Conducting an Opportunity Assessment

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An Opportunity Assessment assists a company to assess the opportunity of its new technology, product or service.  An Opportunity Assessment doesn’t have the in-depth research and financial assessment of a market feasibility study but it does provide insight into whether you need to conduct more research to determine market feasibility and financial viability.

 

Here are the 6 parts of an Opportunity Assessment as outlined by Alberta Innovates Technology Futures:

  • Technology Feasibility – This is an in-depth look at the technology to answer the question – does it work?
  • Market Feasibility – This is an in-depth look at the market.  Does anyone want to buy the technology product? Who are the competitors (real and perceived)?  What sectors could the product apply to and what is the size of these sectors?
  • Operations –  What is needed in terms of infrastructure, equipment, outsourcing, etc. to make the technology innovation a successful commercial product/company?
  • Human Resources– What employees may be needed to make the technology innovation a successful commercial product/company?
  • Financial – What financial resources will be needed to make the technology innovation a successful commercial product/company?, and
  • Strategy– What is the current Business Strategy, if existing? The Business Strategy should provide insight into potential strategy options for maximum commercial success.

For more information on how to conduct an opportunity assessment, contact us at 403 252 0799 or info@strategictimelines.com.