Opportunity Discovery
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A systematic approach to identifying the best startup opportunities. Rather than relying upon luck or inspiration to make an important decision about what you will spend the next several years building, it is important to define a more systematic approach of discovering opportunity (read our philosophy).
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Opportunity Discovery
- 1. SmarterStartup.org OPPORTUNITY DISCOVERY A More Systematic Approach
- 2. We’ve developed a method for systematically discovering startup opportunities by leveraging the Business Model Archetypes model and the 6 Market Dynamics to identify ideas and objectively evaluate them. These tools are available for free use at SmarterStartup.org OPPORTUNITY DISCOVERY Opportunity Discovery Framework Opportunity Ideation - Opportunity Evalaution + = Vision Definition Finance Title _______________________ ___________ Date _________ __ Customer Value Competition Product Team LEAN Trade Product Service Business Model Archetypes 6 Market Dynamics Ideation Evaluation Definition Validation primary function perceivedvalue Value Creation Plane 6
- 3. Opportunity Discovery Framework Identify an applied business concept for every archetype personality, across all of the vertical markets you are considering. After choosing an idea, define the specifics of your proposed startup, the value you create, and how you’ll position within the market. Grade each of the ideas you’ve identified in the ideation matrix, based on the six market dynamics. Using Lean principles, seek customer feedback to validate your assumptions and identify improvements. OPPORTUNITY DISCOVERY Idea Idea Idea Business Model Archetypes VerticalMarkets A B+ F A A- Scorecard Criteria BusinessIdeas + = Startup Vision Channels Title ___________________________ _______ Date ___________Customer Value Competition Solution Finance Ideation Matrx Evaluation Matrix Iterative Validation LEAN Startup Vision Definition
- 4. Take a systematic approach to identifying all the possible opportunities. You will identify a startup idea for every business model archetype, for each business vertical you are considering. Once you have done this, you can begin to evaluate these ideas. Ideation Matrix Idea #1 Idea #2 Idea #3 Idea #4 Idea #5 Idea #6 Idea #7 Idea #8 Idea #9 Business Model ArchetypesVerticalMarkets STEP BY STEP PROCESS
- 5. IDEATION MATRIX Create a matrix with the business model archetypes across the x-axis, and vertical market segments you’re interested in exploring on the y-axis. Cancel out any business model archetypes you already know aren’t a good fit for your team. Identifying Opportunity Product Service Trade Subscrip2on Marketplace Brokerage Ecosystem Real Estate Agents Real Estate Brokers Property Managers Can’t Start Here! Don’t Possess Trade Func9onal skills
- 6. IDEATION MATRIX With the inappropriate archetypes now removed, develop an idea for each market actor you’re considering, across each of the business model archetypes. Fill them into the grid. Simplified Ideation Matrix Product Service Subscrip2on Marketplace Brokerage Real Estate Agents Real Estate Brokers Property Managers IDX Wordpress Theme Marke9ng CRM Property Search Site Virtual Assistant Lead Genera9on
- 7. Opportunity Discovery Framework OPPORTUNITY DISCOVERY Idea Idea Idea Business Model Archetypes VerticalMarkets A B+ F A A- Scorecard Criteria BusinessIdeas + = Startup Vision Channels Title ___________________________ _______ Date ___________Customer Value Competition Solution Finance Ideation Matrx Evaluation Matrix Iterative Validation LEAN Startup Vision Definition Identify an applied business concept for every archetype personality, across all of the vertical markets you are considering. After choosing an idea, define the specifics of your proposed startup, the value you create, and how you’ll position within the market. Grade each of the ideas you’ve identified in the ideation matrix, based on the six market dynamics. Using Lean principles, seek customer feedback to validate your assumptions and identify improvements.
- 8. Next, take all of the ideas we generated in the ideation matrix and grade them, considering the 6 Market Dynamics. This will provide an easy point of comparison of strengths and weaknesses of the opportunities being considered and facilitate a decision. STEP BY STEP PROCESS Evaluation Matrix A B+ F A A- Scorecard Criteria BusinessIdeas
- 9. EVALUATION MATRIX Score Your Ideas Customer Product Timing Compe22on Finance Team Overall IDX WordPress Theme C B B B A A Virtual Assistant Marke2ng CRM Property Search Site Lead Genera2on Now we’ll evaluate each idea against each of 6 market dynamics. We’ll be able to see relative strengths and weaknesses and will give a final overall score accordingly.
- 10. EVALUATION MATRIX Score Your Ideas Customer Product Timing Compe22on Finance Team Overall IDX WordPress Theme C B B B A A B+ Virtual Assistant Marke2ng CRM Property Search Site Lead Genera2on Now we’ll evaluate each idea against each of 6 market dynamics. We’ll be able to see relative strengths and weaknesses and will give a final overall score accordingly.
- 11. EVALUATION MATRIX Score Your Ideas Customer Product Timing Compe22on Finance Team Overall IDX WordPress Theme C B B B A A B+ Virtual Assistant C C B B C C C+ Marke2ng CRM C C D D C A C-‐ Property Search Site C A D F D A D+ Lead Genera2on C A B B B B B Now we’ll evaluate each idea against each of 6 market dynamics. We’ll be able to see relative strengths and weaknesses and will give a final overall score accordingly.
