1. The Right Opportunities. Customer needs and competitive insights identify whitespace opportunities within strategic reach.
  2. Opportunity Definition. Identify and prioritize unmet market and category needs based on available research data. Translate unmet needs, market trends, and product benchmarks into the technology dimensions of opportunities.
  3. The Right Technologies. Use the best practices of BIC’s Open Innovation process to identify emerging and growth technologies that hold the potential to create disruptive and differentiated products.
  4. Product Creation. From technology platforms, create product concepts that are both need driven and beyond what is envisioned.
  5. Technical Risk. Identify the product and service candidates with the highest probability of technical success based on structured feasibility evaluation.
  6. Market and Competitive Risk. Determine the factors and probability of market success, competitive positioning, and competitor incursion.
  7. Risk, Reward, Optimization, and Selection. Create product lifecycle revenue estimates to complete a data driven selection process.
  8. The Right Business Model. Identify sources, partners, and channels necessary for successful business.