Learn how to apply the Market Opportunity Navigator - a three-step tool for identifying, evaluating and strategizing market opportunities - to get the most value for your innovation. As entrepreneur or innovator you are trained to run fast, but… are you running in the right direction?
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Choosing the right market for your innovation is the biggest, and trickiest, question for innovators. Research has shown that all too often entrepreneurs don’t spend enough time identifying and researching their market opportunities – instead they jump at the first opportunity that looks good, and fail to properly evaluate and leverage other opportunities. This common mistake often leads them to choose the wrong market or lock themselves into one specific direction.
In this course, you will learn how to set a promising strategy, by using a business tool called the Market Opportunity Navigator.
This tool offers an easy to apply framework to better identify, evaluate and focus on the right market opportunities.
It encompasses three simple steps, with dedicated worksheets to guide you through the process:
- Search broadly- to generate your set of market opportunities
- Assess deeply- to evaluate your options and compare their attractiveness
- Strategize smartly- to focus on the most attractive opportunity while remaining agile
This structured tool works for entrepreneurs and managers in established companies, when-ever they need to plan or rethink their strategy.
What you'll learn
- How to generate a set of market opportunities stemming from your core strengths
- Methods for evaluating the attractiveness of market opportunities in a comprehensive manner
- How to make an informed strategic choice, that will increase your chances of focusing on a promising market
- Ways to balance focus and flexibility- two critical aspects for gaining success
- How to develop a mindset that nourishes open mindedness and receptiveness to adaptation
- How to apply a structured decision making process that facilitates team discussions and debates
Syllabus
Week 1- Introduction
Presenting the challenges of choosing which markets to play in, and the basic logic behind the Market Opportunity Navigator.
Week 2- How to generate your Market Opportunity Set
Presenting the first step of the Market Opportunity Navigator: how to apply Worksheet 1 to decouple your core abilities and to identify different applications for different sets of customers. The output is your Market Opportunity Set.
Week 3- How to evaluate your market opportunities
Presenting the second step of the Market Opportunity Navigator: how to apply Worksheet 2 to evaluate the Potential of a market opportunity and the Challenge associated with capturing its value. The output is your Attractiveness Map.
Week 4- How to design your Agile Focus Strategy
Presenting the third step of the Market Opportunity Navigator: how to apply Worksheet 3 to design a smart portfolio of Backup and Growth Options around your Primary Market Opportunity. The output is your Agile Focus Strategy.
Week 5- Implications and benefits
Presenting the implications of the Agile Focus Strategy, and the benefits of applying the Market Opportunity Navigator over time, and in concert with other well known business tools.
