You are on page 1of 2

Identifying New Business Opportunities (INBO

Identifying New Business Opportunities is a fast-paced, hands-on, experimental workshop where participants identify and refine disruptive business opportunities. As a group we will follow a step by step process, the Renaissance Innovation Method that will help us reach this end. This method is based on two key principles that guide the substance of the opportunities generated and the process of developing them: 1) Substantively, we will focus on opportunities that disrupt an industry by reinventing the operating model of the industry. Typically, this entails revolutionizing the way in which the industry makes or sells the product. It does not necessarily require developing new products or addressing any new markets, though the changes in the business landscape are often as revolutionary. 2) From a process point of view, we will follow a systematic, risk limiting procedure to develop business opportunities. Our method prescribes recipes to generate a large number of potentially disruptive operating models, a framework to evaluate them, leveraging the power of the crowd for fast feedback, and a risk limiting sequence of steps to bring these innovations to life. Taken together, this structured renaissance innovation method leverages the participants’ industry expertise and is uniquely adapted to executive participants. In addition to generating potential leads for entrepreneurial ventures, participants can expect to learn and deploy key principles of the Renaissance Innovation Method at their organizations. Alumni of the workshop have gone on to launch independent ventures based on opportunities identified in this workshop, others become corporate entrepreneurs within their organizations to pursue and develop these opportunities, and some run similar workshops at their organizations. From a pedagogical standpoint, the course is largely hands-on, experiential and involves multiple in-class ideation and idea-pitching exercises. The sequence of sessions is Module 1: Identifying disruptive business models: Based on a series of techniques, each participant will identify multiple (i.e. > 5) opportunities for disrupting existing business models. We then use an online feedback system to provide feedback on the opportunities. Module 2: Opportunity Selection Workshop: Each participant pitches their opportunity to the group. As a group, we help identify the best opportunities. Module 3: Business Model Canvas: We define different elements of our new business using the business model canvas. The group will help us identify the most critical unknowns in the proposed business model. Module 4: Planning for success: Using the groups’ feedback, we develop a prioritized list of tasks to bring the model to life while limiting our (and our organizations) risk exposure.

Instructor Biography Karan Girotra is Assistant Professor of Technology and Operations Management at INSEAD. In his current research and teaching, he is developing a novel toolkit for realizing business model innovations. Karan has received multiple teaching and academic awards; most recently he was awarded the prestigious Dean’s commendation for excellence in teaching at INSEAD (2010, 2009), Management Science

distinguished service award (2010); the Wharton Outstanding Scholar Award (multiple years), and the 2007 M&SOM Meritorious Service Award. Karan’s research has appeared in top academic journals such as Management Science, and has been featured by publications such as the Harvard Business Review, Financial Times, MIT Sloan Management Review, etc. His recent consulting engagements include Merck Pharmaceuticals, Lundbeck Pharmaceuticals, Mckinsey Consulting, NTTDoCoMo, Dell Computers, Delhi Transport Corporation, and Costume Gallery. In addition to teaching and research, Karan enjoys entrepreneurial endeavors. He has co-founded and mentored multiple early-stage businesses; most recently he served as co-founder of TerraPass, a provider of environmental impact remediation services, that went on to receive multiple rounds of venture financing. Karan holds a PhD in Managerial Sciences and Applied Economics from the Wharton School of the University of Pennsylvania, an AM degree from the Wharton School and a Bachelor of Technology degree from the Indian Institute of Technology, Delhi.