What are the best ways to identify economic opportunities in emerging technologies?

1 Scan the horizon

The first step is to scan the horizon for emerging technologies that are relevant to your industry, market, or problem. You can use various sources of information, such as journals, blogs, podcasts, conferences, reports, or expert networks, to stay updated on the latest trends and developments. You can also use tools like horizon scanning, scenario planning, or foresight analysis to explore the potential impacts and implications of these technologies for the future.

2 Assess the value

The next step is to assess the value of the emerging technologies for your specific goals and needs. You can use frameworks like SWOT analysis, Porter's five forces, or value proposition canvas to evaluate the strengths, weaknesses, opportunities, and threats of these technologies, as well as their benefits, costs, and risks. You can also use metrics like market size, growth rate, profitability, or social return on investment to quantify the potential value of these technologies.

3 Validate the demand

The third step is to validate the demand for the emerging technologies among your target customers or stakeholders. You can use methods like surveys, interviews, focus groups, or experiments to test your assumptions and hypotheses about their needs, preferences, and behaviors. You can also use tools like customer segments, personas, or jobs to be done to understand their motivations, challenges, and goals.

4 Explore the options

The fourth step is to explore the options for exploiting the emerging technologies for your advantage. You can use techniques like brainstorming, ideation, or design thinking to generate and refine ideas for new products, services, or solutions based on these technologies. You can also use tools like business model canvas, lean canvas, or value proposition canvas to define and communicate your value proposition, revenue streams, cost structure, and key resources.

5 Experiment and learn

The fifth step is to experiment and learn from the emerging technologies and your ideas. You can use methods like prototyping, testing, or piloting to build and validate your minimum viable product, service, or solution based on these technologies. You can also use tools like feedback loops, metrics, or analytics to measure and improve your performance, outcomes, and impact.

6 Adapt and scale

The final step is to adapt and scale your product, service, or solution based on the emerging technologies and your learnings. You can use strategies like pivoting, iterating, or scaling to adjust and optimize your value proposition, business model, or solution based on the changing market conditions, customer feedback, or technological developments. You can also use tools like partnerships, networks, or platforms to leverage the resources, capabilities, or reach of others to amplify your impact.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?