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Opportunity Recognition… Value, Trend Analysis, & Design Thinking

Opportunity Recognition… Value, Trend Analysis, & Design Thinking. Dr. Robert McNamee Academic Director, Innovation & Entrepreneurship Institute Assistant Professor, Strategic Management Department. If you enjoy these topics check out… SGM 0827. Creativity & Organizational Innovation

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Opportunity Recognition… Value, Trend Analysis, & Design Thinking

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  1. Opportunity Recognition… Value, Trend Analysis, & Design Thinking Dr. Robert McNamee Academic Director, Innovation & Entrepreneurship Institute Assistant Professor, Strategic Management Department If you enjoy these topics check out… SGM 0827. Creativity & Organizational Innovation SGM 3501. Entrepreneurial & Innovative Thinking

  2. What do you sell?? • Companies sell products / services • Companies [should] create / provide / sell value!! • Understanding how your company creates value, and looking for ways to add more value, are critical elements in developing a competitive strategy. • Michael Porter discussed this in his influential 1985 book "Competitive Advantage," in which he first introduced the concept of the value chain. • Focuses on systems and how inputs are changed into the outputs purchased by consumers

  3. What is Value? • Value (customer / consumer POV) • What does s/he do and need? • What problems does s/he need to solve? • What improvements does s/he look for? • What does s/he value? • Value is subjective… vs. vs.

  4. Discussion – Examples of Value • Automotive Industry – What value is provided by a car? • Get you from place A to place B… • “in style”… • reliably & safely… • maybe with a number of other people or lots of stuff… • Maybe while giving you an exciting “driving experience” or entertaining you on the way… • Creates a semi-private mobile space—a home away from home… • Telecommunication – What value is provided by a mobile phone? • Connects you to others across town / around the world • Clear signal / no dropped calls / rapid support • Offers entertainment options (“packages”) • Simple billing

  5. Value Chain Activities • A set of activities that an organization carries out to create value for its customers • Value Created – Cost to Create that Value = Margin / Profit Think about all the activities that are involved in turning an egg into a chicken sandwich Or cocoa beans into truffles & then into a $25k dessert… $2.36 / kg $2,600 / lb $25,000

  6. Recognizing Opportunities & Generating Ideas • Creative idea is a new connection between concepts, methods, outcomes, etc… that provides potential value • …for an existing problem/need in a new or improved way • …for a new problem/need/opportunity • Opportunity (Probortunity): • Needs, wants, problems, & challenges • Favorable set of circumstances that creates a demand for a new product, service, business, or other innovation • An idea-opportunity match offers promise if… • Attractive (your idea is better than other options) • Durable (the need will be around for a while) • Timely (you are in the ‘window of opportunity’) • Associated with creating value for consumer / customer (Someone will buy it / delivers substantially more value than corresponding costs)

  7. Opportunities vs. Ideas… • You can “kill” an idea but you can never kill an opportunity!!! • If you have identified a valid need (opportunity), this need still remains even if your idea turns out to impractical or unfeasible… • If you have identified an attractive opportunity spend the time to diverge (consider multiple ideas) and evaluate / evolve your ideas. • On the other hand an opportunity is not the same as an innovative idea – beware of flying cars & time machines! • We all know it would be great to have a flying car • Be realistic -- others have identified the opportunity before • We don’t have a cost-effective, technologically-feasible solution • Ask yourself – what makes this solvable now (and by me)? • If you are not sure an idea is technologically / cost feasible… • Either work hard to figure out if it is feasible / practical • Or move on to think about other opportunities

  8. It has been said that all new ideas come from outside of ourselves Opportunity Recognition

  9. Prior Knowledge & Social Networks (not Facebook) • Strong Ties • Those you know well / see frequently • Often similar to you • Triadic Closure • You get to know the people your close friends know well • Creates tight cliques w/ redundant knowledge • Weak Ties • People you don’t know well / don’t see often • Source of new perspectives, ideas, knowledge (& jobs) • Brokerage > Innovation Opportunity • When a person connect two disconnected networks

  10. Entrepreneurial Alertness • Opportunities • Unexpected Occurrences • Unexpected Successes as well as Failures • Incongruities • When things don’t match up (gaps) • Process Needs • When something just does not work • We will look at process innovation (but also products) • Changes in Perception • If you can see things from a different angle you may come up with some unique ideas Drucker: Discipline of Innovation http://mis.postech.ac.kr/class/MEIE780_AdvMIS/2012%20paper/Part1%20(Pack1-3)/01_intro/1-2)%20The%20Discipline%20of%20Innovation.pdf

  11. Entrepreneurial Alertness • Opportunities • Industry / Market Changes • Industries and Markets evolve • Demographic Changes • Millenials, Baby Boomers, etc… • New Knowledge / Technologies • Stand on the shoulders of giants (e.g., $9 bike, $50 tablet) • One IMPORTANT take away • Innovation can be systematic and requires hard work • “Know when to research and when to brainstorm” Obvious opportunities are frequently no longer opportunities Drucker: Discipline of Innovation http://mis.postech.ac.kr/class/MEIE780_AdvMIS/2012%20paper/Part1%20(Pack1-3)/01_intro/1-2)%20The%20Discipline%20of%20Innovation.pdf

  12. PEST, PESTLE, etc… • Political • Economic • Social • Technological • [Legal] • [Environmental] These are high level macro trends that affect all industries… http://www.youtube.com/watch?v=YFUMZ_o6l2s

  13. Active Problem Solving…Design Thinking • Tim Brown & IDEO… “…imbues the full spectrum of innovation activities with a human-centered design ethos…” “…powered by a thorough understanding, through direct observation, of what people need and want in their lives”

  14. How Design Thinking Happens… • “The myth of creative genius is resilient: We believe that great ideas pop fully formed out of brilliant minds, in feats of imagination well beyond the abilities of mere mortals…” • In reality innovation is “…the result of hard work augmented by a creative human-centered discovery process and followed by iterative cycles of prototyping, testing, and refinement. http://www.youtube.com/watch?v=JkHOxyafGpE

  15. Design Thinking Mindsets… http://dschool.stanford.edu/wp-content/uploads/2011/03/BootcampBootleg2010v2SLIM.pdf

  16. Ready, Fire, Aim

  17. Design Thinking Process

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