- 12. Now we’ll evaluate each idea against each of 6 market dynamics. We’ll be able to see relative strengths and weaknesses and will give a final overall score accordingly. EVALUATION MATRIX Score Your Ideas Customer Product Timing Compe22on Finance Team Overall IDX WordPress Theme C B B B A A B+ Virtual Assistant C C B B C C C+ Marke2ng CRM C C D D C A C-‐ Property Search Site C A D F D A D+ Lead Genera2on C A B B B B B Think twice about any idea that earns only a D or F – this may mean its non-‐viable. WARNING!
- 13. EVALUATION MATRIX Score Your Ideas Customer Product Timing Compe22on Finance Team Overall IDX WordPress Theme C B B B A A B+ Virtual Assistant C C B B C C C+ Marke2ng CRM C C D D C A C-‐ Property Search Site C A D F D A D+ Lead Genera2on C A B B B B B Two ideas that pass the test. You could choose one of these or keep searching. CONGRATULATIONS!
- 14. IDX WordPress Themes IDEA #1 EVALUATION MATRIX Selecting an Idea Lead Generation Broker IDEA #2 A B+ F A A- Scorecard Criteria BusinessIdeas In the final analysis, there are two ideas from our original pool that appear to be most viable. They have the best overall score and also do not have a particular challenge on any single criteria.
- 15. Opportunity Discovery Framework OPPORTUNITY DISCOVERY Idea Idea Idea Business Model Archetypes VerticalMarkets A B+ F A A- Scorecard Criteria BusinessIdeas + = Startup Vision Channels Title ___________________________ _______ Date ___________Customer Value Competition Solution Finance Ideation Matrx Evaluation Matrix Iterative Validation LEAN Startup Vision Definition Identify an applied business concept for every archetype personality, across all of the vertical markets you are considering. After choosing an idea, define the specifics of your proposed startup, the value you create, and how you’ll position within the market. Grade each of the ideas you’ve identified in the ideation matrix, based on the six market dynamics. Using Lean principles, seek customer feedback to validate your assumptions and identify improvements.
- 16. Mark Twain Author VISION DEFINITION Clarity of Vision I didn't have time to write a short letter, so I wrote a long one instead. A concise statement about a complex topic requires an investment of time and the clarity of thought. That critical analysis can reveal weaknesses in a plan, before you begin developing it. Its time to do this for your new startup.
- 17. Provide a concise answer to each question on the worksheet. Keep them as short as possible. Then compose a 3-4 sentence elevator pitch that includes as many of the key answers as possible. Then you’ll be ready to talk to prospects! Defining a Startup Vision VISION DEFINITION
- 18. Successful Real Estate agents, earning $100k / year 1. Phone sales & webinars 2. Conferences Marketing Automation CRM Software Product WordPress Theme *Product* (not SaaS) for the DIY agent Tech disruption. First mover (the Spark API for IDX) 1. Me (product/tech) 2. John (BizDev/Sales) 1. Spark Platorm API 2. Access to all MLS IDX Feeds $50,000 to build core product $50,000 line of credit IDX Website/CRM software for serious RE agents to capture & nurture online leads and grow their business. Built on Wordpress so they can"own the system, not rent". First-mover advantage by integratingthe Spark IDX API which makes it possible. Real Estate IDX WordPress Themes May 9 IDX System to capture & nurture online leads 1. Own don't Rent (your website) 2. Beautiful original design
- 19. Opportunity Discovery Framework OPPORTUNITY DISCOVERY Idea Idea Idea Business Model Archetypes VerticalMarkets A B+ F A A- Scorecard Criteria BusinessIdeas + = Ideation Matrx Evaluation Matrix Iterative Validation LEAN Startup Vision Channels Title ___________________________ _______ Date ___________Customer Value Competition Solution Finance Startup Vision Definition Identify an applied business concept for every archetype personality, across all of the vertical markets you are considering. After choosing an idea, define the specifics of your proposed startup, the value you create, and how you’ll position within the market. Grade each of the ideas you’ve identified in the ideation matrix, based on the six market dynamics. Using Lean principles, seek customer feedback to validate your assumptions and identify improvements.
- 20. Test Your Hypothesis With a well-articulated startup vision ready, you can begin sharing the concept with investors and customer prospects. If the idea is well received, advance to vapor-ware test campaigns and finally to building the “MVP”. Lean Methodology Lean Market Validation PROSPECT INTERVIEWS Do They Like the Idea? Feedback? TEST MARKETING Do Test Campaigns Convert? MINIMAL VIABLE PRODUCT Users Engaging & Using Product?
- 21. THE SMARTER STARTUP STRATEGY FOR STARTUPS The Smarter Startup looks at why some startups succeed while others fail. By taking a more strategic approach to entrepreneurship, founders can improve their own outcomes. Written by Neal Cabage and Sonya Zhang, PhD, and published by Pearsons/NewRiders. SMARTER STARTUP The Book
- 22. SMARTER STARTUP SmarterStartup.org The framework, including the part described here, are posted on the website, along with downloadable worksheets and reference material. Everything is free to use, so enjoy!. www.SmarterStartup.org