Technological foresight model for the identification of business opportunities (TEFMIBO)

Abstract

Purpose

The objective of this study is to provide a support tool for managers to identify future business opportunities.

Design/methodology/approach

The proposed model consists of eight-steps. For the first step the authors propose two studies: trends analysis and change drivers' identification; these help to identify the most relevant trends in areas that may affect the business activities. All this information is put into a Delphi process with the help of experts in order to find the common denominator of where the future is going; afterwards, with this information, the authors can build events and scenarios for the business opportunities. Then, a diagnostic of the study area, sector or organization through the dynamic diagnostic methods is performed.

Findings

Once the opportunities have been identified, a strategic analysis that allows decision making to prioritize and define the activities or projects that may be achievable in the future is done, and the result of the process is a portfolio of business opportunities projects fully defined and ready to be planned with a roadmap.

Originality/value

The proposed model allows the managers to consistently organize their development processes targeted to real business opportunities.

Citation

Güemes Castorena, D., Romero Rivera, G. and Villarreal González, A. (2013), "Technological foresight model for the identification of business opportunities (TEFMIBO)", Foresight, Vol. 15 No. 6, pp. 492-516. https://doi.org/10.1108/FS-10-2012-0076