Examine ideas and develop new businesses with disruptive market potential by leveraging existing capabilities and adding new skills where necessary.
It’s not necessary to develop a full business plan for a disruptive new business idea. But for a quick understanding of sources of sustainable competitive advantage, the potential economics of the business and the investment required and projected returns, it’s important to thoroughly examine each idea and the ramifications for execution.
NextVista can work with you to examine key issues including:
- Market Opportunity – including unmet customer needs, enabling trends, current competitors and basis of competition, current profit pools, barriers to entry, etc.
- Proposed Product/Service Offering (The Value Proposition) – starting with the target customers/segments, the proposed product/service offering, how it works, a comparison to alternatives, pricing options and potential channels of distribution
- Business Model – beginning with the value chain and how it fits with your existing core competencies, the go-to-market strategy, key suppliers and partners, and the likely economics of the business
- Competitors and Sources of Competitive Advantage – who they are, what they do, their products and business models, and their expected response to your entry/offering
- Market Test and Expansion Plan – how might you prototype, test and expand your new business idea, how will you measure the results, and what will all of this cost
- Economics – what you might expect for customer uptake and revenue, cost structure, investments required, financial sensitivities and impact of important non-financial metrics
- Legal and Regulatory Issues – such as IP ownership and protection, brand trademarks and regulatory issues at various levels of government
- Key Risks – generally including technology, customer, competitive, economic and legal/regulatory
- Next Steps – what you’ll need to “get to go”: the decisions and funding needed and what the key milestones will be