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

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.