Even in public companies 18% of #growth is generated outside of core business.
These companies also expect new products or services to contribute 💊 50% of revenues within the next 5 years.
This is how outward looking established companies actually are, as many explore entirely new business opportunities after they nail their main offerings.
2/3 of new growth is generated by expanding into sub-industries where companies already have a foot in the door and 1/3 is the growth into entirely new sub-industries.
💡 One of the ways to expand offerings quickly is to create a partner #ecosystem. This is a rapid way to:
✔️ enhance customer experience by increasing value per customer touchpoint
✔️ consolidate a range of customers, often across sectors,
✔️ increase reach and innovation opportunities across the ecosystem.