Blue Ocean Blue Ocean Kim and Mauborgne recommend creating blue oceansuncontested market spaces where the competition is irrelevant. 139 of the US News and World Report Top 250 STEM high schools in the US have participated in the competition. By contrast, the 14% invested in creating new markets and industries delivered 38% of total revenues and a startling 61% of total profits. Although the term may be new, blue oceans have always been with us, Blue oceans are right next to you in every industry, HBR at 100: The Most Influential and Innovative Articles from Harvard Business Reviews First Century, Beyond Disruption: Innovate and Achieve Growth Without Displacing Industries, Companies, or Jobs, I'm a subscriber, but I don't have an HBR.org account. Red ocean strategy is all about competition. We are proud to announce the winners of the 2022 edition! Business model makes scalability seem unlikely. And like Cirque, Ford went outside the industry for a price point, looking at horse-drawn carriages ($400), not other autos. 2nd Place Winner: EpiBraceletSahil ManthaSunset High School Portland, Oregon, USA. Summary Of The Blue Ocean Strategy Concept provides no perceivable differentiation from competing products and services. Starting a new small business? In 1908, Ford Motor Co. introduced the Model T as the car for the masses. Congratulations to all! Inspire your peers to create innovative solutions to real-life problems. Blue Ocean The 2023 competition saw record-breaking participation - 5200+ students from 146 countries and territories. This type of industry describes a red ocean, representing a saturated market bloodied by competition. Amazon isnt always successful in creating blue oceans, however. WebThe Blue Ocean Student Entrepreneur Competition is the most prestigious, virtual entrepreneurship competition in the world founded by and supported by high school students. 501c3 non-profit is formed and the competition goes from student-run to professional-run. In their book, Kim and Mauborgne wrote about 150 blue ocean strategies that have been undertaken by companies over about 100 years. But once corporations realize that the strategies for creating and capturing blue oceans have a different underlying logic from red ocean strategies, they will be able to create many more blue oceans in the future. WebThe Blue Ocean Student Entrepreneurship Competition has just announced their 2019-2020 winners. We use cookies to ensure that we give you the best experience on our website. Business model makes a compelling argument for commercial viability and scalability, with the potential of mass adoption. While our conceptual articulation of the pattern may be new, blue ocean strategy has always existed, whether or not companies have been conscious of the fact. Provide profitability model, go-to-market plan or end-user feedback. The services sector under the old system, for example, is now seven sectors ranging from information to health care and social assistance. Blue oceans are contrasted with "red oceans," characterized by cutthroat competition and crowded markets. Now turn the clock back only 30 years and ask yourself the same question. This situation is applying to more and more industries today and will be even more prevalent in the future.. Little to none of the technology required to develop the concept exists. Blue Ocean Competition reserves the right to eliminate any pitch and/or disqualify any individual or team that it deems inappropriate or harmful to another team or the competition itself. Instead of trying to beat the competition and steal a share of existing demand from other automakers, Ford reconstructed the industry boundaries of cars and horse-drawn carriages to create a blue ocean. It doesnt need to replace your current mode of operation. The Blue Ocean Student Entrepreneur Competition is the most prestigious, virtual entrepreneurship competition in the world founded by and supported by high school students. It takes less than 35min to complete! Sign up to compete solo as a mighty team of one, or invite a few friends to join you to compete together. The Bangna BTS Skytrain Station takes you to other parts of Bangkok, while Suvarnabhumi Airport is within a 30-minute drive away. The framework poses four key questions. Check if your school has participated here. It only came in one color and one model, but it was reliable, durable, and affordable. GMs car for every purse and purpose GM created a blue ocean in 1924 by injecting fun and fashion into the car. Blue Ocean The red ocean assumption that industry structural conditions are a given and firms are forced to compete within them is based on an intellectual worldview that academics call the structuralist view, or environmental determinism. Win money for yourself. Watch the Webinar to learn all you need to know about the competition. WebThis year more than 2,500 students submitted their pitches for the competition and all blue ocean pitches were judged by a panel of distinguished judges comprised of professors, businesspeople, serial entrepreneurs, and thought leaders. At the time of Cirques debut, circuses focused on benchmarking one another and maximizing their shares of shrinking demand by tweaking traditional circus acts. Check out the inspiring winning blue ocean pitches. Blue Ocean "Blue Ocean Strategic Moves." Blue Ocean BLUE OCEAN Few established airlines had the flexibility to make such extensive organizational