theideator - opportunityanalysis
TRANSCRIPT
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…