Incubate new business ideas and accelerate corporate innovation with Nexter Incubator. | So Good News
“…a corporate incubator enables businesses to innovate faster, keep pace with market changes and consumer behavior, create competitive advantages and grow faster.”
The business world is constantly changing in terms of technology and consumer behavior. The question every leader faces is how to deal with this constant change.
The resulting challenges have forced many organizations to renew themselves, explore new strategies, and adapt their businesses to the evolving environment through many different approaches, from investing in startups to partnering with leading business incubators run by private companies. universities that provide platforms for students to showcase their skills.
Also, business organizations can derive innovation from an “internal” process rather than relying on “external” support. Adopted by leading global business organizations, this strategy, known as Corporate Incubators, has been proven to stimulate innovation and change by offering new experiences to new businesses.
For more than 60 years, SCG Home Business has served Thai customers as a distributor of building materials and home products through a network of dealers. It integrates the concept of Corporate Incubators into its innovation strategy by creating a new business unit called Nexter Incubator to fulfill this important task.
To date, Nexter Incubator has been operating for five years “Read-Test-Compile” and developing an internal launch process for many businesses.
“learning” is to create a healthy atmosphere for open innovation by allowing everyone in the organization to share and welcome new perspectives, to challenge themselves and step out of their comfort zones, to be creative, to expose what they perceive to be customer pain points. and brainstorming for the best solutions. This process allows us to find talented employees with the potential and passion to become “founders” of new businesses.
Once the new business founders are identified, we move on to the next “Testing” a stage or “sandbox” of great importance where we create an environment conducive to work and creativity and adjust business processes to encourage trial and error.
In the early years of Nexter Incubator, we experimented with employees and encouraged them to pitch new ideas to see how many of them were interested and willing to do something new. A number of employees came forward with proposals, some of which were rejected because we determined through client interviews that there was no such need. At the same time, ideas with business potential and based on real customer needs were tested. We simplified and shortened the business process to simplify the experience and allow teams to quickly find the right business formula and meet the needs of customers.
After checking the business feasibility of the ideas, the next step “Construction”. We would discuss two different business practices with business founders: spin-in and spin-off. The spin-in approach integrates new businesses into SCG’s Home Business core, while the spin-off approach is implemented by SCG employees trained in the incubation process. For the latter approach, ideas become independent businesses, and founders are free to seek investment and funding. However, spin-off companies will have another role as strategic partners of SCG Home Business.
Nexter Incubator “study-test-structure” the process incubates an unbroken chain of new businesses to meet the needs of homeowners in the market. “Think, build, fix and live” SCG Home Business’ multi-channel retail store is quality, strengthening SCG HOME’s business. Here are some examples of successful businesses developed by Nexter Incubator.
“Design Connect” is a platform for existing people “think” build a house to be able to design your dream home. The platform matches homeowners with designers who fit their style, budget and personal needs. SCGHOME.com SCG HOME is an online shopping platform that caters to home owners “building” homes with information and access to home products and services. Q-CHANG is a platform for homeowners who want to “repair” their homes and trying to find qualified and reliable technicians. This platform brings together a full range of installation, expansion, renovation and remodeling services to ensure homeowners find quality technicians, craftsmen and services they need. Q-CHANG Served by a team of over 1,350 highly skilled technicians across Thailand and have served over 65,000 customers, generating over 130 million baht in revenue for technicians. Another home related platform developed by Nexter Incubator My houseAn app that allows homeowners to maintain their homes, solve problems before they escalate, and access other home-related services “alive” happier at home.
According to Nexter Incubator, employees are the key factors that ensure the flourishing of innovation, because they are the ones who work closely with customers, recognize problems and thus can not only solve problems, but also provide solutions that provide convenience to customers.
In addition to recruiting top talent, incubators must develop new business knowledge and closely monitor growth. As businesses grow, it’s time to look for new models to drive future growth. For example, in the beginning, Q-CHANG was different than it is now. Thanks to the customers we’ve served along the way, we’ve been able to gradually refine and improve our favorable business model.
Not all businesses that appear during the incubation process are successful. It was found that only one out of ten ideas can be turned into a real business. However, ideas that don’t flourish are not complete failures. Instead, we found employees with potential, the courage to step out of their comfort zone, and experience working with customers. We help employees in this group increase their capacity to support the organization’s core business.
In other words, Nexter Incubator Incubators are the perfect weapon to help businesses hit more targets, create a competitive edge and accelerate business growth.
The innovative path of the Nexter Incubator does not stop there, expanding into new trends and exciting business models such as healthy living, Smart Living and Net Zero Living.
As large enterprises struggle to innovate and keep up with the ever-changing business environment and consumer behavior, business incubation is another strategy to increase the competitiveness of organizations and accelerate exponential growth.