Have you recognized both the threat and the opportunity offered by convergence in disrupting entire industries?
Few decision makers are familiar what convergence really means. We predict that this will soon no longer be the case.
The convergence of industries, sectors and technologies leads to the creation of new markets, along with innovative new products and services. An example of convergence in practice is the Google Self-Driving Car—built outside of the traditional automotive industry. Convergence provides firms confronted by stagnating markets with a potentially high-growth alternative. Key to success is building strategic partnerships, opening markets to smaller actors. The fundamental challenge is identifying partners that enable us to revolutionize existing industry rules.
Over the course of our work, we’ve identified the following key questions:
Do you know how to protect your company from third party convergence initiatives?
How can you assess your company’s potential and readiness for convergence?
During an interaction with the manager of “strategic projects” at a large European insurance company
clear dissatisfaction with the status of innovation management becomes apparent. Current search areas for new topics of innovation set up within the company are not generating the desired success. This has led to the recognition that relevant future innovations are increasingly developed in cooperation with other companies even from external industries such as nursing homes or pharmaceutical firms. However, this external perspective as well as the approach to initiate cooperation with companies from a different professional and industry background is not a simple process.
In this context, the insurance company aims to specifically address external sectors and industries in order to participate in a dialogue on innovation. The intention is to generate real and feasible innovation projects in the peripheral areas of the company. In the initial phase this requires clarity in the process and expertise in order to ensure a successful cooperation.
Key statement by the client during the project development:
“The Custom Team is able to specifically connect companies from different industries based on its expertise in the areas of innovation and creating new business models in order to initiate a process of mutual exchange leading to the creation of new innovation areas.”
Stimulating the Innovation Agenda through Industry Convergence
The University of St. Gallen is a leader in this fast-growing field and has the skills and expertise to support you every step of the way.
Please contact us for a detailed introduction, and we’ll take care of the rest!
Your Custom Team ES-HSG