“Where to Play” with Prof Marc Gruber
From MBAAI President Alacoque McMenamin:
The 6th of June was a beautiful morning, and what better way to start the day but to have a wonderful insight into the world of most valuable market opportunities for entrepreneurs. Professor Marc Gruber is a world leading researcher in innovation who gave us an excellent presentation in Mason Hayes & Curran.
Marc informed us that start-ups don’t spend enough time in researching their market opportunities and jump in too quickly which can sometimes be the wrong market or application.
He spoke about three steps to discovering the most valuable market opportunities.
Step 1 Market Opportunity Set – identify all resources and capabilities of the product or service. This requires questioning, observing, experimenting and networking to understand different customer needs and how to address them. Identify new market opportunities through the possible applications of your product or services or possible customers. Think broad, think arenas not just industries, combine technologies and markets.
Step 2 Attractiveness Map – measure the potential and challenge of the market. Measuring the potential includes examining the reasons why customers buy, estimating the volume of the market, and reviewing the economic viability of entering the market, (margins versus costs). The challenge of the market includes reviewing the implementation obstacles such as funding challenges, sales and distribution difficulties, examining the time to revenue and reviewing external risks such as competitive treat, third party dependencies and barriers to adoption. Potential aligned with challenge will put you in a quadrant of either a Gold Mine, Moon Shot, Quick Win or Questionable position.
Step 3. Agile Focus Dartboard – by completing step 1 and 2 above you now have the tools to focus and target the market which is most attractive.
Marc’s book “Where to Play” sets out the strategy tools of a clear and practical framework, to better identify, evaluate and focus on the right market opportunities. This is just the right book for first time and experienced entrepreneurs.
A beautiful morning filled with insight and innovation. Well done to Frank Dillion of Decision Magazine (Ireland’s Business Review) for introducing Marc Gruber to the MBAAI audience. And thank you Marc for your insights and new thinking for entrepreneurs.
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