Understanding potential obstacles and thinking about how you will address them is really important to your project’s success. Don’t be surprised by a barrier! Take some time to be ready for any challenges that might come your way.
On the Ingenious+ application, we will ask you:
Are there any potential barriers to implementing your solution? If so, how might you propose overcoming them? (max 100 words)
A useful tool for answering this question is a S.W.O.T. Analysis, which stands for Strengths, Weaknesses, Opportunities and Threats.
Strengths:
What are the best things about your innovation? What does your project offer that is unique? How will it make things better in your community and beyond?
Weaknesses:
What can be improved in your innovation? How can you act now to address these weak spots before introducing your project to the world?
Opportunities:
While strengths refer to you and your project, opportunities are external factors that can help you succeed. For example, Ingenious+ is an opportunity! It’s an external initiative that you can apply to in order to access funding, mentorship and resources.
Threats:
The external environment can present negative factors too! Is there something that might decrease demand for your innovation? Are there a lot of competitors already established in this market? Think about the external obstacles that might stand in your way.
Once you’ve completed your SWOT analysis, look closely at what you listed for Weaknesses and Threats. How can you use your Strengths and Opportunities to address them? What else can you do to conquer obstacles early on and clear a path for your project’s success?
S.W.O.T. Analysis Template
Download the worksheet and fill in your own Strengths, Weaknesses, Opportunities and Threats.
