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Chapter 2. Identifying Valuable Opportun... > Types of Opportunities and the Relat...

Types of Opportunities and the Relationship to Types of Innovation

Another important step in the process of identifying valuable opportunities requires you to understand the relationship between these five types of opportunity and the particular forms of innovation through which change operates. Certain types of innovation make possible particular types of opportunities. Successful entrepreneurs know how to match innovation to types of opportunity because new businesses perform better when types of opportunities are matched to innovations than when they are not.

Certain types of innovation can be linked to specific types of opportunities. Altering product dimensions and improving physical properties of products are more likely to lead to new products or services as a type of opportunity. Shifting to continuous production processes, improving process yields, mechanization, automation and standardization tend to generate opportunities in new production processes. Changes in the scale or form of production tend to generate opportunities that take the form of new ways to organize. Designing for new market segments and customization for individual customers tend to result in opportunities to create new markets. Improving inputs are more likely to result in opportunities for raw materials than other forms of opportunities.[7]


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