Making the Most of Strategic Opportunities
While new technologies and new markets present appealing growth potential, it can all be for naught without the right strategy to capitalize on the opportunity. Companies need to make decisions about where in the value chain to partner and how, what business models to pursue, and which market segments and geographies to target first. Strategy is never simple, but in emerging technology areas it can be particularly challenging as:
- Novel products with different strengths and weaknesses than incumbents require different business models
- Emerging technologies often cross or blur existing industry and disciplinary borders
- High barriers to entry, switching costs, or simply industry inertia mean making headway can be difficult
- Forging partnerships with start-up companies, or across industry and geographic borders, introduces new complexity
- New trends in innovation management and funding shift demands on talent and may require new organizations
How Lux Research Helps
Grounded in solid technology and market analysis, Lux Research’s methodology helps lead clients to develop sound strategies for successful new business development. Members of Lux Research services work with our analysts and take advantage of Lux’s data and insights in order to make the right strategic choices to grow their businesses. Lux supports strategy development in various ways, including:
- Innovation leaders monitor Lux Insights for case studies on companies pursuing novel business models, and to keep up on market, technology, and policy developments that affect their strategic plans
- Executive teams use Executive Sessions with Lux Research experts to help set their organizations and priorities
Example: An oil and gas company is looking to improve its approach to open innovation. Lux Research leads an Executive Session with its R&D and strategic planning leaders that reviews the latest benchmarks and best practices in technology scouting and corporate venturing and conducts a working session on applying those recommendations to the company’s own organization.
- Business leaders tap Lux Research Market Reports and Webinars to understand strategic options in the current landscape
Example: A Director at a chemical and materials company is in charge of building out a business plan for 3D printing. He reviews Lux Research data on existing partnership networks in this field and compares to an internal analysis of key players to identify the best remaining places to partner to gain additional market share. He also discusses with Lux Research analysts how this field will be shifting to more open material development standards, and the impact on the best business models for accessing different end markets.
- Corporate strategic planning groups with Lux Research Consulting analyze their options as new technologies drive industries like agriculture and electronics to collide