Why would I want to be focused…?
Economy of resources
- Spend your time wisely
- Spend your money wisely
Tempo
- Making fast decision based on clear goals
- Limited distractions
Market
- Defined niche
- Differentiate yourself
- Specialist on your product
- Closer understanding of your niche (both clients and competitors)
Development
- Somewhat restricted opportunities
Any drawbacks? What can go wrong…?
Missing value generation opportunities
- Application in different markets (opportunities to engage with adjacent markets in effective ways)
- New technical developments
- Changing customer demand
After a while…
- Getting stuck in the day to day
- Skills becoming too specialized
- Satisfaction with status quo
To consider…
Further options to getting value from your idea
- Licensing outside focus fields
- Collaborating for technology development
- Optimizing portfolios for sale/licensing of IP
Managerial considerations
- Regular reviews of processes and strategies
- Keep people that challenge your strategic assumptions (or bring them on board)
- Regular review of market developments