU AND GOOD LUCK 2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 31

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