Although the company is still growing, it wants to launch a new business that will serve as one of its main sources of future revenue to mitigate risk and increase growth. The management has already devised plans to venture into the agricultural industry. However, to ensure swift success, they are actively seeking the expertise of consulting companies to help in the creation of this new agricultural business.

The rationale for choosing LiB as their consulting partner is outlined below:

First, LiB is a Thai team that possesses a deep understanding of the context of Thai businesses while also boasting a wealth of experience in creating successful international businesses. Second, they have an extensive database and network of experts from around the world, which allows them to effectively apply relevant examples and knowledge from other countries to the specific context of Thai businesses.

The company has received assistance from LiB throughout various stages of establishing a new business: ideation, evaluation and prioritization of business ideas, creation of a business model, and implementation of a Proof of Concept (PoC). The two main stages of this project are presented here:

1. At the Ideation stage, LiB employed the Idea Tournament method, a renowned technique from Silicon Valley, to generate new business ideas and steer their direction. Data from three distinct perspectives were analyzed and shared by LiB:
   1.1) Analyzing the company’s assets and core competencies that could be leveraged in new business ventures
   1.2) Evaluating the prevailing mega trends and industry-specific trends within the agricultural industry to conduct future scenario planning, encompassing the entire supply chain of Thai agriculture, and determine feasible directions
   1.3) Assessing examples of startups in the agricultural industry, both in Thailand and abroad
   
   
2.  At the Proof of Concept (PoC) stage, LiB conducted a trial sale of the new business model with key stakeholders and the target customer group, including farmers and consumers. This trial aimed to confirm the suitability of the planned products or services for the target customer group. This bolstered confidence in the business before any actual investment was made.

Upon completion of the project, the company received three business models that had successfully passed the PoC with the target customer group. Furthermore, 17 business ideas were generated for future development within just three months.