Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Market Opportunity Navigator for Entrepreneurs and Startups - Lesson 1

533 views

Published on

Learn how to identify your best market opportunities with the method developed by Marc Gruber and Sharon Tal.

Discover what the method is all about in this swift introduction.

Learn more on our website:
https://wheretoplay.co/training/

++++

Visit our site:
https://wheretoplay.co

Stay in touch:
https://www.facebook.com/wheretoplay.co/
https://twitter.com/WhereToPlayCo
https://www.linkedin.com/company/wheretoplay/

Published in: Business

Market Opportunity Navigator for Entrepreneurs and Startups - Lesson 1

  1. 1. www.wheretoplay.co Copyright 2017 by Sharon Tal and Marc Gruber. All rights reserved. This material may not be reproduced The Market Opportunity Navigator Lecture 1- In a nutshell
  2. 2. Copyright 2017 by Sharon Tal and Marc Gruber. All rights reserved. This material may not be reproduced As entrepreneur and innovatoryou are trained to run fast. But… Are you running in the right direction? The Market Opportunity Navigator 3 steps for discovering your most valuable market opportunities
  3. 3. Which market opportunities exist for us? What are the most attractive market opportunities for us? What market opportunities should we focus on? Are you Running in the Right Direction? Setting your market opportunity strategy -at any given point-requires your deep understanding of three questions: I II III Copyright 2017 by Sharon Tal and Marc Gruber. All rights reserved. This material may not be reproduced A market opportunity is a specific application of your firm’s abilities for a specific set of customers
  4. 4. An easy-to-apply business tool with 3 steps to address these 3 questions: Market Opportunity Set Assessing the venture’s unique abilities and identifying valuable market opportunities stemming from these abilities Attractiveness Map Evaluating possible market opportunities in a comprehensive manner, to reveal the most attractive options Agile Focus Strategy Building a smart portfolio of backup and growth options around the chosen market opportunity, to consciously avoid lock-in and remain agile The Market Opportunity Navigator Copyright 2017 by Sharon Tal and Marc Gruber. All rights reserved. This material may not be reproduced
  5. 5. Working with the Market Opportunity Navigator Copyright 2016 by Sharon Tal and Marc Gruber. All rights reserved. This material may not be reproduced Three dedicated worksheets that lead to the three important outcomes: Copyright 2017 by Sharon Tal and Marc Gruber. All rights reserved. This material may not be reproduced
  6. 6. WHAT IS IT? The set of potential market opportunities that you can address with your core resources and capabilities. These can be varied options, related to different types of applications for different types of customers. WHY IS IT IMPORTANT? Market opportunities can vastly differ in their attractiveness. A varied set of market opportunities is an asset in and of itself, as it increases your chances of focusing on the most promising option. It also provides the basis for a Plan B, if required, and for un-locking new growth opportunities over time. ‘Look before you leap’ is therefore the first step for making a smart market choice. HOW IS IT DONE? To uncover valuable market opportunities, start with assessing the generic functionalities of your core technology, to understand what other applications you can do with them for different types of customers. Use Worksheet 1 to identify potential market opportunities, and place them in the set Market Opportunity Set Copyright 2017 by Sharon Tal and Marc Gruber. All rights reserved. This material may not be reproduced
  7. 7. Use Worksheet 2 to evaluate each market opportunity, and locate them on the map WHAT IS IT? Because market opportunities can vastly differ in their attractiveness, you need to understand their characteristics. The Attractiveness Map allows you to visually depict the evaluation of your market opportunities, so you can better grasp their upsides and downsides, and compare them with each other. WHY IS IT IMPORTANT? This visualization helps you in determining your most attractive options, at a given point in time, so that you can make an informed decision about your primary market opportunity– one that relies less on intuition or suffers from the biases that we all have. HOW IS IT DONE? The attractiveness of each market opportunity is based on the potential it bears and on the challenge in pursuing it. The rating of each option on both dimensions results in its location on the map. Attractiveness Map Copyright 2017 by Sharon Tal and Marc Gruber. All rights reserved. This material may not be reproduced
