New Venture Development incorporates all activities associated with generating new digital business opportunities within the realm of product, service design, business model curation, and brand marketing. From its inception, a business’s digital development is the foundation on which it stands.
Identifying new digital business models in an age infatuated with innovation is the defining factor of adaptation. What’s happening in the boardroom is not necessarily what’s happening on the front lines of digital innovation. Companies need to adapt and think like startups in order to define disruptive business models and deliver game-changing products. The digital world refuses to remain static, so why should your brand?
Despite case studies of successful new venture development across the board, only a minority of companies have fully embraced it.
Brands tend to be disrupted because they neglect the signals of advancement, and have become complacent about the recent success that they can present to shareholders. Companies that do see the impending innovation on the horizon are often the same ones that strike first. Since many of these companies don’t find themselves directly involved in the tech industry, neglection is all too common a fate.
When New Venture Development is prioritized for a brand, their top mistake is looking solely at digital startups as the sole threats to their (possibly) antiquated business model. For every digital startup, there’s a fellow company in the same your industry successfully undergoing this digitization process. Simply, the closer your industry is related to tech, the more competition you’ll have.
To counteract this, corporations need to track not only the digital startups but study fellow competitors and observe how they’re transitioning into the digital sector. Through our digital innovations lab, we can avoid such fallacies as “bolt-on tech” to ensure that your venture into the digital world not only forms a modernized revenue stream but fully integrates with the brand model and culture that you hold closest. New acquisitions don’t always equate to gained knowledge.
Though investment into your future through digital expansion characterizes New Venture Development, we believe human experience is the differentiating factor. Companies often attempt to restructure around this expansion, while forgetting about what brought them there, to begin with. Disrupting markets without the disruption of your organizational status quo is how #wesolvedigital.