I’ve been head down in strategy for the past few weeks. Thought I’d share some interesting nuggets I found along the way.
Some great stats from a KPMG study interviewing 1,325 Chief Execs across 11 major markets…
Accelerating growth and the digital agenda:
68% say they will primarily use inorganic tactics, including strategic alliances with third parties (the focus for 29 percent), M&A (24 percent), joint ventures (11 percent) and outsourcing (6 percent)
78% say “we need to be quicker to shift investment to digital opportunities and divest businesses that face digital obsolescence”
75% say “we have an aggressive digital investment strategy, intended to secure first-mover or fast-follower status”
And a nice study on TSR (total shareholder return) from the BCG folk comparing their MICs (Most Innovative Companies) with the MSCI (a broad global equity index across 23 developed markets).
Who doesn’t love an acronym, right?
Even though the above data is 2020, it’s super interesting already seeing the divergence in performance between those innovating well and those less well.
And the output from weeks of strategic deep dive (with a few days of Covid thrown into the mix) is there’ll be a continued focus on corporate innovation, with a particular bend towards inorganic growth. And those further along the innovation maturity curve will start to double down on the measuring and quantifying (and refining as a result!) innovation success.
Boiling this down further, 3 simple steps become clear:
Know your business needs and where opportunities lie near and far term. Prioritise these
Focus on inorganic growth opportunities – identify partners who can realise solutions aligned to needs/opportunities. Validate quickly
Don’t think of inorganic routes (partnering, investing, M&A) as binary. Run a PoC, model the opportunity and scale
Miss a step, it won’t work.
Do it badly, it won’t return.
Don’t do it? Well, that’s a choice you don’t have.
Btw the Sønr team can help with ALL the above. Drop me a line and we can explore just how.
For now, rather than dive into what’s been going on in the market, I thought I’d share a few of the annual predictions I’ve enjoyed from others. If any grab you, click through and read. There’s some great stuff in these.
Normal SøNws will resume next time.
Let’s start with what insurtechs/startups could expect. A couple from LinkedIn:
10 predictions for startups in 2023 from Sam Jacobs
[Read in full here]
Some hard truths but the perspective that the second half of ’23 may not be as tough a year as many predict. Also, one of my favourite Warren Buffet quotes – ‘Only when the tide goes out do you discover who’s been swimming naked’.
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