What is White Space Innovation, and what are best practices, tools and online templates for teams and organizations?
Definition of White Space Innovation
White Space Innovation is the process of identifying and creating entirely new market opportunities outside of existing markets and business models. Specifically, White Space is defined to be the market or customer needs that have not yet been fulfilled by existing solutions but could be met through the creation of a new product or service. In order to take advantage of white space opportunities, a different business model is usually required.
Description of White Space Innovation
To take advantage of a White Space opportunity, several steps should be taken:
Identify White Space
White Space Innovation areas should be defined based on what customers value. These can be needs of existing customers in existing markets that are going unmet, needs in markets where an organization does not currently have customers, or needs that will arise when a not-yet-existing market emerges. An organization might become aware that it is time to endeavor into White Space when they encounter a customer need that requires key resource investment or the creation of a new profit model.
Venture into White Space
Once the need has been identified, organizational stakeholders must brainstorm potential ways to meet customer needs, how the creation of this new product or service adds value to the organization, what resources (e.g., employees, technology etc.) need to be invested, how can they expend resources in a sustainable way and how they can employ rules and norms to connect the new business model to the one currently in place. After brainstorming, it is critical to have a clear plan in place for implementing the innovation, ideally starting with a pilot.
Implement Innovation Plan
Before carrying out the plan, it is advisable to invest resources on a small scale to test hypotheses about different assumptions that are critical to the plan. When a viable test of the prediction has been run and the fundament assumption about the White Space has support, it is more likely that the full plan will be successful. Once the full plan is laid out, determine if the process can be refined and create metrics for tracking success. Determine if there is a way for the new opportunity to be integrated into the current business model or if it must remain a separate entity to ensure its success.
Tools & Templates
The tools managers can use to guide their employees through the steps for White Space Innovation involve approaches from strategy, design thinking and innovation.
upBOARD's Online White Space Innovation Tools & Templates
Unlike most traditional White Space Innovation processes, upBOARD’s online White Space Innovation tools allow any team or organization to instantly begin working with our web templates and input forms. Our digital platform goes far beyond other software tools by including progress dashboards, data integration from existing documents or other SaaS software, elegant intuitive designs, and full access on any desktop or mobile device.
Learn more about upBOARD’s library of other innovation management online best practice tools and templates, including:
70-20-10 Rule, Agile Innovation Process, Brainstorming, Business Case Development, Business Model Canvas, Concept Development, Concept Screening, Concept Testing, Context Canvas, Crossing the Chasm, Crowdsourcing, Customer Empathy Map, Customer Problem Statements, Design Thinking, Disruptive Innovation, Empathy Interviews, Ethnographic Research, Experiment Canvas, Innovation Funnel Management Process, Innovation Horizons Model, Innovation Matrix, Innovation Roadmap, Jobs to be Done, Lean Startup, Listening Hats, Minimum Viable Product, Open Innovation Process, Outcome Driven Innovation, Painstorming, Phases & Gates, Rapid Prototyping, Saturate and Group, SCAMPER, S-Curve Mapping, Stage Gate Process, Startup Innovation Management, Technology Life Cycle, Technology Scouting, Teece’s Win-Lose Innovation Model, Value Proposition Canvas and White Space Innovation.