IDENTIFYING ENTREPRENEURIAL
OPPORTUNITIES IN NORWAY
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 1
BACKGROUND AND OBJECTIVES
BackgroundTo start a business one needs to identify a need, a problem/opportunity.
Someone new to Norway may not readily identify or have the necessary information/knowledge/network to identify opportunities.
ObjectivesTo provide insights into where opportunities can be found
Stimulate a discussion
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 2
AGENDA
Present possible Sources of opportunities
-Mega trends, Trends in Norway
Identify possible entrepreneurial opportunities
-Present and discuss possible business opportunities- How to analyse, what to look for?-Your market, Segmentation
Skills and jobs for the future
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 3
ABOUT ME
Francis Stevens George
-Author, Entrepreneur, Top/Senior Management, consultant (Big and small
companies, public, private sector, cross industry experience- Norwegian
International companies. E.g.. Yara, Moota Telecom, Fronter, Norad, IFC,
Foundation for Business and Society
-Part of one of the first incubators in Oslo (Efjord), 2012-13 Business
development Manager at Grunderneshus (Oslo Int. Hub)
-Instructor in Innovation Management, Leadership, E-business/commerce
- Founder, Owner and editor of Innovationafrica.org
-Author of several papers on Business models, Leadership,Innovation and
Technology
-Published- [China and Africa Love Affair, Feb 2014], The Diplomat (2015), The
Plantman(2014), Black White and Coconut(2014), The Autobiography of Siaka
Stevens Parts I and II(2014)
-Formal qualifications: London School of Economics-(BSc Econs), Norwegian
School of Norwegian (MBA), (Masters in Innovation, E-enterprise and
Leadership)11/9/2015 WEDNESDAY 29 JULY 2015. OSLO. NORWAY
AGENDA
Present possible Sources of opportunities
-Mega trends, Trends in Norway
Identify possible entrepreneurial opportunities
-Present and discuss possible business opportunities- How to analyse, what to look for?-Your market, Segmentation
Skills and jobs for the future
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 5
SOURCES
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 6
FOUR MAIN SOURCES
Me (Internal)
My experience, personal pain. I have a problem
Out there (External)
Trends, Mega trends, Market inefficiency,signals,failures)
Your community
Corporate/enterprise
Research/Academic
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 7
SOURCES: MEGA TRENDS
Demographic and social change
Shift in economic power
Urbanisation
Climate change
De-industrialisation
The Third billion
Technology- everything (almost) will become DIGITAL- (IoT)
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 8
SOURCES: TRENDS IN NORWAYStructural
Urbanisation
Demographic-People living longer-Increase immigrant pop
Shift in spending power-Elder generation
Technological-Everything digital-Connectivity-Convergence-Mobility-m-health-Innovating to Zero-Disruption
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 9
TRENDS: THE BIG PICTURE
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 10
Norwegian Global
The Smart Money
STRUCTURAL CHANGES
The petroleum industry is currently the most important export sector
With falling oil prices Norway has currently no choice but to diversify her economy
Increase focus on Entrepreneurship
Oslo Cancer Cluster
Increase focus on biotech
Increase focus on knowledge and experiences to solve global challenges.
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 11
52 %
8 %
6 %
15 %
9 %
6 %4 %
1980-2000 Exports
Gas & Oil
Fish
Chemicals
Machine
Metals
Pulp & Paper
Other Manu
URBANISATION
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 12
960.000 pop in Oslo in 2040
0
200000
400000
600000
800000
1000000
1200000
Pop
Oslo Pop Growth
2015 2040
DEMOGRAPHIC
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 13
IMMIGRATION
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 14
SUMMARY:FOUR MAIN SOURCES
Me (Internal)
My experience, personal pain. I have a problem
Out there (External)
Trends, Mega trends, Market inefficiency,signals,failures)
Your community
Corporate/enterprise
Research/Academic
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 15
OPPORTUNITIES
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 16
LOOKING FOR OPPORTUNITIES
"Start with your own experience,-what bothers you? What is missing?
How are problems solve? It could be business or other
Look for a problem! DO NOT CREATE A PROBLEM!
CREATE solutions: Why not think of solving problems that will exist, but dont yet?
Market failure
Product in Norway, that is not available in your home market
Every thing is Digital
Everything is up for Disruption
Grow your network
Save people money; and of course TIME too
Fulfil a need
Appeal to base emotions
Turn your passion, hobby into a business
Steal someone else idea
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 17
ASK
Why: is it so or is it like this?
What: does that mean?
How: can I(we) solve this?
Where: where does it happen?
When: does it happen?
Peter Drucker: Entrepreneurs always search for changes, responds to it and exploits it.
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 18
TREND FACTOR & OPPORTUNITY
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 19
Norway needs to look outside more than ever
Norway leverage its unique advantage to solve global challenges
Knowledge brokers
You as an Agent
Growing interest in encouraging small business growth as a source of employment for the future
Promoting entrepreneurship.
Economic
-Oil investment fall
-Need to diversify
-Shift in economic power
Products and services for the old
Products and services for caregivers
Senior Care-old people of immigrant background
Immigrant market
Technology-smart cities
Demographic/Urbanisation/Social
-More old people(living longer)
-Increase immigrant pop
-Shift in spending power
Disruption
Internet of Things
Technological
-Connectivity
-Convergence
-Mobility
OBSERVING TRENDS
-Oil investment fall
-Need to diversify
-Shift in economic power
Economic/Structural
-More old people(living longer)
-Increase immigrant pop
-Shift in spending power
Urbanisation/Social
Connectivity
Convergence
Mobility
Innovation
Technological
Business, product, service.
Opportunity Gap: (Difference
between what is available
and what is possible.
This is what Peter Drucker
calls The incongruity
between reality as it actually is
and reality as it is assumed to
be or as it ought to be
New
Business
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 20
DEMOGRAPHIC/SOCIAL OPPORTUNITY:
IMMIGRANT MARKET
0
100000
200000
300000
400000
500000
600000
700000
800000
900000
Immigrants The EU28/EEA, USA,Canada, Australia and
New Zealand
Asia, Africa, LatinAmerica, Oceania
Africa Asia-incl Turkey
Immigrants and Norwegian-born to immigrant parents, by country background. 1 January 2015
Immigrants and Norwegian-born to immigrant parents, total Immigrants NBTIMP
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 21
DEMOGRAPHIC/SOCIAL OPPORTUNITY:
THE IMMIGRANT MARKET
Segmentation-What is your segmentation based on? Actionable and Meaningful segments
Segmentation even more important and complex today
The immigrant market? Is this your target market?
Who is your target?
Do you know the natives well??
Do you know your own group well?
What are their needs? Look at the United States...some of the most successfull immigrant entrepreneurs solve problems within their community
The Lebara boys
2015 CCI WORKSHOP ON ENTREPRENEURSHIP AND INNOVATION. FRANCIS STEVENS GEORGE 22
TECHNOLOGY OPPORTUNITY:INTERNET OF THINGS
The Internet of Things refers to the networking of physical objects through the use of embedded sensors, actuators, and other devices that can collect or transmit information about the objects.
According to Gartner, Inc. (a technology research and advisory cor
