Today’s fast changing environment forces corporations to reinvent their business models constantly to stay on top of their game. However, innovating existing business models is often much more complicated than anticipated. Identifying the technology or process a company wants to improve or which is under risk of disruption is one thing, but where can you find the innovations for a specific demand and how can you test it risk-free and potentially integrate it into existing processes?
1. Define the search field(s)
Partnering with TechFounders gives corporates access to the newest innovations and technologies in their key innovation fields, thanks to our diligent global scouting process. But to find the right innovations for the company, we must first define in detail what we are looking for. In this case, our corporate partner ADAC was looking for solutions to improve their customer care services, so together with the ADAC, our scouting team specified which technologies and services they wanted to focus on. After identifying the search fields, our scouting team started to reach out to startups working with innovations that exactly fit the search criteria.
2. Find the right innovations
After identifying promising startups which were developing intelligent processes or digital applications that fit ADAC’s needs, the TechFounders startup scouting team and ADAC narrowed the number of startups down based on their startup stage, innovation status, and fit for a pilot project with ADAC. The most promising startups were invited to pitch in front of ADAC and TechFounders to make a final decision with whom they wanted to start a pilot project and support in the TechFounders Accelerator Program. One of the selected startups was VirtualQ, who offers intelligent waiting and call-back services. Their solution spares customers from waiting on the phone and evens out the call peaks throughout the course of a day by combining machine learning and data science technologies. It was an ideal fit for ADAC’s needs!
3. Integrate the innovation into your operations
The true value of any new solution can only be evaluated by testing and implementing it into the desired processes. During a 20-week pilot project, ADAC worked together with VirtualQ to shape and merge their call-back solution into the ADAC operations. Pilot projects such as these are very beneficial for startups since they offer a safe environment for the startup to test their product in practice and get to know how corporate processes work. During these projects, the TechFounders team offers all-round support to their corporate partners and startups, and on top of that, startups receive individual coaching and mentoring to further develop their company.
4. Evaluate the results
Implementing VirtualQ’s solution to ADAC’s systems saved over 283,600 waiting minutes during the pilot projects, resulted in more cost-efficient planning, and significantly increased customer satisfaction. Thanks to the more efficient call-management and decreased waiting time, the conversations atmosphere was more relaxed and employees were exposed to less stress. These outcomes convinced ADAC to seal a long-term cooperation with VirtualQ. The program was truly a win-win situation for both sides: ADAC’s aim to find an innovation to improve their customer service was fulfilled, and VirtualQ got a high-class customer and a lot of tools to further build up their product and company.
Time to innovate outside-in? Don’t hesitate to contact us at: email@example.com! We will connect you with entrepreneurs working on the most exciting solutions in your field! Read more about the benefits of partnering with TechFounders and take a look at our current corporate partners: https://www.techfounders.com/corporate-partners.