Newton, Mass. December 2, 2020 – Change Logic, a strategic business consultancy, is announcing a core set of innovation practices that provide organizations with effective ways to develop and incubate ideas that can help them successfully scale in the marketplace during unprecedented times.
The social and economic impacts of COVID-19 will be with us for quite some time – well into 2021 for most organizations. Business leaders are going to need to find ways to innovate, not only in response to immediate profitability challenges, but for the long term.
In order to accomplish this, senior executives are looking for outside strategic partners and advisors who aren’t burdened by the legacy practices of the company, in order to get the support they need as the COVID-19 global pandemic continues to disrupt operations.
There are several commonalities that Change Logic has identified among its growing roster of clients that are continuing to successfully innovate and reimagine their organizations, under challenging conditions.
Here are three key attributes of a thriving business during COVID-19:
Embrace Bold Ambition and Set Audascious Business Goals. Protecting your business from the business vultures (venture capitalist and private equity firms). With growing sums of cash on hand these firms are looking to buy undervalued businesses that aren’t aligned to a growth trend. Change Logic is helping companies avoid these fire sales by showing them how to practical harness innovation and to retain their value and remain competitive.
Fund Small Pilots and Scaling the Marketplace. Pilots are designed for learning, and innovation. One of the biggest challenges organizations face during uncertain times is knowing how much to invest in innovation and managing those efforts. Thriving companies are launching small-scale innovative experiments. Instead of taking on projects that can require large financial investments and may put a strain on resources, organizations are breaking down silos to gain access to new ideas. Change Logic is making pilots successful at organizations such as UNIQA and Boston-based tech giant Analog Devices by creating internal corporate incubators to align with partners and create new product ideas.
Create New Revenue Streams from Outside the Core Business. Align your business with new partners to advance revenue streams, gain a closer connection to your customers and create a more resilient company. Change Logic works with Vienna, Austria-based UNIQA, a large insurance company that moved into an adjacent market during the early COVID-19 lockdown. UNIQA’s new health innovation unit, SanusX, launched its first offering with the sole purpose of developing a COVID-19 test that provides faster results to reduce the spread of the infection.
“Through our work with Change Logic, UNIQA’s SanusX team developed a COVID Testing Service for corporate clients, using an app called HealthShield that delivers a complete COVID testing solution for employers - providing the administrative, testing and follow-up communications necessary to make the COVID testing process easy, efficient and secure. SanusX has a rich pipeline of opportunities which it is accelerating by building out a path to scale with different partners and potential acquisitions,” said Erich Kruschitz, Chief Exploration Officer, SanusX, and Head of Emerging Business Opportunities for UNIQA.
“Although it may come more slowly that we would like, the COVID crisis will eventually end. When it does, we will all be wishing that we had a plan for how to prosper in the post-COVID economy,” said Change Logic Managing Partner Andy Binns. “Although it may seem counter intuitive, have a bold ambition. Now is the time to set your sights high and plan how you are going to be one of the victors post-COVID era.”
About Change Logic
Change Logic is an advisory firm that enables corporations to lead strategic change. Founded by professors from Harvard and Stanford, it helps firms meet the innovation and organizational challenges of scaling new businesses. With more than 15 years of experience working with global Fortune 500 companies spanning across multiple vertical markets (including technology, finance, and healthcare), Change Logic holistically addresses all aspects of innovation and change through the ideation of new business ideas, incubation and experimentation and the scaling of those ideas into operational organizations.
Change Logic believes corporate innovation is as much about unlocking an organization’s culture, as it is about making the right strategic business choices. Engaging with an empathetic, human-systems approach, Change Logic identifies and synthesizes the important issues that might previously have been unaddressed in an organization - and then helps to create the culture needed to move forward and stay ahead in a rapidly changing world.
For more information, please visit www.changelogic.com. Join the conversation @changelogic.
