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Technologie und Innovationsmanagement (Subject) / finding new application fields (Lesson)
- technological competence levering De-Linking (recognize technological competence in its own right) -> imagine alternative applications-> characterize technological competence Re-Linking (Serve new customers with technological competence) -> build market-related resources to adress new types of customers-> develop products and/or intellectual property
- What is a market opportunity? - market opportunity = specific application of a firms abilities for a specific set of customers -> which market opportunities exist for the firm?-> what are the most attractive opportunities for the firm?-> what market opportunities should the firm focus on?
- market opportunity navigator - steps 1. Market Opportunity Set -> assess (einschätzen) the company´s unique abilities-> identify value market opportunity 2. Attractiveness Map -> evaluate possible market opportunities to reveal the most attractive options 3. Agile Focus Strategy -> build a smart portfolio of backup and growth options around the chosen market opportunity-> avoid lock-in and remain agile
- market opportunity navigator - market opportunity set What is it? -> set of potential market opportunities which can be addressed with the firms core technologies-> related to different types of applications for different types of customers Why is it important? -> market opportunities can differ in their attractiveness-> teh set increases the chance to focus on the best options How is it done? -> assess the generic functionalities of the core technologies-> what other applications can be done with them for other customers
- market opportunity navigator - attractiveness map What is it? -> helps to understand the characteristics of different market opportunities-> helps to visually depict (darstellen) the evaluation of the market opportunities Why is it important? -> determin the most attractive option at a given point of time-> exact reason why the primary market opportunity was chosen How is it done? -> attractiveness of the different market opportunities is based on the potential it bears (beinhalten) and the challanges in pursuing (verfolgen) it-> rating of the different options on both dimensions results in its location on the map
- market opportunity navigator - strategy What is it? -> it balances the tension between focus and flexibility-> market options that will enable you to minimize risk and to increase value with minimum effort Why is it important? -> it enables a firm to hedge (absichern) its risk and to leverage its competences at the same time, so the firm can allocate its resources more effectively and avoid a fatal lock-in How is it done? -> after choosing a primary market opportunity, analyze other suitable options for backup and growth-> the firm should decide, which options should be pursued in parallel, kept open for later or put aside for now
- generating market opportunities Step 1: describe the firms unique abilities or core technological elements. Also list what these elements can accomplish and their main properties Step 2: search for different possible applications that these unique abilities can establish and who might need these different applications
- Evaluation of market opportunities An attractive market opportunity will generate a significate value for the firm and that comes along with relatively few challenges in capturing this value 1. Potential (how big is this opportunity)-> is it worth pursuing?-> how much value can a firm create, when it chooses this part 2. Challenge (are there any obstacles (Hindernisse) if the firm decides to choose a specific option)-> what are the main challenges and risks?-> how difficult will it be to overcome them?
- Backup and Growth Options Part of a firms market opportunity portfolio -> a backup option will allow a firm to change the direction over time-> it answers the question: if we are not successful - what should we do next? -> a growth option will allow a firm to create additional value over time-> it answers the question: if we are successful - what sould we do next?
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