What technical advancements are emerging?

Objectives Examine technical advancements in the context of macroeconomic change Explore the impact of technical advancements on your success as an entrepreneur

Macroeconomic Change Demographic Psychographic Technical Societal Political Regulatory Entrepreneurial Motivation Entrepreneurial Behavior Industry Condition Industry Status Opportunity Identification Value Curve Competition The Opportunity Analysis Canvas TM Entrepreneurial Mindset

Defining technical advancements “improvements in technical processes, methods, or knowledge” Technical change is one of the most important triggers of change New technology allows for the expansion of new innovations

Larger the technical changes = greater opportunities for entrepreneurs Magnitude of technical change is important –Significant change can create entirely new markets Larger magnitude changes affect more uses for technology –Allows the use of new technology in more things Technical change alters industry dynamics and opens new markets for new ventures

The original “smart watch”

“The display appears to be made up of a series of flexible segments which would be flat when the watch is placed on a desk but which curve as much as needed to fit the wrist when the watch is worn.”

Think ahead to future technological advancements vs. those existing Read blogs and websites that focus on industry news –For mobile electronics, see Engadget.com, Gizmodo.com, and Mashable.com Seek sources of emerging trends and predicted changes within industries of interest

Summary Understanding technical advancements provides insights into the: –evolution of existing products and markets; and –emergence of new opportunities for entrepreneurs Anticipating technical advancements allow entrepreneurs to participate in the emergence and growth of new industries –Rather than chasing existing markets that may be dominated by incumbents