Page 7 - INNO4CHANGE_WP3_M3_Self-study session_EN

IDENTIFYING MARKET GAPS

From the idea he wrote down before, he did a brief research by completing the

following steps:

Step 1 | He formulated his idea into a real business idea by writing down his value

proposition using a value proposition canvas template*.

Step 2 | Afterwards, he assessed his social innovation business idea strength by

conducting a SWOT analysis**.

Step 3 | He then made a list of other social businesses that had a similar business idea

to his, briefly assessed what they were doing and wrote down the top three things his

social business idea had and that these competitors did not have – this helped him

identify his market gap (what made him different).

Step 5 | He went back to his initial business value proposition statement and reflected

on the fact if his idea was still a great one and filled in a market gap.

*Suggestion: www.b2binternational.com/research/methods/faq/what-is-the-value-proposition-canvas
**Suggestion: www.wordstream.com/blog/ws/2017/12/20/swot-analysis