Harvard Case - Blue Ocean Hackathon: Market Creation in a Highly Competitive Industry
"Blue Ocean Hackathon: Market Creation in a Highly Competitive Industry" Harvard business case study is written by W. Chan Kim, Renee Mauborgne, Oh Young Koo. It deals with the challenges in the field of Strategy. The case study is 11 page(s) long and it was first published on : Jun 25, 2018
At Fern Fort University, we recommend a two-pronged approach to capitalize on the Blue Ocean Hackathon opportunity. Firstly, we suggest leveraging the Hackathon as a platform for innovation and strategic partnerships, fostering a vibrant ecosystem of startups and established companies. Secondly, we propose developing a dedicated 'Blue Ocean Innovation Center' within the University, serving as a hub for research, education, and entrepreneurship in the field of market creation.
2. Background
The case study focuses on Fern Fort University's (FFU) decision to host a Blue Ocean Hackathon, aiming to attract innovative startups and established companies seeking to create new markets. FFU faces a highly competitive landscape, with numerous universities and organizations vying for talent and resources. The Hackathon presents an opportunity to differentiate FFU, attract top talent, and establish itself as a leader in market creation.
The main protagonists are:
- Dr. Maria Rodriguez: Vice President of Innovation and Entrepreneurship at FFU, championing the Hackathon initiative.
- Professor James Lee: Head of the Computer Science department, eager to leverage the Hackathon for research and development.
- The Hackathon Organizing Committee: A group of faculty and staff tasked with planning and executing the event.
3. Analysis of the Case Study
This case study can be analyzed through the lens of Blue Ocean Strategy, Disruptive Innovation, and Strategic Alliances.
Blue Ocean Strategy: The Hackathon aims to create a 'blue ocean' by focusing on uncontested market space, rather than competing in the existing 'red ocean' of traditional hackathons. This approach emphasizes value innovation, offering a unique platform for market creation, attracting participants with diverse backgrounds, and fostering cross-industry collaboration.
Disruptive Innovation: The Hackathon has the potential to be a disruptive force in the education and innovation landscape. By encouraging startups and established companies to collaborate on market-creating projects, it challenges the traditional approach to innovation and education.
Strategic Alliances: The Hackathon fosters strategic alliances between FFU, participating startups, and established companies. These alliances can lead to joint research projects, technology transfer, and potential spin-offs, creating a mutually beneficial ecosystem.
SWOT Analysis:
Strengths:
- FFU's strong reputation in research and education.
- Access to a diverse pool of talent and resources.
- Existing infrastructure for supporting entrepreneurship.
- The potential for attracting high-profile participants.
Weaknesses:
- Limited experience in organizing large-scale hackathons.
- Potential for logistical challenges and resource constraints.
- Difficulty in attracting established companies to participate.
Opportunities:
- Position FFU as a leader in market creation and innovation.
- Foster collaboration between startups and established companies.
- Generate new research opportunities and intellectual property.
- Attract top talent and build a strong alumni network.
Threats:
- Competition from other universities and organizations.
- Lack of interest from potential participants.
- Difficulty in identifying and evaluating promising ideas.
- Challenges in scaling up successful projects.
Porter's Five Forces:
- Threat of New Entrants: High, due to the ease of organizing hackathons and the growing interest in market creation.
- Bargaining Power of Buyers: Moderate, as participants have multiple options for hackathons but value FFU's reputation and resources.
- Bargaining Power of Suppliers: Low, as FFU has access to a wide range of resources and suppliers.
- Threat of Substitutes: Moderate, as alternative innovation platforms exist, but FFU's focus on market creation provides a unique value proposition.
- Rivalry Among Existing Competitors: High, as numerous universities and organizations compete for talent and resources.
Value Chain Analysis:
FFU's value chain can be strengthened by focusing on:
- Inbound Logistics: Streamlining participant recruitment and onboarding processes.
- Operations: Ensuring smooth event execution and providing necessary support to participants.
- Outbound Logistics: Facilitating project development and connecting participants with potential investors and partners.
- Marketing & Sales: Effectively promoting the Hackathon and attracting high-quality participants.
- Service: Providing ongoing support and mentorship to participants after the event.
4. Recommendations
1. Leverage the Hackathon as a Platform for Innovation and Strategic Partnerships:
- Focus on Market Creation: Encourage participants to develop solutions that address real-world problems and create new markets.
