FinTech consulting business test drives new product venture in new market

Through client work, the CEO of a FinTech company developed significant core expertise in data-based alternative credit scoring techniques. He sought to transform the company’s business model from a service business to a product business by leveraging this asset.

 

He engaged ConceptSpring to assess their technical, organizational and business level assets, and develop a framework to explore the new, product-based venture while growing and expanding the existing, service-based business.

 

In a matter of weeks, ConceptSpring and the team created a plan. They defined how resources and value would flow between the existing business and the new venture, and clarified staff member’s roles and responsibilities. Elaine coached the tiger team in charge of the new business as it developed and implemented a pilot plan, which began with discovery research of end customers and quickly advanced to digital experimentation and rapid testing of product offerings.

 

The company successfully leveraged the best of both worlds. Assets from the core business fueled rapid progress in the new venture exploration, while learnings from the latter drove more effective operation of the core business.

 

“Elaine worked with my product team intensively over a three-month period, during which she helped take an idea from concept to a defined MVP with a clear execution plan.”

– Jonathan Hakim, Cignifi

 

For-profit healthcare IT company explores new venture in different market segment

The CEO of a 28-year-old healthcare IT company grew his company with an on-premise healthcare IT solution that gained traction in the Veteran’s Administration System. He sought to grow this business, while exploring a new opportunity with a cloud-based solution in the commercial space.

 

ConceptSpring was engaged to assess and improve the company’s organizational structure and processes in the product and engineering teams with the goal of enhancing operational effectiveness in delivery of solutions to both the existing business and the new, high growth business.

 

ConceptSpring successfully helped the company define top level goals and objectives for the new business, assess existing assets in terms of core technologies and expertise, and embrace startup best practices in customer empathy research, product definition and business planning.

 

Not-for-profit academic office launches new venture within existing offerings

The portfolio of program offerings focused on building startups at a major research university’s Entrepreneurship Center were high-touch and difficult to scale.  Demand outstripped supply. The Center’s Managing Director sought a new venture, within the current framework, to supplement the student experience with an on-line, self- service, one-stop-shop platform. This represented a fundamental change in the Centers’ student engagement.

 

ConceptSpring worked with the new platform’s developer to assess existing offerings, build knowledge about student workflows and use cases, and shape the platform to meet student needs based on mainstream workflows. Through application of startup best practices, including heavy integration of customer empathy work and prototype testing with students, the platform went live two weeks after inception. It successfully offered functional features that guided students in identifying curated classes and resources that met their needs.

 

“Elaine has been able to combine her extremely strong technical capability (which gives her instant credibility) with a mind set and ability to get things done that will create a great product and ultimately business.”

– Professor Bill Aulet, Managing Director, Martin Trust Center for MIT Entrepreneurship