This company is a major Thai automobile manufacturer that generates revenue from various businesses within the automotive industry supply chain. However, the emergence of EVs has raised concerns about the potential impact on its primary revenue source, which is the sales of ICE vehicles. Consequently, the company has made investments in new ventures to mitigate this risk. The ultimate goal is to establish one of the new businesses that the company invests in as the main revenue generator in the future, compensating for any potential losses caused by the entry of EVs and new players.

Recognizing the need to diversify risk, the company has decided to launch a new business venture. Therefore, it is eager to expedite the process, as it does not want to miss out on market opportunities if the transition occurs smoothly. To aid in this endeavor, the company has enlisted LiB’s assistance to help create a new business from scratch.

The first thing that LiB did was to explore business opportunities from both internal and external perspectives. They meticulously examined market trends to identify areas of growth. In this case, they conducted market research on four industries: automotive, transportation, agriculture, and construction. Leveraging the expertise of network experts and drawing upon new business knowledge bases from abroad, LiB also identified the core competencies of this company and its affiliated entities. Subsequently, they gathered experts from various businesses within the group to engage in brainstorming sessions and generate new business ideas. Notably, within a span of two days, they generated over 500 business ideas. The team and LiB evaluated these ideas and selected the top 10 to develop a basic business model and test Proof of Concept (PoC) with users or individuals directly involved in the supply chain. These 10 businesses are ready for further development within sub-teams, with a projected timeline of just four months.

The most challenging aspect of this project is not creating new and unique business ideas but adjusting the team culture within a company that has never ventured into new businesses before. Given the company’s history and the team’s success, the personnel involved are not inclined to take risks and prefer to have complete confidence in the information before making any decisions. Unfortunately, this is contrary to the nature of creating new businesses, which requires swift decision-making in the face of uncertainty – a critical factor for success in this endeavor. Effectively communicating with the team poses a substantial challenge. One approach to address this issue is through the implementation of an Ideation Bootcamp, an activity designed for executives and teams to learn from real-world practices and establish clear decision-making criteria that everyone, including key stakeholders, agrees upon. By engaging in this process, we can minimize any potential delays caused by waiting for absolute certainty. This project has generated 10n new business models in various industries within a mere four months.