Is your company already developing innovative products and corporate startups to future-proof yourself on the market?
New and disruptive technologies are emerging faster and faster, and the pace of change, as well as the level of competition, is enormous in many industries. In order to sustain business success and support long-term growth, companies need the ability to reinvent themselves to meet new, fast-changing customer expectations.
The reason for this is very individual for each company but they can all be summarized under various industry trends like digitalization, industry 4.0, sustainability, artificial intelligence, digital business models, and many more. New appearing regulations show paths with new opportunities, so every company is challenged with the same strategic questions: “What do different trends do with my business? What effects and impacts do these developments have on my business? How do I have to prepare my business for the future and what are we going to monetize in the future?”
Innovation and Ventures are one way to success
One of the keys to success is to focus on innovation and ventures. Companies that prioritize building new ventures have a higher chance of being future-ready and keeping track of upcoming market needs. That prevents companies from getting into a pressuring situation of catching up with the competition first instead of shaping the business future on their own proactively. Therefore, in the first step, it is necessary to anchor the responsibility for the future business on a high level in the company’s structure and to set up a safe as well as creative space for an innovation unit. This team is responsible for the development of the future business apart from the day-to-day topics and to set up a pipeline of ideas on possible opportunities, also by exchanging ideas of various existing innovation ecosystems.
Our approach is based on the experience of many current and historical projects combined with the large network and ecosystem of industry and research partners that we established over time. Our way is to focus on the customer view, market demand, and technology trends with simple and easy processes with a team of experienced technology and venture experts. The process includes initially the phases of Discovering, Ideation, and Validation before the business idea passes the Build, Launch, and Scale phases. In the team, we rely for each step on a co-creation approach with our customers and partners to succeed and grow profitable, successful future businesses. In the end, this approach supports the increase of resilience of your business regarding existing market volatility and creates cutting-edge as well as differentiation opportunities to your competition on the market while focusing on the market and customer needs at the same time.
8 Golden Rules to future proof your business
Summarized our golden rules for a future-proof business are:
- Responsibility for the future business on a high organizational level
- Experienced team of technology and venture experts
- Clear and easy processes
- Suitable KPIs instead of classic sales-driven approaches
- Safe environment for creative ideas separated from daily business tasks
- Co-Creation approach
- Large and strong ecosystem in research and industry
- Mindset to shape the future and diversify the existing business