A global 500 Industrial Manufacturing Major, wanted to outline top-down new product strategies to enable breakthrough innovation, since they were central to the growth framework of the organization. The India GCoE had defined breakthrough innovation to be products with a revenue potential of USD 50 Mn+, cumulatively over three years. Also, the Indian center was in a strategic position to enable and lead innovation in ‘New Growth Regions.’
A prominent challenge was that the current ideas from the India GCoE weren’t breakthrough in nature. Hence, the India GCoE partnered with Zinnov to augment its current process with best-in-class insights, tools, and frameworks, to improve the velocity and buy-in for the ideas.
The first stage of the process was to explore and ideate, wherein the Zinnov team initiated the search for business opportunities for the client. The search resulted in a repository of ideas, which were then shortlisted to prioritize based on feasibility and business alignment. Once the product ideas were in place, the Zinnov team conducted market assessment through primary interviews and extensive secondary research for further refinement. This multi-pronged approach allowed Zinnov to build a business case to present to the client’s Governing Council, that enabled their agenda to foster breakthrough innovation in their organization.
In the process, Zinnov streamlined and executed the process of gathering opportunities from the client’s Strategic Business Group leaders. By augmenting the on-ground teams to build and validate business ideas in the identified focus areas, Zinnov enabled the client to achieve their innovation goals.
The Zinnov team was able to improve the pace of opportunity exploration and ideation for the client, with the project submission process brought down to 2 weeks. Additionally, in a span of 6 months, the team had completed the market validation study of over 16 business cases, with a 25% approval rate from the HQ. To enable organization-wide trickling down of the breakthrough innovation process, Zinnov facilitated 5 workshops, brainstorming sessions, and 2 expert sessions for the internal stakeholders. And the result of this multi-faceted approach was the launch of 1 product in the market as part of the client’s GTM and market validation study.