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Strategy, Research

Opportunity canvas

Identify potential opportunities for new products, features, or improvements

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Opportunity canvas large

About the opportunity canvas template

Innovation requires intention. Exploring new ideas in-depth can help you feel more confident and better able to fully express your thoughts to others.

An opportunity canvas is a great tool for fleshing out the essence of a potential idea or opportunity. The canvas typically includes essential information such as the problem to be solved, the target audience or customers, the potential solution, key success metrics, and potential risks or assumptions.

Use the canvas to streamline how you assess whether or not to pursue the opportunity. You certainly want to celebrate if you move forward. But even if you do not, you will know you took the time to be thoughtful and comprehensive.

Best practices

Align on ideas and focus on solving real customer problems.

  1. Clearly define the people and problem Ensure that the user segment and problem statement on the canvas is well-defined and specific. The more precisely you can articulate the people served and their challenges, the easier it is to validate the opportunity's significance and whether the proposed solutions align with user needs.

  2. Get stakeholder buy-in You might choose to start the canvas on your own. When ready, involve teammates from other disciplines to gain diverse perspectives and insights on the idea's potential.

  3. Validate your assumptions Proactively work to validate any assumptions you are making through market research, user feedback, or experiments. This helps reduce risks and uncertainties before committing resources.

  4. Establish metrics for success Define clear and measurable metrics on the canvas. Establish key performance indicators (KPIs) that allow the team to evaluate the idea's impact on the product and its alignment with business goals. These metrics serve as a guidepost for success.

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