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.
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Market Opportunity Navigator, Lesson 1: Overview
1. www.wheretoplay.co
The Market Opportunity Navigator
Lecture 1- In a nutshell
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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. 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. 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.
6. 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
7. 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
8.
9.
10. 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
11.
12.
13. 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
14.
15.
16. 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
17. 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…
18. 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’
19. 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
20. 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
21. 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