Opportunity Canvas: Strategic Innovation at Nura Headphones

This report assesses the usefulness of the Opportunity Canvas for strategic innovation at Nura Headphones, focusing on personalized audio experiences. It emphasizes using the canvas to understand market conditions, unmet customer demands, and competitive landscapes. As the Head of Innovation, the author advocates for the Opportunity Canvas to guide product development, track progress, and manage risks associated with introducing innovative solutions. The report also covers budget estimation, resource allocation, and process implementation for successful innovation, concluding that the Opportunity Canvas is a powerful tool for driving strategic innovation within the organization, while also suggesting incorporating a risk management strategy to address potential challenges.

Running head: OPPORTUNITY CANVAS
Business Design
NAME OF STUDENT:
NAME OF COLLEGE:
AUTHPRS NOTE:
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OPPORTUNITY CANVAS
Contents
Introduction......................................................................................................................................2
Discussion........................................................................................................................................2
Conclusion.......................................................................................................................................4
References........................................................................................................................................5
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OPPORTUNITY CANVAS
Introduction
The opportunity canvas is a helpful model in context of identifying, defining and creating innovation
opportunities in an organization which enables them to design innovative products in order to fulfill the
requirements of the customers of the company. The company selected for the current report is Nura
Headphones and they faced problem to create personalized hearing sound for each individual using their
headphones. The current report focuses on establishing my point of view regarding the usefulness of
opportunity canvas in order to innovate in a strategic and successful manner at Nura Headphones.
Discussion
Being the Head of innovation of Nura Headphones if I want to innovate in strategic manner, I would
definitely apply the opportunity canvas model in order to make the customers of my company, accept the
innovative headphones. I will use the opportunity canvas by determining the current market condition and
market characteristics in which our company operates and then accordingly motivate ourselves to launch
new innovative products which would help in meeting the unfulfilled demand of the customers to give
them personalized headphone usage experience.
According to Brines, Shepherd & Woods (2013) the opportunity canvas is one of the most effective
tool which can guide Nura Headphones to understand how the demand for a new product arises in the
market, how the company can evaluate the industry and the competition present in the industry by
rigorous application of theories into practice and then accordingly can create value for customers through
process of innovation. Opportunity canvas can help to constantly upgrade their products to meet changing
demands of market and accordingly Nura Headphones can sense and understand change in consumer
preferences based on real time movement of market.
According to me, the opportunity canvas is helpful in context of identifying, defining and creating
innovation opportunities. As the head of innovation of Nura Headphones I would definitely use the
opportunity canvas model as it is a very powerful model which helps in anticipating demand in market
which is unmet while viewing opportunities from perspective of an entrepreneur. It even helps to think
about demand which is evident in market by analyzing state of the industry and competition prevalent in
market and also by analyzing how changes in macro-economic and psychographic behavior of customer
would influence the new product of Nura Headphones by thinking in the manner of an entrepreneur and
then acting on analysis by launching a new product which can help in creating value for customers of
product through process of innovation and forward thinking.
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OPPORTUNITY CANVAS
As stated by Olaru, Dinu, Keppler, Mocan & Mateiu (2015) opportunity canvas will be used in Nura
Headphones to identify potential problems for creating personalized hearing sound for each individual
using their headphones so that problems can be addressed by the design of innovative product by
company. The opportunity canvas can also be used in Nura Headphones to design innovative ideas and
solutions and then accordingly for analyzing problems of customers which can be addressed through
designed solutions.
The opportunity canvas will be used by Nura Headphones to identify new ideas to solve their problem
faced for creating personalized hearing sound for each customer using headphone of company. The
opportunity canvas will also be used by Nura Headphones to get new ideas on a quarterly basis in order to
ensure their effectiveness.
The opportunity canvas will also be used by Nura Headphones to understand what changes customers are
seeking to be created for personalized hearing experiences and what do they expect from future products
designs.
According to Sort & Nielsen (2018) opportunity canvas can also be used by Nura Headphones for
tracking progress of innovative products and solutions by designing various metrics which would help in
knowing what is implemented by company to make a difference by providing a detailed understanding
regarding reactions of customers and also would help to know what is implemented by Nura Headphones
that is not helping to meet demands and expectations of customers and therefore the company can modify
product accordingly to increase popularity and acceptance among customers.
The opportunity canvas can also be used in Nura Headphones to determine adopting strategy which can
be adopted to introduce innovative products in market and tools which would be required to make
customers know about availability of product and take advantage of new innovative products.
The opportunity canvas can also be used to address problems of lack of personalised hearing experiences
which Nura Headphones is currently experiencing which will help in attraction of more customers
towards products of Nura Headphones.
The opportunity canvas can also be used to design metrics based on business problems which are
identified and accordingly help in addressing the success of solutions that are being implemented and
interpret failures of solutions.
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OPPORTUNITY CANVAS
As opined by Eskelinen, Räsänen, Santti, Happonen & Kajanus (2017) the opportunity canvas can also be
used to estimate budget, resources, time and processes which would be required for implementation of
innovation solution Nura Headphones.
In my opinion I would not prefer to change opportunity canvas as it covers all necessary and required
elements and factors such as resources required for innovation, metrics which could be used to measure
success that are associated with launching innovative product of Nura Headphones based on customer
requirements.
The only challenge which can be associated with use of opportunity canvas is that it does not take into
account risks which can be associated when introducing an innovative product or service by Nura
Headphones as there always remains an element of risk while introducing innovative products in the
market. Hence to overcome the challenge, I would prefer to keep a risk management strategy in place in
context of risks associated with launching an innovative product so that the effect of risks can be reduced.
Conclusion
From the above report it is clear and evident that opportunity canvas is one of the most powerful and
effective model which can be used in order to initiate innovation in a strategic and successful manner in
an organization as it provides detailed information on all aspects which are related with innovation in an
organization.
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References
Brines, S., Shepherd, D., & Woods, C. (2013). SME family business innovation: Exploring new
combinations. Journal of Family Business Management, 3(2), 117-135.
doi:http://dx.doi.org/10.1108/JFBM-01-2012-0002
Eskelinen, T., Räsänen, T., Santti, U., Happonen, A., & Kajanus, M. (2017).Designing a business model
for environmental monitoring services using fast MCDS innovation support tools. Technology
Innovation Management Review, 7(11), 36-46. Retrieved from
https://search.proquest.com/docview/1973308390?accountid=30552
Olaru, M., Dinu, V., Keppler, T., Mocan, B., & Mateiu, A. (2015). STUDY ON THE OPEN
INNOVATION PRACTICES IN ROMANIAN SMEs. Amfiteatru Economic, 17(9), 1129-1141.
Retrieved from https://search.proquest.com/docview/1732759041?accountid=30552
Sort, J. C., & Nielsen, C. (2018).Using the business model canvas to improve investment
processes. Journal of Research in Marketing and Entrepreneurship, 20(1), 10-33.
doi:http://dx.doi.org/10.1108/JRME-11-2016-0048
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