Value Innovation and Opportunity Identification
Value innovation examines the cost-value equation in search of new solutions. With big ideas and scarce resources, entrepreneurs must be efficient in their decisions and discerning in their time & financial management.
To develop an innovative value curve, explore the benefits that matter most to customers: emphasize what matters to them - invest in exceeding customer desires and eliminate or reduce less valuable factors - redirect money and time into raising benefits and creating value.
The key elements of opportunity identification are - defining the problem, crafting a competitive solution, building your advantage, and forming the right team.
To develop an innovative value curve, explore the benefits that matter most to customers: emphasize what matters to them - invest in exceeding customer desires and eliminate or reduce less valuable factors - redirect money and time into raising benefits and creating value.
The key elements of opportunity identification are - defining the problem, crafting a competitive solution, building your advantage, and forming the right team.
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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