yet2 Channels in Action
by Carlos Pichardo (yet2 intern)
On the road of innovation, there can be obstacles. Maneuvering these uncertainties requires understanding, an abundance of resources, and the ability to capitalize on an opportunity. yet2’s decades of experience in the innovation industry have given us these qualities and access to an expanding network of innovators, which has really shined through in a recent client deal. Check out our channels in action.
In 2022, a large consumer goods company approached yet2 for help identifying contract manufacturers. The large company had developed a new soap format to combat the waste produced by bulk liquid detergents, and they needed a specialty manufacturer to help launch their innovation. They also planned to launch in a new region where they did not have an existing manufacturing network, which added another level of complexity.
yet2’s methodology is solution-centric. It all begins with understanding the needs of the client, defining the pain points, and fleshing out the finer context so we can identify the most promising and relevant solutions for our clients. With a clear understanding of our client and the desired capabilities of a potential manufacturing partner, we begin the second step of our methodology: scouting.
The yet2 team leveraged multiple scouting channels to find a contract manufacturer capable of manufacturing our client’s unique soap format. One particular channel involves broadcasting the need out to yet2’s network. The yet2 project team created an anonymous TechNeed document, outlining the client’s technical and partner requirements, and shared across our social media platforms, online networks, and our Active Projects page.
We also began to scour our Competencies Technology Database and our Established Ventures Database searching for companies we know have worked in sustainability or detergent manufacturing. These proprietary databases have been built over yet2‘s twenty years of Open Innovation and technology scouting and include over thirty thousand companies from start-ups to the Global 1000.
Our scouting efforts produced multiple prospective manufacturers, but one option stood out: a start-up in the right region, with a similar sustainable product already developed and able to work internationally.
The start-up saw our published TechNeed through our online networks and reached out to the yet2 project team. The start-up demonstrated they had unique capabilities to be our client’s contract manufacturer. Coincidentally, they were also identified by our team of Open Innovation consultants through our Competencies Technology databases, offering further reassurance that this target was an ideal candidate for our client as we had worked with them before.
There were a few challenges that might prevent others from finding this particularly promising start-up through traditional means used by other technology scouts. But yet2 put our channels in action.
The start-up was not in public databases, the soap format was not their principal product, they had not yet begun to market extensively, and, most importantly, they used alternative terminology to describe their product than that used by the industry. The different terminology made it so the start-up did not show in search engine results looking for the alternative soap format. With no presence in the public databases, little marketing, and untraditional language, the start-up would have been difficult to find. yet2‘s proprietary databases, unique network, and extensive experience scouting for sustainable products allowed the project team to find and bring this promising start-up to our client.
Having found a great match for our client, our support didn’t just stop there. We set up an introductory meeting and helped facilitate further potential partnership discussions. After a few evaluation rounds and further due diligence with yet2’s support, our client decided to move forward and begin the next phase of development.
Without yet2’s expertise and experience, this potential partnership would not have been possible. However, yet2’s outreach, resources, and knowledge give us access to opportunities not readily available to others. Our continued partnership with our clients beyond scouting, supported by our Intro2Deal capabilities, enables our clients to not only find promising companies but also successfully navigate the steps to a successful partnership.
Contact us for further insight and to discuss how yet2 can help address your most pressing needs.
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