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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

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

what do you sell
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
what is value
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.

discussion examples of value
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
value chain activities
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

recognizing opportunities generating ideas
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)
opportunities vs ideas
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
prior knowledge social networks not facebook
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
entrepreneurial alertness
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

entrepreneurial alertness1
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

pest pestle etc
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

active problem solving design thinking
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”

how design thinking happens
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

design thinking mindsets
Design Thinking Mindsets…

http://dschool.stanford.edu/wp-content/uploads/2011/03/BootcampBootleg2010v2SLIM.pdf