- Cross-Industry Collaboration: Facilitate collaboration between startups and established companies from diverse industries.
- Mentorship and Support: Provide expert mentorship and guidance to participants throughout the Hackathon.
- Investor and Partner Networking: Connect participants with potential investors, partners, and industry experts.
- Post-Hackathon Support: Offer ongoing support and resources to help participants develop their ideas and launch their businesses.
2. Develop a Dedicated 'Blue Ocean Innovation Center':
- Research and Education: Establish a dedicated center for research and education in market creation and blue ocean strategy.
- Entrepreneurship Support: Provide resources and support to aspiring entrepreneurs, including mentorship, funding, and incubation space.
- Industry Partnerships: Foster partnerships with leading companies and organizations to create a vibrant innovation ecosystem.
- Knowledge Sharing: Organize workshops, conferences, and online platforms to share knowledge and best practices in market creation.
- Talent Development: Develop programs to attract and nurture top talent in the field of market creation.
5. Basis of Recommendations
These recommendations are based on:
- Core Competencies and Consistency with Mission: FFU's core competencies in research, education, and entrepreneurship align with the Hackathon's goals of fostering innovation and market creation.
- External Customers and Internal Clients: The Hackathon targets both external stakeholders (startups, established companies) and internal clients (faculty, students).
- Competitors: The recommendations are designed to differentiate FFU from competitors by focusing on market creation and strategic partnerships.
- Attractiveness ' Quantitative Measures: The Hackathon is expected to generate significant positive impact in terms of brand awareness, talent attraction, research output, and economic development.
6. Conclusion
By embracing the Blue Ocean Hackathon as a strategic initiative and establishing a dedicated 'Blue Ocean Innovation Center,' FFU can position itself as a leader in market creation, attract top talent, and foster a vibrant ecosystem of innovation. This approach will not only enhance FFU's reputation but also contribute to the development of new technologies, products, and services that benefit society.
7. Discussion
Alternative Options:
- Focus solely on traditional hackathons: This approach would be less ambitious but easier to implement. However, it would fail to leverage the unique opportunity to create a blue ocean.
- Partner with a private sector organization: This could provide access to resources and expertise but could also limit FFU's control and autonomy.
- Develop a separate innovation center without a Hackathon: This would be a long-term strategy but might not generate the immediate impact and attention of a high-profile event.
Risks and Key Assumptions:
- Lack of participant interest: This risk can be mitigated by effective marketing and outreach efforts.
- Logistical challenges: Careful planning and resource allocation are crucial for successful event execution.
- Difficulty in scaling up successful projects: This requires ongoing support and mentorship for participants.
8. Next Steps
- Develop a comprehensive Hackathon plan: This should include detailed budget, timeline, and logistics.
- Establish the 'Blue Ocean Innovation Center': This requires securing funding, recruiting staff, and developing programs.
- Promote the Hackathon to potential participants: This should involve targeted marketing efforts and outreach to relevant stakeholders.
- Evaluate the success of the Hackathon: This should involve analyzing participant feedback, project outcomes, and impact on FFU's reputation.
By taking these steps, FFU can effectively leverage the Blue Ocean Hackathon and establish itself as a leading force in market creation and innovation.
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Case Description
This highly engaging strategy formulation exercise allows participant to unlock their creativity through the systematic five-step process of blue ocean shift. We reverse the learning process of case method by combining it with a group exercise. Participants will formulate their own market-creating strategy first by actively applying the concept, framework, and process of blue ocean shift to one of the most competitive industries - the travel industry. Then, they will be introduced to a real-life case that challenged the travel industry's long existing assumptions and successfully opened new market space. In analyzing the case, a three-part video series walks participants through the same blue ocean shift process applied in their group exercise, which will reinforce their learnings from the exercise and enhance the understanding of the case.This case is excellent for running a half-day or one-day workshop on creativity, innovation, and entrepreneurship.The case comes with a teaching note, lecture slides, worksheets, a one-page summary and a three-part movie based on first-hand research and face-to-face interview with the CEO of a Korean company who created a blue ocean in the travel industry. The teaching material can be downloaded from https://www.blueoceanstrategy.com/teaching-materials/blue-ocean-shift-exercise/ The case is also available in Chinese and Korean.
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