So, what is “Opportunity Capture”?

So what is – “Opportunity Capture”?
by Roger La Salle
A word from the author
I am delighted to see many of my blogs republished and re-blogged by so many recipients, with due citations of course. However, whilst I may be somewhat gratified by that I am not so happy about my work being adopted, may I suggest even plagiarized and regurgitated in a slightly modified form by some trainers and bloggers in the innovation space. On the upside, of course, imitation is the greatest form of flattery so on that note; here is a new business insight sure to attract some attention.

Sales are important
It’s often said in business that nothing happens until you sell something and how true this is. Indeed you can trace the failure of most businesses to a single cause, a failure to make sufficient sales. Naturally, if sales are not forthcoming, then of course there are no jobs for anybody else.

Is Innovation different?
In the case of innovation, the aim is to make changes to products, processes and services that add value and win new and bigger markets. Hence my definition of innovation simply stated as “Change that adds value” .To be sure there is nothing that is free from the opportunity for change.

In this case the key word is “opportunity” and this is where I spend a lot of my innovation effort. Without an opportunity, there is little else to do.

The sequence of events is simply –

• Opportunity Capture – What is the opportunity and how do you find one?
• Innovation – What is the solution?
• Evaluation – Can we do it, make it work and sell it profitably?
• Go/No go decision – With fast low cost failure quite acceptable
• Commercialisation.

It all starts with an opportunity, defined as “An observed fortunate set of circumstances”

For this important piece of the business building puzzle we use the Opportunity Matrix and the term “Opportunity Capture”.

If you are interested to see this in action have a look at some case studies at: http://www.innovationtraining.com.au/innovation-outcomes-case-studies.html

Is it that hard?
If you use the type of approach shown in the case studies and have your people look at the world around them and the products and services you and perhaps others deliver, you may be surprised at how easy it is to see opportunities where previously you thought there were none.

What’s the Message?
Embed this opportunity search approach as part of your business DNA, inspire your people to be open minded and watch what happens.

**** END ****

Roger La Salle, trains people in innovation, marketing and the new emerging art of Opportunity Capture. “Matrix Thinking”™ is now used in organisations in more than 29 countries. He is sought after as a speaker on Innovation, Opportunity and business development and is the author of four books and a Director and former CEO of the Innovation Centre of Victoria (INNOVIC) as well as a number of companies both in Australia and overseas. He has been responsible for a number of successful technology start-ups and in 2004 was a regular panellist on the ABC New Inventors TV program. In 2005 he was appointed to the “Chair of Innovation” at “The Queens University” in Belfast. www.matrixthinking.com

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