Reprinted from TrustedPeer
Meet the Expert
President, Quesnay Inc.
- Jennifer has over 20 years of experience across the mobile, media, financial services, and technology sectors. As an executive in both Fortune 100 companies as well as start-ups, she has led strategy, business development, partnerships, investments, product and marketing launches, and developed and ran innovation programs, with a proven record of driving revenue, results, and differentiation for her employers while building & supporting strong teams.
- Additionally Jennifer supports entrepreneurs through advising and investing in mobile-related startups, innovation platforms & accelerator programs in the US and internationally.
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Embracing and Leveraging Third-Party Innovation for Mobile and Other New Digital Products
President, Quesnay Inc.
Risks & Opportunities
RisksCompanies that do not embrace and actively pursue innovation risk the following:
- Loss of revenue and customers to competitors who are willing to develop and launch state-of-the-art systems and products that make consumers' lives easier.
- Loss of revenue and customers to competitors who update their products to meet new needs; for example, in banking, million of customers now want mobile banking, remote check deposit, and other ways of banking without walking into a bank.
- Missing out on the largest cohort in U.S. history - the millennial generation – who insists on the latest technology and will not do business with companies that don't offer innovative new products and services that are valuable to them.
- Loss of brand relevance among existing customers because of a lack of new products and services, even among loyal customers who may not even realize they want the new products and services until they see them offered at a different company.
OpportunitiesCompanies that embrace doing business with third-party companies on developing innovative products and services can realize the following:
- Learn new ways of doing business. Alone, the company may never create a new business model, user experience, distribution format or new way to use social media, but the third-party entrepreneur can bring these and other ideas to reality.
- Accelerate the ability to bring a new product to market by leveraging the talent, expertise and speed of development that most startups embrace.
- Generate new revenue, retain customers and attract new customers with new products and services that come from third-party developers.
- Create an open door environment where new ideas for products and services are generated by talking to a broad range of entrepreneurs.
- Stay ahead of the competition by offering innovative products and services that may be wildly popular and that the general public did not even realize they wanted and needed.
Embracing and Leveraging Third-Party Innovation for Mobile and Other New Digital Products: Risks & Opportunities