A business idea cannot be thought of in isolation to the world. It takes tremendous amount of research and involvement to understand the finer nuances of an ecosystem and identify a gap. Market gap analysis or existence premium realization are two sources of opportunities for an aspiring entrepreneur.
Market gap analysis identifies the opportunities that exist within an industry for market expansion. This is a proactive approach rather than a reactive approach to identifying and satisfying consumer demand. This is emergentist creativity wherein somethin completely completely new is offered to the market, the likes of which did not exist before. Examples include organizations such as Salesforce and CrunchBase. This type of startup creation places its full focus on the product ‘p’ of the 7 ‘Ps’.
Existence premium realization involves inducing a new verve of energy in to a product that is currently being offered in the market. It involves a recalibration of the 7Ps wherein a fundamental change happens one or more of the P’s which leads to the firm or startup achieving strategic edge. Ascencia Business School professors are pioneers in the field of this startup opportunity. Whilst we do not discredit inventing something from scratch, we do believe that there are a plethora of opportunities available within industry to recalibrate the existing offering with a strategy that is more marketing-oriented.