theideator - opportunityanalysis

THEIDEATORA MONASH GENERATOR EVENT

MONASH.EDU/ENTREPRENEURSHIP

Opportunity Analysis

Make sure you put your stake in the ground in the right place

ThoughtLeadersQuality

InfluencesTargetCustomer(RefineSolution)

TargetedResearch(noproductdisclosure)

BaseMarketResearch(secondary– deskresearch)

3 Questions to focus your opportunity analysis

1 How are people meeting this need today?

2 Is someone else already filling this need?

3 Is the opportunity financially viable?

And a LOT more questions to be thinking about…o How large is the current or potential market (addressable

market size)o How fast is the market growing/declining? Is it emerging

or mature? o Who are your competitors and what are their offerings? o Why is now the right time for you to enter this market?

Formulasto structure opportunity analysis

1. CustomerFiltero ClearlyidentifiablecustomeroMeaningfulproblemtosolveo Segmentable marketo Customeraccessibilityo Customeralignment

POEMKicking your idea’s tyres – all 25 of them

2.ProductFiltero Tightnichefocuso Nonetworkeffecto Leanmethodviableo Team-to-marketfito Inherentstory

3.EconomicFiltero Healthymarginso Demandconstraintso Supplyconstraintso Sunkcostso Cashflowrequirements

4.Timingo Seculartrendalignmento RecentinnovationenableroMarketinefficiencyo Recentcompetitionsurge

5.Competitiono Limitedcompetitiono Competitorfitnesso Teamfitnesso Defensiblepositiono Barrierstoentry

Product Idea Generation

Technology DescriptionWorksheet

TPMWorksheet

ProductAttributeWorksheet

Further Technical

Development

TEC AlgorithmProduct

Description Refinement

Idea Prioritisation &

Summary

Product Definition & Market

Description

Decision

Technology, Legal,Marketing, Financial,Organisation,Manufacturing

Identify manyopportunitieswithinthetechnicalcapabilityoftheteamtoanalyse

Prioritise performance-to-costadvantageovercompetitiveproducts,marketsizeorgrowthpotential,technicalrisks,profitpotential,etc.

TEC - Ideation

Screen toidentifythemostpromisingwhileexpendingtheminimumtimeandresources

Assess Usestandardtoolstoassess(industrymapping,SWOTanalysis,utilityanalysis,FiveForces,ValueChainanalysis,etc.Searchfor“fatalflaws”–factorsthatmaketheproductlessdesirablenthecontextoftheteamobjectives

TEC - Validation

Havewecapturedthebestproductconcept?

Moreideasbasedonnewinfo,thenfocus

TEC – Am I Done Yet?

•Brainstorm•Determinewhetherthisproductfulfills amarketneed• Identifysimilarproducts/technologies/innovations• Searchforarticles,patents,etc.• Identifymarketbarriers• Industryforecasts

QuickLookStep 1 – Identify Potential Markets

• Searchforassociations,societies,organisationsinthefield• Searchdatabasesforindustry&companyinformation• Findoutwhomanufacturessimilarproducts• Findoutwhopurchasestheproductsthattheysell(primaryand/orsecondary).

Step 2 – Identify End Users & Potential Licensees

Also Steps 3 & 4 further

•Canvas•Industrymapping•SWOTanalysis

•Utilityanalysis•FiveForces•ValueChainanalysis

Lots of Opportunity Analysis Tools

Business Model Canvas

Building this out will help you better simplify your business concept into something you can explain

easily and clearly.

There are THOUSANDS of tutorials to walk you through how to build this out. Google

“business model canvas tutorial”“how to complete business model canvas”

“example completed business model canvas”Etc.

Industry Mapping TKA’sEnhancedIndustryMapping

SWOT TemplateHelpful Harmful

Inte

rnal

Exte

rnal

Strengths•••

Weaknesses•••

Opportunities•••

Threats•••

• Demographics• Dividelargermarketintogroupsbasedonseveraldefinedtraits(e.g.age,race,gender,maritalstatus,occupation,education,income)

• Geographic• Specifictoacertaincommunity,state,region,countryorgroupofcountries

• Psychographics(Lifestyle)• Identifyconsumersbasedoninterestsandactivities

• Behavioural• Basedonuserbehaviours,includingpatternsofuse,pricesensitivity,brandloyaltyandbenefitssought

• BusinessSegmentation

Market Segmentation

Technology Readiness LevelPhase TRL Maturity Level

Commercial Development 9 Large-scale commercial operations8 Semi-works-scale technology demonstration

Commercial Transition 7 Detailed engineering designViability Demonstration 6 Scale-up & pilot-scale validation

Technology robustness validationTechnology Development 5 Performance enhancement/techno-

economic model4 Lab-scale development & integration

Feasibility Demonstration 3 Lab-scale experimental proof of concept2 Technology application formulated

Basic Research 1 Promising research findingIdea 0 Idea-stage concept

THEIDEATORJust keep hacking…