1. WEEK 3 Recognising and screening technology opportunity

2. Topics Opportunity recognition Source of technology opportunity
Screening technology opportunities
Opportunity resognition model

3. Innovation and commercialization process
Discovery
Opportunity recognition and evaluation
(idea customer need=business concept)
Protection intellectual property
(pattern, trademark, copyright, etc)
Product development
(PROTOTYPE)
Business development
Developing the business
Launching the business
Critical decision
Critical decision
Source: Allen (2003, p. 16)

4. Business Creation & Start-up Process Adapted from Deakins (2006)
Idea formulation
Opportunity Recognition
Pre-start Planning and Preparation
Entry and Launch
Post-entry Development

5. Ideas vs. Opportunities
Ideas Become Opportunities Only If They Have a Chance to Succeed

6. OPPORTUNITY RECOGNITION
The process of using creative skills to identify a new innovation --- (a product, service, process, or marketing method) ---
which is often based on something already existing in the marketplace.
Getty Images

7. What is opportunity discovery?
It consists of a structured process and the methods, tools and techniques that allow an organization to fully explore a new (or even existing) domain to find future potential.
Opportunity Discovery allows you to :
Search large new idea/domains
Build a portfolio of options
Create a continuous pipeline
Find all the best opportunities

8. The Opportunity recognition process
Preparation – bring prior knowledge and experience to the process
Incubation – contemplates the solution to the problem
Insight – sees the solution to the problem
Evaluation – defining technology concept and testing it in the marketplace to see if it is feasible
Elaboration – planning and creation of company to execute the project

9. Opportunity has Four -Essential Qualities -
Attractive
Durable
Timely
Anchored in product/service which adds value to buyer/end user
Barringer and Ireland, 2006

10. What to look for Limitations of what’s currently available
Trends and changes (beware fads)
Something new and different
Unfilled niche
Technological advances
Speed to market

11. Exploring New Ideas and Opportunities
Search for a product or service idea
Evaluate the possible alternatives
Determine your preferences
From your
previous
employment
From
hobbies
casual
observation
From a
deliberate
search
Magazines
and other
publications
Trade shows
and
conventions
Product
licensing
information
services
Government
agencies and
departments
Use
creative
thinking

12. HOW TO RECOGNIZE A OPPORTUNITY
List all the ideas in no particular order.
Eliminate those ideas that can’t generate a profit and don’t fit the business model very well.
Review the remaining ideas and choose the one that inspires the most passion and enthusiasm

13. Brainstorming
A process of detaching the analysis of ideas from the actual development of ideas
Usually done in a group
No criticism during idea generation
Don’t try to sell or explain an idea
Free-flowing, seeking a large quantity of ideas
“weird” and “silly” ideas are encouraged and may lead to new and better ideas
After a list has been generated, analysis of each idea can take place

14. Recognizing Trends
Anticipate needs and develop a clear vision of the future which may help you anticipate successful products, services or directions to take and get a jump on the competition

15. OPPORTUNITIES ANALYSIS MODELS
How to analyze them?
PESTEL ANALYSIS
SWOT ANALYSIS
"The Corporate Learning Factbook: Benchmarks and Analysis of U.S. Corporate Learning and Development."The value of the U.S. corporate training market is estimated  to be approximately $46.6B. Source: Bowker (book publishing research company)
Source International Coach Federation, the field's professional association membership has grown from 2,000 to 10,800 coaches with credentials working in 80 countries
National Association of Speakers Source: Nielsen NetRatings, November 2006
ASAE: American Society of Association Executives, 2004
On 21 March 2006 the Berin & Associates announced the
Source: 50 million online, MRI Spring 2006
Search Results for: business speakers
SOURCES:

16. PESTEL ANALYSIS
Is an analysis model examining the external environment and the global factors that may affect a business.
It can provide a quick understanding of the external pressures facing a business and their possible constraints on its strategy.
It is usually divided into six external influences on a business – political, economic, social, technological, environment and legal

18. BUSINESS OPPERTUNITIES ASSESSMENT PESTEL ANALYSIS
Political factors
Economic
factors
Socio-cultural
Technological factors
Legal
Environmental

19. Using PESTLE framework to identify growth opportunities
Ideas for business opportunities
Categories of Entrepreneurial Business Opportunity
Investment criteria
Strategic Forces (PESTLE framework)
Top 5 Opportunities P E S T L E
PESTLE Forces:
Political
Economic
Social
Technology
Legal
Environmental

20. PESTEL-analysis Political factors Global, regional,local and
national .
Political parties’ differing policies
Proximity of next election
Taxation
Integration with other jurisdictions
Globalisation
Moore – can also be “politics
with a small ‘p’”

21. PESTEL-analysis Economic factors Inflation rate Interest rates
Labour costs
Other business costs
Private consumption
and available income
Exchange rate
Public finances
consumer/business confidence
unemployment

