Finding Business Opportunities Through Innovation

Tip 1 - How Can You Find the Most Promising New Opportunities? Hold an Innovation Tournament - Knowledge@Wharton

In their new book titled, Innovation Tournaments: Creating and Selecting Exceptional Opportunities, Wharton professors Christian Terwiesch and Karl Ulrich point out that identifying new opportunities shouldn't be seen as a luxury, but a necessity. They note that creativity and process-driven rigor can go hand in hand when it comes to vetting and managing new ideas. One way to do this, they explain, is by making new ideas compete with one another in numerous rounds of vetting -- that is, by running them through "innovation tournaments" -- so that the strongest and most promising ideas make it to the final round. Rich rewards await companies that make the leap.

Tip 2 - Finding New Market Opportunities Through Systematic Innovation

It has been more than a year since the bottom fell out of the financial markets, and companies around the globe are still struggle to figure out which...

Tip 3 - Finding Business Opportunities Through Innovation | eHow

Innovation comes from personal ideas, and starting an innovative business begins with researching the industry. Learn how to market an innovative product or service with advice from a college business...

Tip 4 - 4 Business Opportunities That Are Driving Innovation In Social Enterprise

Want to launch a business that does well and does good? Here are the sectors where money is flowing, and the impact can be strongest.
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Tip 5 - How Entrepreneurs Identify New Business Opportunities - Knowledge@Wharton

A key question that all would-be entrepreneurs face is finding the business opportunity that is right for them. Should the new startup focus on introducing a new product or service based on an unmet need? Should the venture select an existing product or service from one market and offer it in another where it may not be available? Or should the firm bank on a tried and tested formula that has worked elsewhere, such as a franchise operation? In the first of a series of podcasts for the Wharton-CERT Business Plan Competition, Raffi Amit, a professor of management at Wharton, discusses these questions and more with Knowledge@Wharton. In the process, he offers insights into how entrepreneurs can identify new business opportunities and evaluate their potential and their risks.