Pursuing White Space Opportunities: ROR Report Out
Mark Paczkowski, PhD, Technical Fellow, New Product R & D, Lubrizol Corporation
Larry Schmitt, PhD, Manging Partner, The Inovo Group
A “whitespace” can be defined as something that fits a company’s core mission but not their core business. The challenge of successfully entering a new whitespace is something that most large companies have experienced firsthand. For innovation leaders and practitioners there is much uncertainty, many unknowns, and large perceived risks in the pursuit of new whitespace opportunities. This causes a significant level of organizational discomfort. Yet, most companies recognize that to insure long-term viability, it is imperative that a company explore whitespaces for new opportunities but the tension between minimizing risk and maximizing reward is exaggerated when the space you are entering is truly ‘white’.