Market Opportunity Navigator, Lesson 2: Market Opportunity Set

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The Market Opportunity Navigator
Lecture 2- Market Opportunity Set
This work is licensed under Creative Commons Attribution- NonCommercial- ShareAlike 4.0 International license

As entrepreneur and innovator you are trained to run fast. But…
Are you running in the right direction?
3 steps for discovering your most valuable
market opportunities

Which market opportunities exist for us?
What are the most attractive market
opportunities for us?
What market opportunities should we focus on?
Are you Running in the Right Direction?
Setting your market opportunity strategy - at any given point- requires your
deep understanding of three questions:
I
II
III
A market opportunity is a specific application of your firm’s abilities for a specific set of customers

An easy-to-apply business tool with 3 steps to address these 3 questions:
Market Opportunity Set
Assessing the venture’s unique abilities and identifying valuable market
opportunities stemming from these abilities
Attractiveness Map
Evaluating possible market opportunities in a comprehensive manner,
to reveal the most attractive options
Agile Focus Strategy
Building a smart portfolio of backup and growth options around the
chosen market opportunity, to consciously avoid lock-in and remain agile

Why?
Market opportunities can vastly differ in their attractiveness. A varied set of
market opportunities is an asset in and of itself, as It increases your chances
of focusing on the most promising option.
It also provides the basis for a Plan B, if required, and for un-locking new
growth opportunities over time.
Market Opportunity Set
Options are a real asset for your firm!

Example: Space Shuttle Heat Shield Tiles

- catalytic converters
- fridges
- chimneys
- and more...
And even Dilbert found an application
Source: Adams, D. “The Dilbert Principle”
Additional market opportunities

Step 1
Describe your unique abilities or core technological elements – independent
of their application in a specific product. List what these elements can
accomplish (their functions) and their main properties.
Generating Market Opportunities
Step 2
Search for different possible applications that these unique abilities can
establish, and who may need these different applications.
Use Worksheet 1 to identify potential market opportunities, and place them in the set

Think about the main building blocks of your competences, such as:
 Core technological elements
 Important know-how about a specific process
 A rare resource that you own
 A special capability etc
Step 1: Unique Abilities and Core Technologies
This exercise is important for developing your cognitive flexibility
Describe their main properties as well as the functions they can perform

We are bringing Predictive Maintenance to new markets.
By “listening” to a machine we can tell if it is working
properly, has a malfunction and even predict future failures.
Example: Augury
https://www.youtube.com/watch?v=WvIHGM2auHM

Listening Hardware
Records vibrations and
ultrasonic
Small
Portable
High sampling rate
Algorithm
Detects changes
Real time analysis
Designed for big data
Based on machine learning
Builds malfunction ‘dictionary’
User Interface
Easy and intuitive
Suits iPhone and Android platforms
Generates tailored reports &
statistics
Online management platform
Augury

 An application means a specific usage or function, which you can create
with your core abilities.
 It can be based on a subgroup of your core abilities, or on all of them-
alone or in combination with others.
 As you uncover potential applications, you should also think who may
have the need for them. These will create your possible sets of customers.
Step 2: Applications and Customers
Be open, think unconstrained, search broadly, generate variety

Listening Hardware
Records vibrations and
ultrasonic
Small
Portable
High sampling rate
Algorithm
Detects changes
Real time analysis
Designed for big data
Based on machine learning
Builds malfunction ‘dictionary’
User Interface
Easy and intuitive
Suits iPhone and Android platforms
Generates tailored reports &
statistics
Online management platform
Augury
Predictive maintenance
for commercial machines
for medical purposes
for consumer appliances
Commercial
Buildings
Factories
HVAC Elevators
Manufacturing
machines
Infrastructure
equipment
Refrigerated
trucks
Freight
firms
Cooling
containers
Vehicle
manufacturers
Cars motorcycles
Household tools
Heating &
cooling
White
appliances
Artery diagnostics
Lung diagnostics

Initial Screening of your Options
Decide which opportunities you would like to further investigate.
Key questions to ask yourself:
 Does the customer need exist?
 Can we really satisfy the customer need, and better than existing
solutions?
 Are there severe restrictions that would hinder us from executing on this
market opportunity?
 Will this opportunity be in conflict with any of our core values? Etc.

Main Takeaways From this Step
Enhance your cognitive flexibility, to become more
alert to other promising opportunities
 Have options at hand, as it gives you the power of
choosing, and the power of staying agile
 Leave some long-held assumptions behind (like
“this is already the perfect market for me”)
Explore what else may be in store for you

Market Opportunity Navigator, Lesson 2: Market Opportunity Set

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Market Opportunity Navigator, Lesson 2: Market Opportunity Set