Presentation identifying 20entrepreneurial_opportunities_in_norway_25102015

IDENTIFYING ENTREPRENEURIAL

OPPORTUNITIES IN NORWAY

2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 1

BACKGROUND AND OBJECTIVES

BackgroundTo start a business one needs to identify a need, a problem/opportunity.

Someone new to Norway may not readily identify or have the necessary information/knowledge/network to identify opportunities.

ObjectivesTo provide insights into where opportunities can be found

Stimulate a discussion


AGENDA

Present possible Sources of opportunities

-Mega trends, Trends in Norway

Identify possible entrepreneurial opportunities

-Present and discuss possible business opportunities- How to analyse, what to look for?-Your market, Segmentation

Skills and jobs for the future


ABOUT ME

Francis Stevens George

-Author, Entrepreneur, Top/Senior Management, consultant (Big and small

companies, public, private sector, cross industry experience- Norwegian

International companies. E.g.. Yara, Moota Telecom, Fronter, Norad, IFC,

Foundation for Business and Society

-Part of one of the first incubators in Oslo (Efjord), 2012-13 Business

development Manager at Grunderneshus (Oslo Int. Hub)

-Instructor in Innovation Management, Leadership, E-business/commerce

- Founder, Owner and editor of Innovationafrica.org

-Author of several papers on Business models, Leadership,Innovation and

Technology

-Published- [China and Africa Love Affair, Feb 2014], The Diplomat (2015), The

Plantman(2014), Black White and Coconut(2014), The Autobiography of Siaka

Stevens –Parts I and II(2014)

-Formal qualifications: London School of Economics-(BSc Econs), Norwegian

School of Norwegian (MBA), (Masters in Innovation, E-enterprise and

Leadership)11/9/2015 WEDNESDAY 29 JULY 2015. OSLO. NORWAY

AGENDA

Present possible Sources of opportunities

-Mega trends, Trends in Norway

Identify possible entrepreneurial opportunities

-Present and discuss possible business opportunities- How to analyse, what to look for?-Your market, Segmentation

Skills and jobs for the future


SOURCES


FOUR MAIN SOURCES

Me (Internal)

My experience, personal pain. I have a problem

Out there (External)

Trends, Mega trends, Market inefficiency,signals,failures)

Your community

Corporate/enterprise

Research/Academic


SOURCES: MEGA TRENDS

Demographic and social change

Shift in economic power

Urbanisation

Climate change

De-industrialisation

The Third billion

Technology- everything (almost) will become DIGITAL- (IoT)


SOURCES: TRENDS IN NORWAYStructural

Urbanisation

Demographic-People living longer-Increase immigrant pop

Shift in spending power-Elder generation

Technological-Everything digital-Connectivity-Convergence-Mobility-m-health-Innovating to Zero-Disruption


TRENDS: THE BIG PICTURE


Norwegian Global

The Smart Money

STRUCTURAL CHANGES

The petroleum industry is currently the most important export sector

With falling oil prices Norway has currently no choice but to diversify her economy

Increase focus on Entrepreneurship

Oslo Cancer Cluster

Increase focus on biotech

Increase focus on knowledge and experiences to solve global challenges.


52 %

8 %

6 %

15 %

9 %

6 %4 %

1980-2000 Exports

Gas & Oil

Fish

Chemicals

Machine

Metals

Pulp & Paper

Other Manu

URBANISATION


960.000 pop in Oslo in 2040

0

200000

400000

600000

800000

1000000

1200000

Pop

Oslo Pop Growth

2015 2040

DEMOGRAPHIC


IMMIGRATION


SUMMARY:FOUR MAIN SOURCES

Me (Internal)

My experience, personal pain. I have a problem

Out there (External)

Trends, Mega trends, Market inefficiency,signals,failures)

Your community

Corporate/enterprise

Research/Academic


OPPORTUNITIES


LOOKING FOR OPPORTUNITIES

"Start with your own experience,“-what bothers you? What “is” missing?

How are problems solve? It could be business or other

Look for a problem! DO NOT CREATE A PROBLEM!

CREATE solutions: Why not think of solving problems that will exist, but don’t yet?