and operating changes overnight. Stanford Online High School, Redwood City, California, USA. For what they reveal is that large R&D budgets are not the key to creating new market space. Share your expertise to help high school students become better entrepreneurs. Register for the competition solo or team up with up to four friends to compete together. Often require face-to-face presentations significantly limiting access. Blue Ocean The competition has exposed thousands of high school students to the real world of blue ocean entrepreneurship. WebWhy are some companies able to create blue oceans of uncontested market space while others struggle in red oceans of intense competition? You should be very proud of your achievements. The top pitches in each round will move to the next round. Based on an eponymously titled book, this strategy argues that cutthroat competition results in nothing but a bloody red ocean of rivals fighting over a shrinking profit pool. Companies should instead look for new market space and ways to reinvent the industry. In red oceansthat is, in all the industries already existingcompanies compete by grabbing for a greater share of limited demand. There is ample opportunity for growth that is both profitable and rapid. Of course competition matters. When you begin your strategic planning, recognizing the difference between a red and blue ocean may not be as easy as the colors would indicate. BLUE OCEAN Not only did these create confusion among spectators forced to switch their attention from one ring to another, they also increased the number of performers needed, with obvious cost implications. WebThe 2024 Competition Take Part in the Worlds Biggest Virtual Entrepreneurship Competition for High School Students Who Can Compete? Quality Practices for Early Care and Education, OngoingTraining and Continuing Education, The Historical Significance of Juneteenth for Child Care. The competition goes state-wide across Maryland. Child Care Aware of America is a not-for-profit organization recognized as tax-exempt under the internal revenue code section 501(c)(3) and the organizations Federal Identification Number (EIN) is 94-3060756. And as trade barriers between nations and regions fall and information on products and prices becomes instantly and globally available, niche markets and monopoly havens are continuing to disappear. Learn more about the historical significance of Juneteenth for child care and why we celebrate this day as a nation. Another example of a blue ocean firm is Netflix, a company that reinvented the entertainment industry in the 2000s. In overcrowded industries, differentiating brands becomes harder both in economic upturns and in downturns. WebUnexplored and untainted by competition, ' blue oceans' are vast, deep, and powerful in terms of opportunity and growth. The term "blue ocean" was coined by INSEAD business school professors Chan Kim and Renee Mauborgne in their bookBlue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant(2005). Learn why creating a brand is critical to successful marketing. No new technology is required, or the technology required to develop the concept already exists and is feasible. As a result, any new company trying to launch a video subscription model will find itself facing a red ocean rather than a blue one. WHAT IS RED OCEAN STRATEGY? For a start, adopting a blue ocean creators business model is easier to imagine than to do. The real opportunity is to create blue oceans of uncontested market space. Some of the technology required to develop the concept exists but likely not at a feasible price point. This is precisely what the blue ocean strategy suggests, though household-name brands used this approach long before a 2004 book gave it a name. On top of this social prize, there were also two school prize categories: The, How to Shift From Red Oceans to Blue Oceans. WebUnexplored and untainted by competition, ' blue oceans' are vast, deep, and powerful in terms of opportunity and growth. Blue Ocean Looking for fee assistance or respite care? CTR later changed its name to IBM. Blue Ocean Strategy. Blue Ocean Blue Ocean Student Entrepreneurs Corporation is a registered 501c3 nonprofit organization in the State of Maryland. At the time, the automobile industry was still in its infancy with approximately 500 automakers producing custom-made cars that were more expensive and less reliable. We will combine the scores and then rank all pitches. Given that these classification systems are designed for standardization and continuity, such a replacement shows how significant a source of economic growth the creation of blue oceans has been. Contact Customer Service: Want to see the other articles in this list? We also reference original research from other reputable publishers where appropriate. High school students with just an idea for a blue ocean business can also participate. 2022 Catalyzing Growth: Using Data to Change Child Care, Building Well-Being & Connections for the Child Care Community. Imagine where you could be: determine hidden pain points, and identify the non-customers you would like to reach. Blue Ocean Strategy She specializes in financial analysis in capital planning and investment management. Blue Ocean Apple made iTunes a win-win-win for the music producers, music listeners, and Apple by creating a new stream of revenue from a new market while providing more convenient access to music. Blue Ocean IBM 650 electronic computer and System/360 In 1952, IBM created the business computer industry by simplifying and reducing the power and price of existing technology. 