Customer Understanding: Microeconomic changes
A first step in identifying a valuable opportunity is identifying the change or gap that makes the opportunity possible.
Types of changes that increase new venture opportunities:
Changes in technology: new technology allows for the expansion of new innovations, significant change can create entirely new markets.
Changes in social and demographic factors: opens up opportunities for new technology businesses by altering people's preferences and creating demand for things where demand had not existed before, social trend can create new opportunities.
Changes in political and regulatory rules: change creates opportunities because it is productivity enhancing. In other cases, changes generated are not productive, but merely shifts value from one set of economic factors to another.
Types of changes that increase new venture opportunities:
Changes in technology: new technology allows for the expansion of new innovations, significant change can create entirely new markets.
Changes in social and demographic factors: opens up opportunities for new technology businesses by altering people's preferences and creating demand for things where demand had not existed before, social trend can create new opportunities.
Changes in political and regulatory rules: change creates opportunities because it is productivity enhancing. In other cases, changes generated are not productive, but merely shifts value from one set of economic factors to another.
This blog post is based on my learnings from the course on ‘entrepreneurship’ offered by Maryland Technology Enterprise Institute, University of Maryland through Coursera (2014).
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