Market failure

Product in Norway, that is not available in your home market

Every thing is Digital

Everything is up for Disruption

Grow your network

Save people money; and of course TIME too

Fulfil a need

Appeal to base emotions

Turn your passion, hobby into a business

Steal someone else idea


ASK

Why: is it so or is it like this?

What: does that mean?

How: can I(we) solve this?

Where: where does it happen?

When: does it happen?

Peter Drucker: Entrepreneurs always search for changes, responds to it and exploits it.


TREND FACTOR & OPPORTUNITY


•Norway needs to look outside more than ever

•Norway leverage its unique advantage to solve global challenges

•Knowledge brokers

•You as an Agent

•Growing interest in encouraging small business growth as a source of employment for the future

•Promoting entrepreneurship.

Economic

-Oil investment fall

-Need to diversify

-Shift in economic power

• Products and services for the old

• Products and services for caregivers

• Senior Care-old people of immigrant background

• Immigrant market

• Technology-smart cities

Demographic/Urbanisation/Social

-More old people(living longer)

-Increase immigrant pop

-Shift in spending power

• Disruption

• Internet of Things

Technological

-Connectivity

-Convergence

-Mobility

OBSERVING TRENDS

• -Oil investment fall

• -Need to diversify

• -Shift in economic power

Economic/Structural

• -More old people(living longer)

• -Increase immigrant pop

• -Shift in spending power

Urbanisation/Social

• Connectivity

• Convergence

• Mobility

• Innovation

Technological

Business, product, service.

Opportunity Gap: (Difference

between what is available

and what is possible.

This is what Peter Drucker

calls The incongruity–

between reality as it actually is

and reality as it is assumed to

be or as it “ought to be

New

Business


DEMOGRAPHIC/SOCIAL OPPORTUNITY:

IMMIGRANT MARKET

0

100000

200000

300000

400000

500000

600000

700000

800000

900000

Immigrants The EU28/EEA, USA,Canada, Australia and

New Zealand

Asia, Africa, LatinAmerica, Oceania

Africa Asia-incl Turkey

Immigrants and Norwegian-born to immigrant parents, by country background. 1 January 2015

Immigrants and Norwegian-born to immigrant parents, total Immigrants NBTIMP


DEMOGRAPHIC/SOCIAL OPPORTUNITY:

THE IMMIGRANT MARKET

Segmentation-What is your segmentation based on? Actionable and Meaningful segments

Segmentation even more important and complex today

The immigrant market? Is this your target market?

Who is your target?

Do you know the «natives» well??

Do you know your own group well?

What are their needs? Look at the United States...some of the most successfull immigrant entrepreneurs solve problems within their community

The Lebara boys


TECHNOLOGY OPPORTUNITY:INTERNET OF THINGS

The Internet of Things refers to the networking of physical objects through the use of embedded sensors, actuators, and other devices that can collect or transmit information about the objects.

According to Gartner, Inc. (a technology research and advisory corporation), there will be nearly 26 billion devices on the Internet of Things by 2020

What is the opportunity?The data amassed from these devices can then be analyzed to optimize products, services, and operations.

The interconnection of these embedded devices (including smart objects), is expected to usher in automation in nearly all fields, while also enabling advanced applications like a Smart Grid, and expanding to the areas such as smart cities.


TECHNOLOGY OPPORTUNITY:IOT-SIX TYPES OF APPLICATIONS

Tracking

Behaviour

Enhance

Situation

Analysis

Sensor-Driven

Analysis

Process

Optimisation

Optimized

resource

consumption

Complex

automation

system

Monitor the

behaviour of

people and things

through space

and time.

Eg;-presence

based advertising

Achieve real time

awareness of

physical

environment

Assist human

decision making

through deep data

analysis and data

visualization

Automated

control of closed

system

Control of

consumption to

optimise use

across a network.

Eg..smart meters

Automated

control in open

environment with

great uncertainty.

Eg..collision

avoidance

systems

Information & Analysis Automation & Control


MARKET FAILURE OPPORTUNITIES


Customer has unique charcateristics/patterns/behaviour that provides for a service

Time-inconsistent preferencesWill you have 500 today or 505 tomorrow?

