Diversification strategy: a case study of a European national energy
Along with the Information System direction, Stim has identified high potential data security solutions and transformed one innovative solution into a real business case, in order to enrich the diversification mid-term strategy of the company.
Create new businesses on top of existing and unique assets for new target customers in the energy industry
For the last 50 years, our client has developed and secured unique data assets, not only for the energy industry but also for the nation’s interests, in the context of increasing risks of cyberattacks on a global scale. To prepare for the upcoming reduction of historical revenue due to transitions in the energy industry, our client is putting efforts into enriching their mid-term diversification strategy.
The Information System Director, therefore, reached out to Stim to co-create new businesses based on these unique assets and to crash-test them with new customer targets, including private companies and public organisations in Europe.
Run a Virtual Startup to crash-test new businesses while reducing their time-to-market
In collaboration with the Information System Director, Stim implemented a three-sprint Virtual Startup:
Sprint 1 – Cartography Focus: mapping all existing solutions and assets owned and practiced by the company, while analyzing the gap between these current solutions and the diversification ambition imposed by the COMEX, using the C-K Method.
Sprint 2 – Design for Diversification: apply different techniques of innovation design & entrepreneurship to increase the level of diversification of new solutions.
In this sprint, Stim accompanied the team through coaching sessions and workshops on the Lean Startup principles & sales methods, in order to test new solutions with real potential clients, analyse feedback and make necessary modifications.
Sprint 3 - Uncertainty Reduction Focus: draft a business case to back the solution with the highest potential to present to the COMEX, based on the first feedback from customers, and propose different scenarios for scaling strategies.
In 6 months, we went from an intention of diversification to a business case presented to the COMEX. Along the way, Stim has transformed a team of experts and program managers into a team of entrepreneurs, ready to tackle new subjects and businesses and capable of testing directly their concepts to potential customers.