1911 N Fort Myer Drive, Suite 1100Arlington, VA 22209866-568-0590[emailprotected], Automate data collection across your organization, Advanced calculations, evaluations & aggregations, Highly flexible & infinitely customizable reports, Seamless collaboration across your organization, Leverage AI to rapidly implement your strategy, Enterprise-grade security and user access control, Cut your reporting time by 70% and automate your strategy, Integrate and streamline your strategy reporting process. WebYou can shop for local and international brands at vibrant malls such as Megabangna, CentralPlaza Bangna, and Seacon Square. Present research or facts to confirm the technical feasibility of your offering. Business leaders with innovative products and services who can identify blue ocean markets have endless opportunities. As the space gets more and more crowded, prospects for profits and growth are reduced. Blue ocean is an entrepreneurship industry term created in 2005 to describe a new market with little competition or barriers standing in the way of innovators. Blue Ocean Creativy & Value Innovation (20%), Quality of Presentation & Use of Blue Ocean Tools (20%). Blue Ocean Student Entrepreneurs Corporation is a registered 501c3 nonprofit organization in the State of Maryland. Like those within the auto industry, the blue oceans within the computer industry did not come about through technology innovations alone but by linking technology to what buyers valued. TRADEMARKS PRIVACY POLICY TERMS OF USE. Mass production is the manufacturing of large quantities of standardized products, often using assembly lines or automated technology. Make the competition accessible to all high schoolers around the world. She has a terrible vision. Kim pointed out how Amazon has shifted from an online retailer to a digital platform that sellspractically anything. Written by The Blue Ocean Team The Blue Ocean Team shares case studies, stories and practical insights related to the blue ocean tools and principles developed by Chan Kim and Rene Mauborgne. Blue Ocean Although the term may be new, blue oceans have always been with us. Competing in overcrowded industries is no way to sustain high performance. For this fifth edition, the virtual entrepreneurship competition saw over 750 students, comprising 275 teams and over 120 high schools, submitting their pitches. Instead, Nintendo prioritized wireless motion-control gameplay that was unavailable on other systems. 3rd Place Winner: Fision LensEva Tuecke, Krisha Patel, Emily ShoIllinois Mathematics and Science Academy, Aurora, Illinois, USA. In my opinion, this gym is the best for the rock climbing gym in BKK. Realizing that the tent, more than anything else, captured the magic of the circus, Cirque designed this classic symbol with a glorious external finish and a high level of audience comfort. Lets say the products and services you offer arent enabling you to meet your revenue goals. WebBangkok Arena ( Thai: , pronounced [b.kk .r.n] ), formerly named Bangkok Futsal Arena ( ), is an indoor sporting arena, located in Nong Chok District of Bangkok, Thailand. Reed Hastings and Marc Randolph founded the company as the first-ever mail-order DVD rental business in 1997. At present, competing in red oceans dominates the field of strategy in theory and in practice, even as businesses need to create blue oceans intensifies. Compaq PC servers Compaq created a blue ocean in 1992 with its ProSignia server, which gave buyers twice the file and print capability of the minicomputer at one-third the price. Skyline High School, Ann Arbor, Michigan, USA. Ted Dacko becomes the first Executive Director and takes the competition global. Bang Na If youre working with a team, all team members must register for the competition. How did Cirque profitably increase revenues by a factor of 22 over the last 10 years in such an unattractive environment? Blue Ocean Strategy Violation of any rule will result in disqualification. Indeed, is Cirque really a circus with all that it has eliminated, reduced, raised, and created? Use Eliminate-Reduce-Raise-Create Grid to show how your idea achieves differentiation and low cost simultaneously. Since blue ocean strategies require identifying untapped markets, and sometimes reinventing the market itself, a blue ocean strategy is a high-risk play that does not always pay off. Every year, thousands of high school students pitch their innovative business concepts to experienced entrepreneurs and business-people, receive feedback on their ideas, join a community of like-minded students, and compete for thousands in cash prizes. WebWhy are some companies able to create blue oceans of uncontested market space while others struggle in red oceans of intense competition? Students and teachers have an opportunity to win prizes for their school. Check if your school has participated here. While there is no set format for pitches (voice-over animation or graphics or talking heads), we encourage you to use the templates provided to structure your pitch for increasing your chances of winning. The largest and most prestigious virtual pitch competition for high school students in the world The real opportunity is to create blue oceans of uncontested market space. The founders of