Information AsymmetryA situation where there is imperfect knoweldge. In particular it occurs where one party has different information to another.

Imperfect Marketse.g: The Poles and Latvians in the building trade

JOBS OF THE FUTUREFUTURIST THOMAS FREY

Personal Rapid Transit Systems (PRTs):-Station Designers & Architects, -Demand optimizers

Atmospheric Water Harvesters: -System Architects, -Purification experts, -Water Supply Transitionists

The Sharing Economy : -Sharability Auditors – People who analyze homes and businesses for sharable assets- Opportunity Spotters- Involvement Specialists

The Quantified Self- The “quantified self” is all about building a measurable information sphere around each of us. We will become far more aware of our deficiencies and the pieces needed to shore up our shortfalls.- Data Contexualists- Deficiency Analyzers-Skill Quantifiers- Bio-Waste Optimizers

Micro-Colleges

Micro Grid Conversion- Micro Grid Strategists- Mass Energy Storage Developers

Bio-Factories

3D Printing- Automation Auditors – Assessing what parts, processes, and systems can be automated- 3Dimensionalists – Those with an innate ability to think three dimensionally- 3D Printer “Ink” Developers- 3D Food Printer Chef- 3D Printed Clothing Fashion Designers, Material Specialists, and Stylists- Organ Agents – 3D printed organs are now being created and are in hot demand- Manufacturing Process Consultants

Internet of Things-. IBM even created a starter kit to help people get started.- Locationists – People who specialize in adding the relevance of “place” to our global online communities.- Augmented Reality Architects – Much like the paint we put on houses and the flavorings we add to food, the future will seem boring if our reality hasn’t been augmented in some way.- Ownership Network Setup Specialists – Everything people own over a certain value can be tagged, tracked, and monitored.

Big Data- Social media, blogs, web browsing, and company’s security systems are all generating enormous quantities of data, and it all needs to be stored, managed, analyzed, and protected- Smart Contact App Developers- Waste Data Managers- Opportunity Spotters


http://www.futuristspeaker.com/extended-bio/

HOT NEW SKILLS 1-7

Futurist Thomas Frey

1. Transitionists – Those who can help make a transition.

2. Expansionists – A talent for adapting along with a growing environment.

3. Maximizers – An ability to maximize processes, situations, and opportunities.

4. Optimizers – The skill and persistence to tweak variables until it produces better results.

5. Inflectionists – Finding critical inflection points in a system will become a much-prized skill.

6. Dismantlers – Every industry will eventually end, and this requires talented people who know how to scale things back in an orderly fashion.

7. Feedback Loopers – Those who can devise the best possible feedback loops.


http://www.futuristspeaker.com/extended-bio/

HOT NEW SKILLS 8-14

8. Backlashers - Ever- new technology will have its detractors, and each backlash will require a response.

9. Last Milers – Technologies commonly reach a point of diminishing returns as they attempt to extend their full capacity to the end user. People with the ability to mastermind these solutions will be in hot demand.

10. Contexualists – In between the application and the big picture lays the operational context for every new technology.

11. Ethicists – There will be an ever-growing demand for people who can ask the tough question and standards to apply moral decency to some increasingly complex situations.

12. Philosophers – With companies in a constant battle over “my-brain-is-bigger-that-your-brain,” it becomes the overarching philosophy that wins the day.

13. Theorists – Every new product, service, and industry begins with a theory.

14. Legacists – Those who are passionate and skilled with leaving a legacy.


TAKE AWAYCompetition has made customers more demanding

You are in an opportunity filled space

Disruption is the name of the game. Disruption equals opportunity

Everything is Service

Explore and experiment in different areas

Build your network.

Explore and be open to the idea of serendipitous connections

Look for new uses for old inventions. Build on platforms that have come before

Entrepreneurial life is not for everyone


QUOTES

Good ideas are common – what’s uncommon are people who’ll work hard enough to bring them about. Ashleigh Brilliant

A failure is not always a mistake, it may simply be the best one can do under the circumstances. The real mistake is to stop trying. B.F. Skinner


THANK YOU AND GOOD LUCK


Presentation identifying 20entrepreneurial_opportunities_in_norway_25102015

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