Lecture

Market Opportunity Navigator: Evaluate Market Opportunities

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Description

This lecture introduces the Market Opportunity Navigator, a tool for innovators and entrepreneurs to evaluate and map market opportunities. It covers how to assess the attractiveness of different markets, place options on the Attractiveness Map, and make informed decisions on which markets to pursue. The lecture also discusses the evaluation criteria for market opportunities, such as potential, challenge, and overall attractiveness, using practical examples and worksheets.

In MOOC

Find the right markets for your innovation - A tool for entrepreneurs and innovators for choosing which markets to play in.

As entrepreneur or innovator you are trained to run fast, but…Are you running in the right direction? Choosing the right market for your innovation is the biggest, and trickiest, question for innovators. Research has shown that all too often entrepreneurs don’t spend enough time identifying and researching their market opportunities – instead they jump at the first opportunity that looks good, and fail to properly evaluate and leverage other opportunities. This common mistake often leads them to choose the

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Related concepts (16)

Innovation

Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed entity realizing or redistributing value". Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies.

Entrepreneurship

Entrepreneurship is the creation or extraction of economic value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values than simply economic ones. An entrepreneur is an individual who creates and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as "entrepreneurship".

Map

A map is a symbolic depiction emphasizing relationships between elements of some space, such as objects, regions, or themes. Many maps are static, fixed to paper or some other durable medium, while others are dynamic or interactive. Although most commonly used to depict geography, maps may represent any space, real or fictional, without regard to context or scale, such as in brain mapping, DNA mapping, or computer network topology mapping.

Cartographic design

Cartographic design or map design is the process of crafting the appearance of a map, applying the principles of design and knowledge of how maps are used to create a map that has both aesthetic appeal and practical function. It shares this dual goal with almost all forms of design; it also shares with other design, especially graphic design, the three skill sets of artistic talent, scientific reasoning, and technology. As a discipline, it integrates design, geography, and geographic information science.

Market (economics)

In economics, a market is a composition of systems, institutions, procedures, social relations or infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labour power) to buyers in exchange for money. It can be said that a market is the process by which the prices of goods and services are established. Markets facilitate trade and enable the distribution and allocation of resources in a society.

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