Launching successfully: seven characteristics of a successful, public body owned company launch
- February 10, 2017
- Posted by: admin
- Category: Project Management
In the past decade and particularly since the reduction of funding from government grants to government organisations, there has been an exponential increase in the number of public body owned companies across sectors and countries. Primarily, public sector owned companies are developed to:
- Generate a profit for their shareholding organisation in the form of financial contributions and/or
- Provide new opportunities to public servants for professional and personal development and/or
- Safeguard the viability of services by promoting their financial independence from public sector funding and/or
- Improve the quality of services through the creation of specialized service vehicles
In the past five years, we have helped public sector organisations across the UK to assess the viability of their commercial ideas, and launch their companies. Based on this experience, we set out below 7 habits of public sector owned companies who launch and in their first year of operation achieve their set objectives.
- They are clear about their purpose – whether this is for short -term profit generation, workforce development or long term market dominance, successful launches depend on the right prioritization of objectives and a clearly defined purpose.
- They genuinely understand their customers through market surveys, discussions with potential clients (market warm-up) and a thorough analysis of their market environment before launch.
- Shareholding organisations are willing to take the “right” risks by assessing and managing these without allowing them to derail the commercialisation process (unless there is a strong reason to do so).
- They bring the right people at the incubation stage to help them develop the commercial competencies and functions needed for a viable, competitive enterprise at both strategic and operational levels.
- Affected public sector employees genuinely support their launch and see the potential benefits to them and the wider organisation. They become commercial champions and expert resources of the new venture, taking the best of their public sector experience to their clients
- They are flexible and not dependent on governmental functions and procedures – for example, they can develop their own marketing, finance and business development capabilities to ensure their back office procedures support their commercial aspirations
- They launch with a strong leadership team, bringing together technical, commercial and operational expertise to support a successful launch
For more information on our commercialisation and turnaround expertise, please contact us