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Market Opportunity Navigator, Lesson 1: Overview

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Learn how to identify your best market opportunities with the framework 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

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Market Opportunity Navigator, Lesson 1: Overview

  1. 1. www.wheretoplay.co The Market Opportunity Navigator Lecture 1- In a nutshell This work is licensed under Creative Commons Attribution- NonCommercial- ShareAlike 4.0 International license
  2. 2. As entrepreneur and innovator you 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 A market opportunity is a specific application of your firm’s abilities for a specific set of customers
  4. 4. A simple and solid framework 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
  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 guides you through the process
  6. 6. WHY? Your core abilities or technologies can create different offerings for different types of customers. Uncovering your landscape of opportunities is challenging but crucial! 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 plan-B, if required, and for un-locking new growth opportunities over time. HOW ? Worksheet 1 will help you to:  Understand the generic functionalities of your core abilities  Discover new applications and customer segments  Get a wide-lens perspective beyond your industry boundaries Step 1: Market Opportunity Set
  7. 7. WHY? Market opportunities can vastly differ in their attractiveness. Yet evaluating and comparing options is often an overwhelming task, with the need to generate one clear pattern from endless bits of information. A systematic evaluation process makes sure that you haven’t forgotten any key consideration, and allows you to visually map your options and compare them. It provides the basis for team discussions so that you are less susceptible to biases and intuitions. HOW? Worksheet 2 will help you to:  Assess the value creation potential of each market opportunity  Estimate the overall challenge in capturing this value  Map out your opportunities to better grasp their upsides and downsides Step 2: Attractiveness Map
  8. 8. WHY? Market choice requires commitment which may lock you in. Yet playing in an uncertain world demands flexibility to make sure you can pivot and adapt over time. Balancing this delicate tension between focus and flexibility is challenging, especially for resource- scarce ventures. By consciously keeping related options open, you can mitigate your risk and avoid a potentially fatal lock-in. This Agile Focus Strategy helps you to bake agility into the DNA of your venture. HOW? Worksheet 3 will help you to:  Clearly define the primary market opportunity that you will focus on  Design a smart portfolio of backup and growth options to keep open  Say 'no' to all other options Step 3: Agile Focus Dartboard
  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 the way 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
  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…
  11. 11. A key addition to the Lean toolset Source: Stop playing target market roulette/ Steve Blank The front-end of Customer Development: find out ‘where to play’ before zooming in on ‘how to play’
  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
  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 over a decade of experience in marketing, as she served as a marketing manager for firms in several industries, as well as 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
  14. 14. Look for our supporting materials The book: ‘Where to Play’ (by Pearson Financial Times) Free on-line course on edX: Find the right markets for your innovation Contact authors for other means of support: iesharon@technion.ac.il; marc.gruber@epfl.ch; Download worksheets/ Join our mailing list for updates: www.wheretoplay.co

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