EXHIBIT 3-3 Types of opportunities. Hori zo ns I , 2, and 3 represent increasing level s of risk , reflecting di fferent types of uncertai nty.
Source: Terwiesc h a nd U l ri c h (2009)
Tournament Structure of Opportunity Identification
Opportunities vary widely in valu e; however, that va lu e i s plagued by uncerta inty. It i s therefore very useful to identify a set of opportunities and then to select a subset for fur ther development, with just a few coming to fruition. This process can be thought of as an innovation tournament, with on l y the best ideas prevailing. In most settings, dozens, hundreds, or even thousands of opportuniti es are considered for every one commercial success. A f iltering process sel ects a subset for further development and, from those, picks one or more "champions" that will be launched as full product d eve lopment efforts. Exhibit 3-4 illustrates this tournament structure.
The opportunity identification process embod i ed in an innovation tournament pre cedes the product development process as shown in Exhibit 3-4. While both the opportu nity identification process and the product development process consist of development steps and selection steps, the overarching goals of the two activiti es are quite different. In opportunity identification, the goa l is to generate a l arge number of opportunities and ef ficientl y kill those t hat are not worthy of further investme nt. In the product development
EXHIBIT 3-3 Types of opportunities. Hori zo ns I , 2, and 3 represent increasing level s of risk , reflecting di fferent types of uncertai nty.Source: Terwiesc h a nd U l ri c h (2009)Tournament Structure of Opportunity IdentificationOpportunities vary widely in valu e; however, that va lu e i s plagued by uncerta inty. It i s therefore very useful to identify a set of opportunities and then to select a subset for fur ther development, with just a few coming to fruition. This process can be thought of as an innovation tournament, with on l y the best ideas prevailing. In most settings, dozens, hundreds, or even thousands of opportuniti es are considered for every one commercial success. A f iltering process sel ects a subset for further development and, from those, picks one or more "champions" that will be launched as full product d eve lopment efforts. Exhibit 3-4 illustrates this tournament structure.The opportunity identification process embod i ed in an innovation tournament pre cedes the product development process as shown in Exhibit 3-4. While both the opportu nity identification process and the product development process consist of development steps and selection steps, the overarching goals of the two activiti es are quite different. In opportunity identification, the goa l is to generate a l arge number of opportunities and ef ficientl y kill those t hat are not worthy of further investme nt. In the product development
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