example of Impact - STRATEGY, DIGITAL & INNOVATION
INCUBATING A NEW BUSINESSdetails
Client background and situation:
Healthcare client
Healthcare client
Struggling to find growth opportunities
Struggling to find growth opportunities
THe past
Prior approach & challenges:
Reluctance to develop products and services outside core business
Approach to growth was usually focused on M&A and partnerships
Reluctance to develop products and services outside core business
Approach to growth was usually focused on M&A and partnerships
solutions
Coppertree Partners approach:
developed a strategy
Analyzed the market and company’s strengths, challenges and positioning. Developed case for leveraging the strong brand value of the client to adjacent areas where company could own more of the customer relationship.
INCUBATED NEW BUSINESS INSIDE COMPANY
Built out independent business within the company with suite of new products and services including telemedicine, a healthy focused online platform, cosmeceutical development, etc
strengthened internal capabilities
Identified resources and trained employees on agile ways of working critical to success of new business
Impact:
- Successful new business inside corporation
- $100M in new revenues
Additional insights and takeaways
Company realized the value of creating an innovative new business once it had a grasp of the market trends and how wellness and remote care would become increasingly important. It adopted Lincoln’s view that “the best way to predict the future is to create it.” It did so by leveraging its strong trusted brand, capabilities and relationships to deliver more value through an independent business within the company. It became clear that the success of this new business would require a different way of working and operating than the core business if it wanted to develop new revenues and customer relationships. Execution required reallocating talent from other teams and training them while also hiring different profiles in the market.
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