Plot your innovation idea’s potential on the opportunity matrix
WHAT IS THE OPPORTUNITY MATRIX?
The Opportunity Matrix evaluates ideas on two axes: their potential and the difficulty of delivering them.
There are many alternative 2X2 grids you could use, or you could even define your own criteria and grid.
HOW TO USE IT?
The matrix plots ideas on a grid to enable you to rank them in order of opportunity: questionable, quick win, gold mine and moon shot.
Select a number of potential ideas to evaluate, then take each through the following process to evaluate their potential and their challenges. Use a four-level rating scale: Low, Medium, High and Super High.
You can download the worksheet below.
1. Rate the potential
First rate the idea’s potential, looking at:
- Unmet needs
- Better than alternatives
- Existing volumes
- Expected growth
- Economically sustainable
- Technically feasible
2. Rate the challenge
Then rate the difficulty in bringing the idea to life:
- Development difficulties
- Funding challenges
Time to revenue
- Market readiness
- Length of sale cycle
Risks & threats
- Competitors & partners
- External dependencies
3. Plot on matrix
Finally, using the potential and challenge ratings, plot each idea onto the matrix.
This will filter ideas into four categories of opportunity:
- Quick wins
- Gold mine
- Moon shot
The worksheet is included in our free PLAYBOOK, a collection of 30 of our favourite tools and techniques. Download them all now in the PLAYBOOK.