Opportunity management

Agenda

• Icebreaker• Welcome and Introductions • Agenda Review• Objectives• Opportunity management• Provincial, Regional & Community Profile• Idea Generation• Action planning• Parking Lot• Discussion/Evaluation

Workshop Objectives

– Understand opportunity management and its role in community economic development

– Describe the major steps in the opportunity management process

– Understand and apply criteria needed for opportunity management

– Develop strategies to engage in opportunity management in your community or region

– Identify stakeholders to be involved in the process– Determine the partners to be involved in feasibility

studies and action planning

What is Opportunity management

– Part of venture development process and “funnel”

– Rooted in entrepreneurship– Used for community economic development

and business development idea generation– Encouraged by government and funding

agencies to establish local priorities– Successful if inclusive community process

Opportunity management Exercise 1

• Introduce participants to opportunity management

Opportunity management Exercise 2

• Understand the importance of a provincial profile

Provincial Profile

• Provides background information on province• Includes information such as:

– Employment/unemployment– Population– Incentives– Priority sectors– Housing starts– Income levels– Migration/Birth Rate

Opportunity management Exercise 3

– Identify which provincial priority sectors are applicable to your community

Regional and Community Profile

• Contains local and regional information from:– REDB– CBDC– Rural Secretariat– Chambers of commerce– Community profiles

• Economic development plans• Municipal plans

Research and Development

• Provides information on R & D in your area

• Sources of information include:– Memorial– College of North Atlantic– National Research Council– Department of Fisheries– Others

Research and Development Exercise 4

• Identify research and development initiatives and leaders in your area

Community Infrastructure

• Includes physical resources not always captured in community profile– Roads– Broadband– Facilities

• Provides relevant information for opportunity management

Community InfrastructureExercise 5

• Identify types of infrastructure information that should be contained in a regional or community profile

Business and Services

• Provides overview of existing services and products

• Assists to identify gaps in region and community

Business and Services Exercise 6

• Identify major employers and opportunities in the region

Identify Opportunities

• Generates list of possibilities for the region or community

• Considers community, business and organization needs

Identify OpportunitiesExercise 7

• Brainstorm business and community development ideas for the region or community

management Criteria

• Ensures means to filter opportunities

• Provides opportunity to reflect community, business and organizational priorities

• Reduces long list to workable list of priorities

management Criteria Exercise 8

• Develop criteria for assessing opportunities

Apply Criteria

• Provides method to rank opportunities• Enables group process to identify priorities• Results in list that is generated by group

Apply CriteriaExercise 9

–Apply criteria to the list of opportunities generated by the group

Action Planning

– Determines how to research and analyze short list of priorities

– Identifies partners to be involved in the research and analysis

– Determines timelines for process– Assists government and funders to

understand local priorities

Identify Next Steps Exercise 10

–Identify follow up for research

Opportunity management

–Parking Lot

–Discussion/Summary

–Evaluation

Thank you!