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Market Opportunity Navigator, Lesson 2: Market Opportunity Set

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Market Opportunity Navigator, Lesson 2: Market Opportunity Set

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

Discover how to identify new market opportunities for your business based on your core abilities and resources.

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

++++

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

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

Discover how to identify new market opportunities for your business based on your core abilities and resources.

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

++++

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

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Market Opportunity Navigator, Lesson 2: Market Opportunity Set

  1. 1. www.wheretoplay.co The Market Opportunity Navigator Lecture 2- Market Opportunity Set 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. 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
  5. 5. Why? 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. Market Opportunity Set Options are a real asset for your firm!
  6. 6. Example: Space Shuttle Heat Shield Tiles
  7. 7. - catalytic converters - fridges - chimneys - and more... And even Dilbert found an application Source: Adams, D. “The Dilbert Principle” Additional market opportunities
  8. 8. Step 1 Describe your unique abilities or core technological elements – independent of their application in a specific product. List what these elements can accomplish (their functions) and their main properties. Generating Market Opportunities Step 2 Search for different possible applications that these unique abilities can establish, and who may need these different applications. Use Worksheet 1 to identify potential market opportunities, and place them in the set
  9. 9. Think about the main building blocks of your competences, such as:  Core technological elements  Important know-how about a specific process  A rare resource that you own  A special capability etc Step 1: Unique Abilities and Core Technologies This exercise is important for developing your cognitive flexibility Describe their main properties as well as the functions they can perform
  10. 10. We are bringing Predictive Maintenance to new markets. By “listening” to a machine we can tell if it is working properly, has a malfunction and even predict future failures. Example: Augury https://www.youtube.com/watch?v=WvIHGM2auHM
  11. 11. Listening Hardware Records vibrations and ultrasonic Small Portable High sampling rate Algorithm Detects changes Real time analysis Designed for big data Based on machine learning Builds malfunction ‘dictionary’ User Interface Easy and intuitive Suits iPhone and Android platforms Generates tailored reports & statistics Online management platform Augury
  12. 12.  An application means a specific usage or function, which you can create with your core abilities.  It can be based on a subgroup of your core abilities, or on all of them- alone or in combination with others.  As you uncover potential applications, you should also think who may have the need for them. These will create your possible sets of customers. Step 2: Applications and Customers Be open, think unconstrained, search broadly, generate variety
  13. 13. Listening Hardware Records vibrations and ultrasonic Small Portable High sampling rate Algorithm Detects changes Real time analysis Designed for big data Based on machine learning Builds malfunction ‘dictionary’ User Interface Easy and intuitive Suits iPhone and Android platforms Generates tailored reports & statistics Online management platform Augury Predictive maintenance for commercial machines Predictive maintenance for medical purposes Predictive maintenance for consumer appliances Commercial Buildings Factories HVAC Elevators Manufacturing machines Infrastructure equipment Refrigerated trucks Freight firms Cooling containers Vehicle manufacturers Cars motorcycles Household tools Heating & cooling White appliances Artery diagnostics Lung diagnostics
  14. 14. Initial Screening of your Options Decide which opportunities you would like to further investigate. Key questions to ask yourself:  Does the customer need exist?  Can we really satisfy the customer need, and better than existing solutions?  Are there severe restrictions that would hinder us from executing on this market opportunity?  Will this opportunity be in conflict with any of our core values? Etc.
  15. 15. Listening Hardware Records vibrations and ultrasonic Small Portable High sampling rate Algorithm Detects changes Real time analysis Designed for big data Based on machine learning Builds malfunction ‘dictionary’ User Interface Easy and intuitive Suits iPhone and Android platforms Generates tailored reports & statistics Online management platform Augury Predictive maintenance for commercial machines Predictive maintenance for medical purposes Predictive maintenance for consumer appliances Commercial Buildings Factories HVAC Elevators Manufacturing machines Infrastructure equipment Refrigerated trucks Freight firms Cooling containers Vehicle manufacturers Cars motorcycles Household tools Heating & cooling White appliances Artery diagnostics Lung diagnostics
  16. 16. Augury
  17. 17. Main Takeaways From this Step Enhance your cognitive flexibility, to become more alert to other promising opportunities  Have options at hand, as it gives you the power of choosing, and the power of staying agile  Leave some long-held assumptions behind (like “this is already the perfect market for me”) Explore what else may be in store for you

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