Discovering growth engines outside your Industry
When the consumables division team asked themselves which other markets might be open to their unique technology, it opened up new horizons for their growth portfolio to amass transactions after a year and a half of intensive work.
Creating new growth engines with a conservative existing market
Management of this KNS division faced the challenge of creating a new and significant growth engine to bring in a minimum volume of tens of millions of dollars per year, with growth potential.
The division’s team, who were responsible for making it happen, were wary of “innovation theater,” which might create a collection of creative ideas which would fade quickly do to a lack of commitment to the process on the part of management, as had occurred in the past, primarily due to the team’s lack of confidence in project continuity.
“ModelZ truly took the initiative throughout our entire search process and never quit for a second rejecting options that looked good on paper but were disappointing in reality and strove right alongside us to validate what seemed impossible from the start. Today, we’re conducting negotiations with giant companies for our new solution.”
Aime Elkoby, Business Development Manager, KNS Consumables Division
Full growth program with entrepreneurial team
After intensive research and a series of two design meetings, the division had 16 options for new models, all representing new markets, but all based on existing advantages and abilities of the company.
After evaluation of the models showing the highest potential, 3 models were selected for initial validation of several weeks, at the end of which, only a single model had proven valid as meeting a significant need in a large market, such that it had the ability to create meaningful disruption in the food market (which was removed from KNS’s core industry – the field of semiconductors).
Following intensive market research which was used as a basis for potential customer segmentation, potential partners and focus on value packages, the team built various model prototypes. We began focused validation within several customer segments while at the same time receiving executive authorization for a three-year development budget of several million dollars. Today, a pipeline plan already exists for customers waiting for the launch of the full solution.
Cumulative customers and deals
The validation path of KNS’s teams, along with ModelZ’s entrepreneurial designers created actual facts about the demand for the solution, pricing model, and even market channels which would work best – without needing to fully build out the product itself.