FromIdea to OpportunityMaps (I2OMaps)

Abstract

Venture creation is typically marked with the spotting of a lucrative opportunity in the market or the appearance of a creative idea in the intellectual domain of the entrepreneur. Increasing democratization of information, relaxation of venture set-up hurdles and improving socio-economic conditions have catalysed both opportunity sighting and ideation. This has resulted in an enhanced rate of start-ups, which prima-facie appears to be a healthy and welcome trend. However, this has not changed the early mortality rate of startups. The strength that a venture then derives at the point of start when it is based on an independent idea or an opportunity is examined. A possible alternate start point through Idea to Opportunity mapping (I2O Maps) that combine the strength of these two independent key components is presented. A tool that leverages imperatives from the social and creative domain to validate and select the best possible I2OMaps is elaborated. The benefits of the tool and the framework are detailed. The framework and the tool should open up possibilities for further research in validating the influencers for venture creation at the pre-start phase.