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Identifying white space opportunities necessitates exploration into areas adjacent to but outside your traditional business boundaries. Unconventional approaches are required to uncover these high value opportunities and to convert them into attractive businesses.
Tackling the white space challenge often requires a dual focus exploring the intersection of multiple emerging trends and defining how the convergence of two or more technologies or capabilities might satisfy powerful latent consumer and/or customer needs. Whatever the opportunity, you must continually engage in rapid learning and decision-making around new consumers, customers, partners, suppliers, competitors, business models and other emerging marketplace dynamics if you are to achieve success.
Questions that keep you awake at night:
- How can we gain confidence around which opportunity areas to pursue?
- Where are the most promising areas for new growth?
- How can we best leverage our existing competencies to create new growth opportunities within and outside our industry?
- What new competencies will we need to pursue these new white space opportunities either through in-house development or through new partnerships?
- What technological innovations will support new applications that both ride emerging trends and address unmet consumer/customer needs?
InnovationPoint’s approach helps uncover opportunities that lie untapped in the white space. As part of our process, we typically pull together a hand-picked cadre of expert Thought Leaders from various fields within, adjacent to, and outside your industry to provide external perspective and insight into emerging areas of opportunity. We also help you gain an understanding of your potential consumers, options for business models, explore emerging channels, and work with you to define the market entry strategy necessary for entering your new white space markets.