Exploration

Finding new opportunities in new markets that can be turned into innovations for the company.

Exploration is the process of looking for new markets, ideas, or technologies that can be turned into business opportunities. It involves searching for and identifying potential areas of growth, gathering relevant data and insights, and determining how to best capitalize on them. Exploration may involve exploring existing industries or creating entirely new ones. Through exploration, companies are able to identify potential sources of value-creation in both established and emerging markets.

This process can involve analyzing customer needs, researching competitive advantages in a particular market segment, understanding changing trends in technology or consumer preferences, or discovering novel applications for existing products. Exploration often requires significant research effort before the company can decide on whether to pursue an opportunity or not; however it is a necessary part of innovation as it helps companies discover innovative ways to create value in their respective industries.

Finding new opportunities in new markets that can be turned into innovations for the company. It is important to undergo exploration so as not to become irrelevant in the future. Opposite of exploitation.

Related Keywords: Innovation, Research, Market Analysis, Opportunity Identification, Value Creation

More Innovation Glossaries

SIT Method

A systematic approach to creatively solving problems, based on reversing assumptions about a product, service, process, or business.

Visual Thinking

Visual thinking is a way to organize information by using visual formats to represent information.

Modular

Developed as a unit, in such a way that it can be used individually to carry out a specific function; an independent whole, not depending on other parts.

Top Exploration Resources

There are two distinct parts to any Innovation Funnel

The traditional innovation funnel is no longer effective. Instead, the extended innovation funnel is critical to success, with two distinct sides; exploration and exploitation.

View

Exploring and Exploiting for Innovation (Part 1)

Exploring and exploiting has been a part of corporate success for centuries. However, companies need to rethink their explore/exploit intention and balance based on new competitive realities.

View

Exploring and Exploiting for Innovation (Part 2)

The explore and exploit concept has evolved immensely over time, with increased exploration, more intense competition, and the shift of exploitation from government to businesses. Businesses must invest more in exploring and improve time-to-value for products/services.

View