LOS ANGELES, July 8, 2020 /PRNewswire/ -- BCG Digital Ventures (BCGDV), the corporate innovation and digital business building arm of Boston Consulting Group, has been named as a Leader by independent research firm Forrester Research in its report, The Forrester Wave™: Digital Product Development Services, Q2 2020, the company announced today.
Forrester defines the digital product development practice as the collection of service capabilities required to conceive, design, develop, bring to market, and scale a new digital product, which is then sold by a client to its customers. Examples of digital products can include smart devices, hybrid products, data services, media products, and digital marketplaces, among others.
BCGDV was evaluated among 11 other digital product development services providers based on 29 criteria grouped into three categories: current offering, strategy, and market presence. In the evaluation, BCGDV received the highest possible score across 15 criteria – more than any other vendor evaluated in the report. These criteria include customer validation, new digital product services vision, market approach, performance, commercial model, and market share, among others.
According to Forrester's evaluation, "BCGDV leads by delivering research-supported, data-driven designs, iterating multiple times, and using data to refine each design toward a minimum viable product (MVP). The firm's ability to help scale and launch a new product extends to helping clients design the operating model to support new products, including researching pricing models and optimizing sales channels."
The report also notes that, "Customers like the strong partnership model of BCGDV and the depth of industry expertise the firm brings to developing new products. BCGDV is well-suited for clients looking to build a new greenfield business unit around a new digital product concept."
"We are proud to be recognized by Forrester as a leader in digital product development services," said Stefan Gross-Selbeck, Managing Partner of BCG Digital Ventures. "Over the past six years, we've partnered with many Fortune 500 organizations to launch 120 stand-alone businesses and internal business units across multiple industries and global markets. We believe our success record, deep pool of seasoned entrepreneurial and startup talent, and proven approach to end-to-end business building make us the most experienced firm in the corporate venturing space."
Forrester's report emphasizes the importance of identifying the right partner for designing, building, and launching digital products and accelerating time-to-market. This includes looking for partners that have "skin in the game" in terms of sharing risk, have the right combination of services, and have the ability to not only bring a product to life but also help an organization develop its own "digital DNA" for future innovation.
Commented Gross-Selbeck, "COVID-19 has accelerated the need for digital transformation across many organizations that are now challenged with meeting rapidly shifting consumer demands and driving revenue growth. We feel this reinforces the need for corporates to truly own the next horizon of innovation. To do this successfully not only requires early, quick, and smart decisions about how to invest in and adapt venturing activities, but also collaboration with a strong corporate venturing partner to help them more swiftly deliver against disruption and create real value."
About BCG Digital Ventures BCG Digital Ventures (BCGDV) is the corporate innovation and digital business building arm of Boston Consulting Group. The organization invents, launches, scales, and invests in industry-changing new businesses with the world's most influential companies. BCGDV's diverse, multidisciplinary team of entrepreneurs, operators, and investors work cross-functionally, rapidly moving from idea to market in less than 12 months. Founded in 2014, the organization has 12 Innovation Centers and satellite locations around the world. www.bcgdv.com