Opportunity Recognition

Observation

Young man wearing a hat, scarf, glasses and backpack, sits in a public space watching people pass by.
Observation is a tool you can use anywhere, anytime.

Observation is the simplest tool you can use to identify opportunities. This is because it is easily incorporated into your life and there are so many things you can observe. For instance, you could be on the bus observing something out a window, or simply focusing your attention on people around you. You could also observe something in the media, whilst watching documentaries, films, and inspirational videos, or by observing trends. Observation is something you’re subconsciously doing all the time, so why not use it to find opportunities to be innovative?

To use observation to purposefully find opportunities you need to be in the opportunity mindset that we explored in topic 1. You need to be thinking about how any frustration or set of circumstances could be seen as an opportunity, depending on your perspective and the potential for you to have a competitive advantage.

ExampleAilira research assistant

One person who had a very useful observation was Adrian Cartland. He realised digital disruption was changing how industries worked and, based on trends he’d noticed, that it was likely aspects of the legal industry would soon be automated. He saw this as an opportunity to get ahead of competitors and develop something in response to this potential disruption. Based on this opportunity he developed Ailira, an artificially intelligent legal information research assistant. Adrian’s girlfriend, with no legal qualifications or experience, used Ailira as a test and was able to score a better mark in an Adelaide University law exam than Adrian. This automates the process of finding information, leaving lawyers to apply the information in a critical and informed way.

Practice your powers of observation

You can become a better observer by practicing. Challenge yourself to turn anything you notice into an opportunity. One way to practice is to sit on a park bench or in a café and list as many opportunities you can from your surroundings. For example, you could notice the design of rubbish bins, what devices are being used to walk dogs, or simply see how different people interact and greet one another. The most important part of this is then thinking about what opportunities you can find through these observations.