22. PESTEL-analysis Socio-cultural factors Demographic factors population
Changes in values/
attitudes
Changes in lifestyle
Attitudes toward work/
spare time
Education levels
Work environment factors
Health concerns
Changes in income distribution
Fads and fancies.
Media pressure
Socio-cultural
factors

23. Identifying customer needs & wants
Products
Needs : something basic which people must have. Example: clothing, house, food, health, basic education, protection etcs.
Services
Something physical which can satisfied customer needs and wants.
Non-physical but able to fulfill customer needs and wants
Wants: desire to have more than basic needs. Wants will be fulfill after the basic needs were being fulfilled. Examples: cars, bigger house, traveling, golf club, latest fashions, jewelry etcs.
11/14/2018

24. PESTEL-analyses Technological factors Spreading of and breakthrough
in new technology
Research & Development (R&D)
New materials, products and processes
Information Communication
and Technology (ICT) changes.
Rates of obsolescence

25. PESTEL-analysis Environmental factors Global warming Pollution factors
Green energy
Energy conservation
Recycling
Natural resource depletion
Environmental factors

26. PESTEL-analyses Legal factors Competition laws Labour market
legislation
Standards
Information disclosure
Intellectual property laws
Laws can be an opportunity as
well as a problem.

28. Prioritising PESTEL factors
Categories according to predictability of implications and impact on your enterprise
Concentrate on those that have predictable implications and appear to have high impact on your enterprise

29. SWOT ANALYSES
SWOT analysis is an effective way of gathering and classifying information, illustrating particular matters, and generating strategic planning ideas for a business.
The result of the analysis may provide a basis on which a more detailed analysis can be conducted.
SWOT analysis is, therefore, often used as a method by which a business or its marketing department can plan its marketing strategy.

30. SWOT/OTSW Factors Internal to program Factors External to program
Strengths
Weakness
Opportunities
Threats
Determine strengths and weaknesses inside the institution while evaluating threats and opportunities outside the institution (SWOT or OTSW Analysis)
The S and the W are INTERNAL
The O and T are EXTERNAL.
Traditionally, facilitators begin with the organization’s Strengths and Weaknesses and then move out to the external Opportunities and Threats. Recent thinking prompts consideration first of the opportunities and threats existing in the “outside world” against which the institution can leverage its strengths and find conviction to correct its weaknesses. We like this reversal of the traditional order because it helps an organization place itself in context.
Factors External
to program

31. Major benefits of SWOT analyses
Simplicity
Flexibility
Integration and synthesis
Collaboration
Lower costs

32. SWOT (OTSW) MATRIX Opportunities-external 1. 2. 3. 4. 5.
Threats-external
Strengths-Internal
Weaknesses-Internal
What are the Threats and Opportunities present in the external environment that effect this program?
What are the Strengths and Weaknesses present inside the institution that effect this program?

33. SWOT: Internal Factors
Strengths
Positive tangible and intangible attributes, internal to an organization.
They are within the organization’s control.

34. Strengths What do you do particularly well?
What do you do that is unique in the “marketplace?”
What do your customers/clients/patrons ask for you to do over and over again?
What do you have the right tools/resources to accomplish? (1)

35. Weaknesses Weaknesses
Factors that are within an organization’s control that detract from its ability to attain the core goal.
Which areas might the organization improve?
What do you not feel as comfortable doing?
What is needed resources, staff, or skills do you lack? (1)

36. SWOT: External Factors
Opportunities
External attractive factors that represent the reason for an organization to exist and develop.
What opportunities exist in the environment, which will propel the organization?
Identify them by their “time frames” (1)

37. Opportunities
Are there new situations coming down the road that you can take advantage of (new programs being offered, new faculty joining the department, new tools available to you)?
Are there gaps in the “market” that you can fill?
Are there partnerships that might be fruitful? (1)

38. SWOT: External Factors
Threats
External factors, beyond an organization’s control, which could place the organization mission or operation at risk.
The organization may benefit by having contingency plans to address them if they should occur.
Classify them by their “seriousness” and “probability of occurrence”. (1)

39. Threats
Who is your competition and what do they offer that you can’t do as well or at all?
Are there “environmental” changes or situations that could cause problems for you and your programs?
What other roadblocks are being thrown in your path?

40. SWOT Analysis example Strengths Weaknesses Opportunities Threats
Leadership
Client Satisfaction
Staff Expertise/Commitment
Product and Service Mix
Weaknesses
Management Skills
Risk Management
Repeatable Processes & Methods
Access to Capital
Opportunities
Strategic Alliances
Client Annuity Marketing
Community Happenings
Product and Service Additions
New Initiatives
Threats
Competitors
Economic Conditions
Government Policies
Vendor Policies
Constraint
Leverage
Problems
Vulnerability

42. Example of analysing business opportunities with a PESTEL and SWOT Analysis

43. GROUP DISCUSSION
Assume that your group is researchers who were asked to invent or innovate a product or technology for the benefit of your company.
Based on PESTEL and SWOT analysis Model how would you justify to you CEO the technology that you plan to innovate.
Your group may create any product of technology