Our Roles:
- Team² (Workshops & Coaching)
- Products & Services Curation & Sourcing
- Retail Channel Development & Management
The Challenge
For 10-15 years, RegGenCo watched as numerous smart home products entered the utility space. Their business model was traditional: provide a service and receive payment. Yet, RegGenCo noticed the prominence of smart home technology and how those products and services represented opportunities to better serve their customers in innovative ways.
They knew that moving forward into this industry would generate more bottom-line value for their customers as well as their company. Armed with only simple exposure, RegGenCo needed to know more about the industry, to understand various points of entry and to discover which products or services could help them deliver the service their customers now expect.
The Solution
A Custom-Tailored RetailXelerator Program
The team at Sprosty created and managed a RetailXelerator (RX) program, tailored to fit RegGenCo. We used our unique Curate, Coach and Connect process to help RegGenCo source and connect with start-ups and individual retail companies for potential partnership.
During curation, we cast a wide net, interviewing approximately 100 companies, sourcing 30-40 to move forward. At this time, we presented these companies to RegGenCo, configured by class (energy, non-energy, small company, large company). After selecting a focus, 15 finalists were chosen to enter the RX program.
Our team then coached these companies, explaining RegGenCo’s process, current offerings and needs. At the end of the coaching segment, all 15 of the prospective companies were prepared to pitch custom-tailored products and services to RegGenCo. After a practice round with RegGenCo stakeholders, sourced companies pitched their innovative ideas.
The Result
From Zero to Thirteen New Prospective Partnerships to New Products & Services in Market
As a result of the RetailXelerator, RegGenCo chose to work with 13 of the 15 sourced companies. These new connections are currently turning from prospective partnerships into real products and services the company is planning to send to market. With each new product or service, RegGenCo will provide new opportunities to their customers, enhancing their bottom line and expanding their customer base.
Sprosty Network introduced a DIA (Discovery, Incubation, Acceleration) framework-based portfolio to RegGenCo to manage and test innovative growth partnership opportunities. Evaluating a now continuously growing portfolio of ideas from DIA, we have helped RegGenCo:
- Conceptualize ideas through internal workshops and ecosystem evaluation
- Experiment with and evolve ideas through small scale tests and iterative development
- Commercialize scaled viable businesses in a repeatable and proven model
The DIA framework allowed RegGenCo to leverage start-up company partnerships as a means of innovation within its key verticals.
RegGenCo is actively moving through the partnership process with Sprosty-sourced start-ups and retail companies to help bring new products and services to market.
With new products and services, RegGenCo is poised to enhance their bottom line and expand their customer base.
In only 5-6 months’ time, RegGenCo gained an in-depth industry overview of each industry segment including smart thermostats, battery back-up solutions, smart showers and beyond.
*We take our clients’ confidentiality seriously. The results are real, the company name isn’t.