During project planning, you might identify aspects of your product that require external assistance. This could range from outsourcing prototype manufacturing, hardware design, coding and even printing labels.
Many successful companies sub-contract work to third-party entities. Apart from cost considerations, this approach allows companies to concentrate on their core competencies and value add.
In the realm of product development, it’s common to seek out companies excelling in specific technologies or services. This enables you to leverage their expertise as an integral part of your product.
It’s amazing how everyday consumer devices in today’s market rely on third-party services and technology. Consider a fitness watch tracking your run—it incorporates a microchip to communicate with GPS satellites.
Fitness watch manufacturers didn’t develop this technology; rather, they capitalized on existing infrastructure and designs to create a novel product for runners and cyclists. Some of these companies like Garmin are now valued in the billions.
What about companies venturing into uncharted territory? How can they utilize existing technology for something never attempted before? In such cases, innovative concepts from unrelated industries can be applied in unprecedented ways.
A compelling example is in the construction industry. Faced with challenges in building increasingly taller skyscrapers, companies encountered constraints with ground-based cranes. This limited the material lift to a certain height and how quickly they could build.
Enter the kangaroo crane—an Australian innovation capable of ascending from its base and adapting to the building’s height. This revolutionary crane efficiently lifts heavy prefabricated sections, scales to any height and can be easily dismantled at the end of construction.
No business operates in isolation, especially startups. Every business relies on external collaborators for success. What do you need a lift with? Are there tools or technologies from unrelated industries that could contribute to your success?
