Key take-away from this book:
Recognizing opportunity: Turning you great idea into a business strategy is tricky. Motorola’s Iridium was a great idea but not a good business opportunity. On the contrary, 3M’s idea to use weak adhesive to make notepaper stick turned out to be a great business opportunity.
You need to ask yourself “What could we do with this?” Clear understanding of the answer to this question is important.
Your opportunity initially may not be able to capitalize on innovation’s full potential. Marconi invented what earlier called as wireless telegraphy in 1890. It was only in 1922 when first transmission of musical entertainment was made using this and radio was born! Same was with internet.
A method for opportunity recognition: Many innovators either fail to recognize opportunity or overestimate them. To understand the likelihood that customer will be attracted to a new product, there is a technique mentioned in this book called buyer utility map. It focuses on innovation’s utility – How it will change the lives of customers. It is a matrix between ‘The Six Utility Leavers’ and ‘The Six Stages of Buyer Experience Cycle
This matrix can be used for:
· Locating new product
· Improving Existing product
· Positioning new product or repositioning existing products
· Market research

This is used to assess the utility of an innovative idea. Ask yourself the following question:
Where can we create the greatest utility for our customers? Dose our idea fills this space?
Is the utility higher or lower than the utility created by the products and services offered by our competitors?
Which of these utilities matters most to customers?
How could we redesign our product or service idea to offer the greatest utility to customers in the area that matters most to them?
For more information on buyer utility, please leave a comment and I will try to get back as soon as possible.