Cirque du Soleil clearly did not feel constrained to act within the confines of their industry. "Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant." As competition mounted in the global marketplace, a slew of red ocean strategies emerged, all arguing that competition was at the core of corporate success and failure. Use the above checklist as a guide through the process and hold internal brainstorming sessions for each point. The blue ocean strategy encourages tweaking your products to push them into their own market with low prices and no competition. Blue Ocean Churches & Cathedrals. IBM, too, is often regarded as an American institution largely for the blue oceans it created in computing; the 360 series was its equivalent of the Model T. Our findings are encouraging for executives at the large, established corporations that are traditionally seen as the victims of new market space creation. A blue ocean is considered (from a marketing standpoint) a yet unexploited or uncontested market space. A company will have more success, fewer risks, and increased profits in a blue ocean market. While they avoided mentioning Harvard Business Schools Michael E. Porter by name, Kim and Mauborgne attacked his famous five forces market analysis head-on. For example, consider the marketplace for car insurance: most insurers sell nearly-identical products, and try to capture market share by offering a more attractive deal than their competitors. Here, companies try to outperform their rivals in order to grab a greater share of existing demand. Here are three examples. Red oceans represent all the industries in existence todaythe known market space. We call this the reconstructionist view. Gain valuable experience developing and pitching blue ocean business ideas. These are a heavy economic burden, because circuses have to shell out not only for the animals but also for their training, medical care, housing, insurance, and transportation. Limited market potential ($5M or less than 10M people). What the company found was that many of the elements considered essential to the fun and thrill of the circus were unnecessary and in many cases costly. Every company rises and falls over time. It was easy to use, providing users with the ability to buy individual songs at a reasonable price. In an established industry, companies compete with each other for every piece of availablemarket share. It is time to even the scales in the field of strategy with a better balance of efforts across both oceans. As stores continue to expand and American shopping habits change, retailers are struggling financially. Visit the Official Blue Ocean Strategy website. According to Mauborgne, it failed in a few instances against Zappos, eBay and Apple. That is what I did through the Blue Ocean competition and the online course., Business and Marketing Teacher Centennial HS, MD, Pillager HS, MN. WebThis year, five high schools from Michigan, New York, Florida, Minnesota and California won US$1000 each for having the most submissions in this competition. By running both frameworks together, you can find uncontested markets (blue oceans) and chart the course to get there. For struggling businesses, Mauborgne recommended the strategy canvas, which is featured in her newer book with Kim, Blue Ocean Shift: Beyond Competing. Visit the Official Blue Ocean Strategy website. The online course is fun and short! Do you have any questions? Check out the scoring criteria to make sure your idea qualifies as a blue ocean business. In 1908, the first Model T cost $850; in 1909, the price dropped to $609, and by 1924 it was down to $290. Bangkok Arena Register for the competition to receive helpful materials including the Blue Ocean Mini-Course to help you prepare for your pitch. WHAT IS RED OCEAN STRATEGY? Making the shift to a blue ocean strategy. The Blue Ocean Team shares case studies, stories and practical insights related to the blue ocean tools and principles developed by Chan Kim and Rene Mauborgne. The reason is that blue ocean strategy creates considerable economic and cognitive barriers to imitation. People could learn to drive it in a day. Use the Three Tiers of Noncustomers Framework and the Buyer Utlity Map to show the wide appeal of your offering. Source interviews were conducted for a previous version of this article. Blue oceans offer the opposite. As the space gets increasingly crowded, profit and growth prospects shrink. Rather than enter the competitive marketplace of video rental stores, Netflix created new models of entertainment: first by introducing mail-order video rentals, and later by pioneering the first streaming video platform paid for by user subscriptions. The lesson here is that the best defense is offense, and the best offense is to make a blue ocean shift and create your own blue ocean. Porters model looks at specific factors that help determine whether a business can be profitable based on other businesses in the industry. Learn its pros and cons. The Blue Ocean Competition has been an amazing opportunity to fuel my desire to create my own business with one of my best friends. The key to exceptional business success, Kim and Mauborgne say, is to redefine the terms of competition and move into the blue ocean, where you have the water to yourself. Use Strategy Canvas to clearly show the competitive landscape and how your offering stands apart.
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