A great innovation opportunity is comprised of three major factors:
There is reason to believe the opportunity will solve an actual human problem – either now, or in the future
The opportunity contains a willingness to pay
The problem space should be realistic and enable you to meet your growth ambitions for the next five to ten years
Great opportunities leverage your strengths and stand the test of time. Before engaging in research, we empathize with our clients to understand their superpowers and blockers so we can fine-tune opportunities for them. Innovation opportunities stretch the boundaries of what our clients are capable of doing, without being too far out of reach.
Go broad, go deep, and take it all in. Look at market trends to understand the big shifts in how people behave and industries operate. Identify extreme consumers, and observe their behavior, their goals, and their journey. Look for rich stories, inconsistencies, tensions, and surprises in their behavior.
Great opportunities are human-centric, rooted in real needs that we observe today – and that we believe will stand the test of time. They should stimulate many ideas, not just one.
At the end of the day, you’ll be evaluating the quality of the opportunity by the diversity of ideas it generates – and the desirability, viability, feasibility, and social and environmental integrity of these ideas.