  8. 8. Use Worksheet 3 to design your Agile Focus strategy, and mark it on the dartboard WHAT IS IT? A strategy that balances the tension between focus and flexibility, by consciously keeping open other market options: those that will enable you to mitigate risk and to increase value with minimum effort. WHY IS IT IMPORTANT? Agile Focus Strategy enables you to both hedge your risk and to leverage your competences at the same time, thus allocating your resources more effectively and avoiding a potentially fatal lock-in. The Agile Focus Strategy has significant implications for how you build and design your venture. HOW IS IT DONE? After choosing your primary market opportunity, analyze which other options are suitable for backup or growth, based on their attractiveness and their relatedness to your primary market. This analysis can help you decide which options should be pursued in parallel, kept open for later stages, or put aside for now. Agile Focus Dartboard Copyright 2017 by Sharon Tal and Marc Gruber. All rights reserved. This material may not be reproduced
  9. 9. Manage your Venture in the Face of Uncertainty The Agile Focus Strategy allows you to manage your venture with foresight while remaining agile. It influences many aspects of your venture! So before you : § Develop your technology § File your patents § Recruit your employees § Choose your stakeholders § Build your company culture § Pick your brand name § Design your marketing materials …make sure to apply the Market Opportunity Navigator and design your Agile Focus strategy! Copyright 2017 by Sharon Tal and Marc Gruber. All rights reserved. This material may not be reproduced
  10. 10. Increase your Chances to Win SUPPORT YOUR DECISION-MAKING Make an informed decision for enhancing your value creation potential PROVIDE A SHARED LANGUAGE Communicate, share and debate with your team members and stakeholders OFFER GUIDANCE OVER TIME Trace back, track and update your decision over time The 3 steps of the Market Opportunity Navigator will successfully… Copyright 2017 by Sharon Tal and Marc Gruber. All rights reserved. This material may not be reproduced
  11. 11. Complement other well known business tools The Market Opportunity Navigator works seamlessly with the Business Model & Value Proposition Canvases (Osterwalder & Pigneur), and with the Lean Startup Methodology (Reis & Blank). Together, they all form a powerful suite of tools that clearly lays out the planning and the validation processes, for setting a winning strategy. Copyright 2017 by Sharon Tal and Marc Gruber. All rights reserved. This material may not be reproduced
  12. 12. Start-ups seeking for the most promising market opportunities Established firms looking for new growth options Technology Transfer Offices in universities Educators in entrepreneurship, technology commercialization and innovation courses Investors seeking for an effective screening tool Who can benefit from the Market Opportunity Navigator Copyright 2017 by Sharon Tal and Marc Gruber. All rights reserved. This material may not be reproduced
  13. 13. Prof. Marc Gruber A world-leading researcher in the domain of innovation, entrepreneurship and technology commercialization. He is Vice President for Innovation at the Swiss Federal Institute of Technology (EPFL) in Lausanne, Switzerland, where he also heads the Chair of Entrepreneurship & Technology Commercialization. He works as the Deputy Editor for the #1 empirical research journal in management, the Academy of Management Journal. He received multiple “Thought Leader” awards for his breakthrough research. Marc is actively engaged in teaching, consulting, and executive training programs in Europe, the US and Asia, and regularly acts as a jury member in start-up and corporate entrepreneurship competitions across Europe. marc.gruber@epfl.ch Dr. Sharon Tal Sharon is a co- founder and former executive director of the Entrepreneurship Center at the Technion, Israel Institute of Technology, and a well-recognized lecturer on marketing for high-tech startups. She gives lectures and workshops on a regular basis to students and start-ups, and serves a mentor in many organizations that aim to help budding entrepreneurs. Sharon has vast experience in marketing, as she served as a marketing manager for firms in several industries, as well as extensive experience in strategic consulting. Her PhD research looked at market entry decisions of hundreds of startups and its consequences on firm performance and flexibility. iesharon@technion.ac.il The people behind the Navigator Copyright 2017 by Sharon Tal and Marc Gruber. All rights reserved. This material may not be reproduced
  14. 14. Look for our supporting materials The book: ‘Where to Play’ (by Pearson Financial Times) Free on-line course on edX: Which markets to play in: A tool for entrepreneurs and innovators Copyright 2017 by Sharon Tal and Marc Gruber. All rights reserved. This material may not be reproduced Contact authors for other means of support: iesharon@technion.ac.il; marc.gruber@epfl.ch; Join our mailing list for updates: www.wheretoplay.co

×