There is no doubt that one of the most successful ways of accelerating growth is to build a company, which includes inventing, launching, and scaling new business lines, units, and services, or to accelerate the growth of existing businesses. According to a new study released today by Boston Consulting Group (BCG), only 52% of leaders believe their companies are adequately prepared to take advantage of new high-growth opportunities.
It features findings from a survey of 1,051 senior leaders in 17 countries about their business-building efforts as revealed in the report titled How Companies Can Speed Up the Business of Business Building.. A survey of executives found that 73% of them said that building a business is a major priority for their company, and that, on average, five new high-growth opportunities have been pursued annually by their companies since 2021.. It is estimated that approximately 27 percent of their annual revenue is typically invested in launching, acquiring, or co-launching startup ventures each year
It is estimated that approximately 27 percent of their annual revenue is typically invested in launching, acquiring, or co-launching startup ventures each year
As a result of two decades of establishing their digital capabilities, companies are now prepared to leverage these strategic assets in order to launch new ventures and accelerate their growth trajectory," said Beth Viner, global head of venture and builds at BCG X and co-author of the study.. The year 2023 has undoubtedly been challenging from a fiscal perspective for many companies, but some of the most successful businesses were launched during these difficult times. There is no doubt that leaders can feel confident about building a business if they adhere to a playbook based on proven strategies."
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There is more cause for concern when it comes to the time involved in business development
It was also asked about how much time is involved in building a business by company leaders in the survey. It typically takes companies three to five years to decide whether to add a new business to their portfolio, and then another three to five years to launch the offering commercially. In their opinion, leaders are willing to invest three to four years before they expect to be able to generate a profit for the company.
A large majority of the leaders surveyed believed it would take them longer to launch a product than it would take a startup. The majority identified two or three instances when their competitors launched businesses that they believed they should have launched first as they could have done better.
There are nine strategic assets that are critical for building a successful business
As a result of BCG X's experience in launching more than 200 builds, the report outlines the following nine strategic assets that the company believes are critical to enabling a launch to be successful:
A majority of the survey respondents indicated that they have access to five or fewer of these assets, and only 3% of them claim to have access to all of them. Even when the companies do have these assets, only half of them are able to effectively leverage them to develop new businesses.
A well-designed preparedness plan can be created in three basic steps
A well-crafted preparedness plan can dramatically change the trajectory of a company's growth and accelerate the time it takes for a company to gain value. BCG X recommends three basic steps to take to get started:
There are many reasons to be optimistic about business building today, including a rise in technological innovation, a willingness for consumers to accept new products and services, an enormous middle class developing in many emerging economies, and new tools and methods for product development, mergers and acquisitions, and launching a company, according to Viner.
The publication can be downloaded here: https://www.bcg.com/publications/2023/accelerating-business-building-for-companies/
Contact information for the media: Eric Gregoire:+1 617 850 3783 [email protected] 
When Boston Consulting Group was founded in 1963, it became the pioneer in business strategy by assisting business and society leaders in addressing their most significant challenges and capturing the greatest opportunities available to them. Today, we work closely with our clients to embrace a transformational approach aimed at benefiting all stakeholders — enabling organizations to grow, build sustainable competitive advantage, and make a positive contribution to their communities.
Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. In addition to management consulting, technology and design, corporate and digital ventures, BCG is a leading-edge technology consulting firm. The firm works in a unique collaborative model across all levels of the client organization, driven by a desire to enable our clients to be successful and enable them to make a positive impact on the world.
ABOUT BCG XBCG X is BCG's tech build and design unit dedicated to developing the future of the company.
In addition to BCG's deep industry and functional expertise, BCG X brings technology expertise and innovative entrepreneurship together in order to help organizations enable innovation at scale by leveraging BCG's deep industry and functional expertise.
The BCG X team of nearly 3,000 technologists, scientists, programmers, engineers, and human-centered designers is located in 80+ cities across the globe to help address some of the world's biggest challenges and opportunities through platforms and software.
Together with the end-to-end global team, we have unlocked new possibilities. Together we are creating the bold, disruptive products, services, and businesses of tomorrow, while working across our practices and in close collaboration with our clients.
The Boston Consulting Group (BCG) is the source of this information
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