A lot has changed since the world’s first peer-to-peer crypto currency was introduced in 2010 by its mysterious founding father Satoshi Nakamoto. Once derided by many as playground of nerds, news of substantial investment and immense return rates raised the interest of the wider public. One example is the Winklevoss Twins who reportedly invested around $11M in Bitcoin in April 2013. In the following seven months the value of this investment almost tripled. In addition, renowned venture capital firm Andreessen Horowitz also believes in the future of this virtual currency. It remains, however, very unclear still if Bitcoin will prevail and reach a critical mass to become an everyday means of payment and truly act like a currency. To do so, Bitcoin has yet to overcome several obstacles.
With startups and innovation the hot trends in the corporate world at the moment, it is no wonder that numerous corporations are opening incubators to capture startup and innovation momentum. The increasing need to innovate in today’s globalized business environment is encouraging corporations across all industry sectors to innovate. One of the most talked about and discussed methods has been incorporating incubators into corporations.
In the past few days and weeks there has been a lot of buzz around social messaging applications. Most recently, Facebook purchased the messaging company whatsapp for a staggering $16 Billion – the biggest venture-backed exit to date . In a very short time span before that, a handful of players announced big moves such as the Japanese e-commerce giant Rakuten, who agreed to buy Viber for $900 million, or the Japanese messaging application LINE who is expected to file for a $10 billion IPO and even the rejection of Google’s reported $3 Billion acquisition offer by Snapchat. Bigger players such as Facebook and Twitter also jumped on the messaging bandwagon and introduced significantly improved versions of their instant messaging products with the hope of gaining traction in this emerging space. At the same time, the mobile analytics company Flurry released a report indicating that the fastest growing app category on smartphones were social messaging applications, which usage grew by an astonishing 204% in 2013 alone. A closer look at all this activity begs the questions: why are messaging applications so popular? Are they worth all of the buzz and money flooding into them? How do they make money? Who is winning in that space? To answer these questions, we decided to take a closer look at the messaging space, including its competitors, market dynamics, business models and the potential future.
After attending the Consumer Electronics Show in Las Vegas, Detecon issued a report of the major trends and developments to its clients. The report highlighted the major developments in wearable technology, connected home, connected car and robotics. Only one month after CES, each of these categories has seen significant developments and public events.
The world of business is increasingly complex to navigate for both management and businesses themselves. The Internet and social media have increasingly disrupted the interactions between consumers and corporations. While most corporations have leveraged the Internet to improve their processes, they have yet to truly harness the revolution the Internet has provided to the consumer – corporation relationship.
If one were to complete an analysis of how corporations are currently leveraging technology, one could state that it is still in a state of infancy compared to how technology can truly be leveraged. The level of technology integration within corporate processes can be broken down into four phases, described in more detail below:
- Phase 1: Technology Merely Replaces Manual Processes
- Phase 2: Processes Are Revised To Leverage Technology
- Phase 3: Individual Customization
- Phase 4: Responsive Individualis
Innovation and the Internet. Currently, these are the buzzwords that are driving economic growth and recovery. Innovation and the Internet seems to be today’s panacea to cure all that ails every organization, whether it is reviving a stagnant culture or reinvigorating an old product line. The unfortunate reality is that the success that innovation and the Internet have achieved is in some respects due to a number of convergent factors, including:
As innovation continues to move to the forefront of corporate agendas, corporations are attempting to develop processes and structures to capture the value and competitive advantages from innovation. While a number of corporations believe that innovation can be captured with existing organizational processes and structures, sadly the existing organizational approaches are a severe impediment to developing innovative products and services
Innovation Goes Far Beyond Ideation
Find the right idea and you are golden. The innovation journey often overemphasizes the importance of the ideation phase. Repeatedly, companies believe that the road to growth and prosperity is in discovering “the great idea”, yet they often neglect the execution side of innovation. However, the real challenges emerge when attempting to bring this very innovation to market.
The success rate of product launches tends to decline when companies increasingly rely on innovation to meet their growth targets.[i] At first glance, this appears to be an oxymoron; yet studies have shown that 46% of budgets allocated to new & innovative products end up in failure.[ii] The reason is, most likely, that many businesses see the execution of innovation only as the “afterthought” and not necessarily as a crucial key element of the entire innovation process. In fact, 84% of resources spent on innovation projects are commonly absorbed before commercializing a product.[ii]
Detecon is pleased to have just completed a collaborative effort with TechSoup Global to assess the market for mobile health solutions in the social sector. Over the past years, the non-profit sector has been increasingly looking to mobile technologies to address social issues especially in emerging markets. With an array of initiatives launching siloed mobile solutions, there arose the question of launching a “Mobile Solutions Portal” to serve as a central destination site that aggregates both solutions and information on mobile. With this is mind, Detecon and TechSoup designed an initial assessment that aims to serve as a qualitative guide for those in the non-profit sector looking to leverage mobile solutions to better meet their missions. Continue reading