Opportunity identification

Question 1

Explain “opportunity identification”

Answer 1

The very front end of product development - finding a promising product idea

Question 2

Explain the process of opportunity identification

Answer 2

Establishing a charter
Generate and sense many opportunities
Screen opportunities
Develop exceptional opportunities
Select exceptional opportunities
Reflect on the results and the process

Question 3

Explain innovation charter

Answer 3

Articulate the goal and the boundary conditions for an innovation effort
A broad statement is preferable to encourage the team to consider opportunities beyond the traditional assumptions of the firm

Question 4

What are some techniques for opportunity identification?

Answer 4

Follow your passion..
Compile bug list (what frustrates you?)
Pull opportunities from capabilities
Study customers

• Consider implications of trends
• Imitate but better
• Mine your sources

Question 5

What is VRIN in Opportunity identification?

Answer 5

When screening opportunities we want to find opp. that are

Valuable
Rare
Inimitable
Non-Substitutable

Question 6

When selecting excellent opportunities, what is “Real-win-worth”?

Answer 6

When proposed ideas are evaluated with respect to three basic questions

Is there a real market and a real product?
Can we win? Can our product or service be competitive? Can we succeed as a company?
Is it worth doing? Is the return and the risk acceptable?

Question 7

Explain “best practice scoring models”

Answer 7

Idea evaluation using criterias

Financial reward vs risk
Strategic alignment & importance
Product & competitive advantage
Leverages core competence
Market attractiveness
Technical feasibility