Case Story
Generating $150M revenue
by designing service businesses
for Coronary Co
Client Mandate
Create and launch a $150M portfolio of new businesses in the next 5 years
Our Starting Point
-
- Client team was completely consumed with piloting a promising first new business
- Where would the rest of the $150M portfolio come from?
Our Success
- Identified 12 Market Opportunity Areas as sources of growth to reach the $150M goal
- Received approval for MVP testing of 2 new businesses with multimillion-dollar potential
Our Starting Point
The leaders of Coronary Co saw their best-in-class products becoming commoditized. They knew they needed to reach new customers with new products AND new services to maintain growth and profitability.
As a device company, Coronary Co was expert at building new products, but they needed help understanding who potential new customers might be and how to create service businesses for these customers. So, they created an accelerator and hired Catherine (not her real name) to run it. Catherine is unquestionably an expert at making innovation happen. She founded an award-winning start-up, served as COO of a second start-up, and advised corporate innovators as a consultant before coming to Coronary Co. She was exactly the right person to lead the group charged with creating, testing, and launching a portfolio of businesses to generate $150M in new revenue within 5 years.
But one year into her role leading the incubator, she needed help.
Catherine and her team had developed a great idea into a first new business pilot. However, this was so all-consuming that they didn’t have the capacity to figure out what the next business would be, let alone generate deep customer insights that could fill their pipeline with innovative ideas for years to come.
Our Journey
MileZero’s work always begins with developing a robust understanding of our client’s customers and what problems those customers are trying to solve (i.e. their Jobs to be Done). We dive deep then put our insights to work during brainstorming sessions that result in new ideas AND action plans for their pursuit. For Coronary Co, we designed a custom program to enhance and extend their existing market knowledge. Then, in collaboration with Catherine and her team, we:
- Identified 6 stakeholder types driving patient care and hospital purchasing decisions now and into the future
- Conducted 30 interviews with stakeholders across three continents to develop deep insights into the Why, What, and How of their decisions
- Uncovered 300 drivers of decisions and behaviors that are not well satisfied by existing products
- Boiled it all down to 12 Market Opportunity Areas that define real and enduring customer Jobs to be Done and focus ideation activities
- Brainstormed dozens of potential new service businesses within the three most promising New Business Opportunity Areas
- Conducted 50 more stakeholder interviews to deepen our understanding of the opportunity areas and gather flash reactions to initial concepts
Our Progress
6 months later, Catherine and her team had a compelling plan to reach their $150M goal. They had a deep understanding of new and emerging customers and were actively sharing their insights with other teams across Coronary Co. Other tangible results include:
- 2 new businesses received funding to develop MVPs and start pilot testing based on the innovation business plans we created
- 12 additional business ideas queued up for assessment in the next round of funding
- 3-5 year strategy and innovation priorities were in place, enabling the team to pivot quickly to create and explore new business ideas
- Demand for Catherine and her team’s talent had dramatically increased as other parts of the business saw their results and wanted a piece of the magic
Client Mandate
Create and launch a $150M portfolio of new businesses in the next 5 years
Our Starting Point
- Client team was completely consumed with piloting a promising first new business
- Where would the rest of the $150M portfolio come from?
Our Success
- Identified 12 Market Opportunity Areas as sources of growth to reach the $150M goal
- Received approval for MVP testing of first 2 new businesses with multimillion-dollar potential
Our Starting Point
The leaders of Coronary Co saw their best-in-class products becoming commoditized. They knew they needed to reach new customers with new products AND new services to maintain growth and profitability.
As a device company, Coronary Co was expert at building new products, but they needed help understanding who potential new customers might be and how to create service businesses for these customers. So, they created an accelerator and hired Catherine (not her real name) to run it. Catherine is unquestionably an expert at making innovation happen. She founded an award-winning start-up, served as COO of a second start-up, and advised corporate innovators as a consultant before coming to Coronary Co. She was exactly the right person to lead the group charged with creating, testing, and launching a portfolio of businesses to generate $150M in new revenue within 5 years.
But one year into her role leading the incubator, she needed help.
Catherine and her team had developed a great idea into a first new business pilot. However, this was so all-consuming that they didn’t have the capacity to figure out what the next business would be, let alone generate deep customer insights that could fill their pipeline with innovative ideas for years to come.
Our Journey
MileZero’s work always begins with developing a robust understanding of our client’s customers and what problems those customers are trying to solve (i.e. their Jobs to be Done). We dive deep then put our insights to work during brainstorming sessions that result in new ideas AND action plans for their pursuit. For Coronary Co, we designed a custom program to enhance and extend their existing market knowledge. Then, in collaboration with Catherine and her team, we:
- Identified 6 stakeholder types driving patient care and hospital purchasing decisions now and into the future
- Conducted 30 interviews with stakeholders across three continents to develop deep insights into the Why, What, and How of their decisions
- Uncovered 300 drivers of decisions and behaviors that are not well satisfied by existing products
- Boiled it all down to 12 Market Opportunity Areas that define real and enduring customer Jobs to be Done and focus ideation activities
- Brainstormed dozens of potential new service businesses within the three most promising New Business Opportunity Areas
- Conducted 50 more stakeholder interviews to deepen our understanding of the opportunity areas and gather flash reactions to initial concepts
Our Progress
6 months later, Catherine and her team had a compelling plan to reach their $150M goal. They had a deep understanding of new and emerging customers and were actively sharing their insights with other teams across Coronary Co. Other tangible results include:
- 2 new businesses received funding to develop MVPs and start pilot testing based on the innovation business plans we created
- 12 additional business ideas queued up for assessment in the next round of funding
- 3-5 year strategy and innovation priorities were in place, enabling the team to pivot quickly to create and explore new business ideas
- Demand for Catherine and her team’s talent had dramatically increased as other parts of the business saw their results and wanted a piece of the magic