VCW 4 InnoCrowd: European Expansion
Identifying the optimal European country for InnoCrowd's expansion to increase seekers.
To which European country should InoCrowd expand to increase its seekers?
This project addresses InnoCrowd's challenge of identifying the most attractive European market for expansion to increase its seeker base, utilizing the Value Creation Wheel (VCW) framework.
Overview:
InnoCrowd, an open innovation platform, aimed to expand its seeker base by entering a new European market. The team employed the VCW framework to identify Baden-Württemberg, Germany, as the optimal region for expansion. The process involved analyzing potential markets, identifying key criteria, and developing a tailored prototype for market entry.
Application and Process:
The process began with a diagnostic phase, analyzing InnoCrowd's strengths, weaknesses, and market environment. The core challenge was defined: identifying the most attractive European market for expansion. The team then generated ideas and filters through primary and secondary research. The POCR method was used to refine these ideas and filters. Through VCF, the team narrowed down potential markets, ultimately selecting Baden-Württemberg, Germany. The team then analyzed the target market and developed a prototype for market entry.
Key Takeaways:
Baden-Württemberg, Germany: Identified as the optimal region for InnoCrowd's expansion due to its strong innovation ecosystem, economic stability, and supportive political environment.
Targeting Medium to Large Companies: Focusing on medium to large companies and institutions provides access to greater resources and complex challenges.
Competitive Analysis: Understanding the competitive landscape in Baden-Württemberg allows InnoCrowd to differentiate its services.
Value Proposition: Leveraging InnoCrowd's vast network of solvers and AI-driven platform provides cost-effective and efficient solutions.
Marketing Mix: Optimizing the 7Ps enhances InnoCrowd's brand messaging and market penetration.
Conclusion:
The VCW framework effectively guided InnoCrowd in identifying the optimal European market for expansion, demonstrating the methodology's effectiveness in strategic market entry decisions.