Opportunity recognition, idea generation and customer validation.pptx

The presentation is targeted towards the students at high school level

1. Lycorp Summer Workshop 2024

2. Opportunity Recognition, Creativity & Idea Generation and customer validation

3. What is An Opportunity? Opportunity Defined An opportunity is a favorable set of circumstances that creates a need for a new product, service or business.

4. What is an Opportunity? An opportunity has four essential qualities

5. Three Ways to Identify an Opportunity 2- 5

6. First Approach: Observing Trends

7. Second Approach: Solving a Problem Sometimes identifying opportunities simply involves noticing a problem and finding a way to solve it. These problems can be pinpointed through observing trends and through more simple means, such as intuition, serendipity, or change.

8. Third Approach: Finding Gaps in the Marketplace A third approach to identifying opportunities is to find a gap in the marketplace A gap in the marketplace is often created when a product or service is needed by a specific group of people but doesn’t represent a large enough market to be of interest to mainstream retailers or manufacturers.

9. Creativity

10. Creativity Creativity is the process of generating a novel or useful idea. Opportunity recognition may be, at least in part, a creative process. For an individual, the creative process can be broken down into five stages, as shown on the next slide.

11. Creative ‘methods’

12. Idea Generating Questions The Journalistic Six Who? (Actor or agent) What? (Act) When? (Time or Timing) Where? (Scene or Source) Why? (Purpose) How? (Agency or Method)

13. Negative attitudes that block creativity Oh no, a problem! It can’t be done I can’t do it But I’m not creative What will people think? I might fail

14. Customer validation Customer validation involves testing and gathering feedback from potential customers to ensure that a product or feature solves a real problem, meets a real need, and provides real value.

15. Customer validation process