Defining the opportunity playground version
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Defining the opportunity playground version
- 1. Defining the Opportunity Innovation, Entrepreneurship & Design Toolbox © Imperial College Business School
- 2. an observed market opportunity new technology/capability ”demand-pull idea” VS ”knowledge-push idea” © Imperial College Business School A business idea: two sources
- 3. If demand-pull idea • A currently unsolved problem is spotted: It could be personal or friends’ experiences or observation in the news or in current trends ...Often referred to as ‘customer pain’ or an unmet demand Example: students suffer from crooked back © Imperial College Business School
- 4. • Study of reasons behind the problem: Carrying heavy books © Imperial College Business School 4
- 5. • Conceivement and development of a solution (product/service) • The solution might incorporate technology, but the technology solution is created and tailored specifically for the problem. © Imperial College Business School 5
- 6. If technology-push idea • A new discovery or a new technical capability with many possible applications is made/developed Also known as a ‘platform technology’ • A suitable commercial application is identified Find the most compelling industry/market likely to need or adopt the new technology at an early date – find a problem to solve! © Imperial College Business School
- 7. If technology-push idea • Development of the raw technology further to deliver the envisioned applications develop for “Market readiness” • Once the technology is sufficiently developed, the inventor/entrepreneur start-up can either: 1. Manufacture its own products using the technology, and sell them to customers 2. License the protected tech to other companies, which will develop and sell their own products using the technology 3. Sell the start-up company, with its Intellectual Property and its highly specialised managers and staff (‘human capital’), to another (usually larger) company © Imperial College Business School 7
- 8. Demand-pull ideas usually go into the market for products Make products/services and sell directly to customers Knowledge-push ideas may end up in either The market for products or the market for technology © Imperial College Business School
- 9. If you have a demand-pull idea Go to ‘Idea generation and evaluation’ exercise in the IE&D Toolbox • benchmark your idea against other solutions • Improve your idea If you have a knowledge-push idea Go to the ‘Technology/Application Matrix’ in the IE&D Toolbox • Compare and evaluate commercial applications Afterwards you can further reality-test your assumptions and conclusions using Entrepreneurial Market Research and Value Chain/Value Network analysis. © Imperial College Business School
- 10. Demand-pull case Knowledge push case Evaluate, improve Evaluate, choose Reconsider? Reconsider? © Imperial College Business School Two possible journeys... Your Idea/Project Did you start with a problem or a technology/capability? Idea Generation and evaluation Technology/Application matrix Entrepreneurial Market Research Value Chain/Network analysis Reality -test
- 11. Clarysse, B. and Kiefer, S., 2011. The Smart Entrepreneur. London: Elliot & Thompson, Ch. 1. © Imperial College Business School Further reading