Identifying entrepreneurial opportunities in Norway

1. IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITIES IN NORWAY
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 1

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. 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. 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. 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. SOURCES
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 6

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. 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. 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. TRENDS: THE BIG PICTURE
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 10
Norwegian Global
The Smart Money

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. 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. DEMOGRAPHIC
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 13

14. IMMIGRATION
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 14

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. OPPORTUNITIES
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 16

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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. THANK YOU AND GOOD
LUCK
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 31