"community-based innovation & strategy: fitness wearables". lecture given at...

Wearable Fitness Devices & Community-‐based innova8on case study

Wearable Fitness Devices !   $ 330 M USD sales in 2013

! Fitbit (68%), Jawbone (19%) & Nike (10%) account for 97% market share

!   Plethora of startups make up the remaining 3%

!   Market to double its size in 2014

!   Strategic market for “internet of things” applied to health & fitness

Fitbit

Nike + Fuel Band

Jawbone UP

BodyMedia

Massive Health – The Eatery

Atlas Wearables

Wello

Heart Rate, Blood Pressure, ECG, Blood Oxygen, Temperature, Spirometry

Amiigo

Amiigo

16 months later !   First deliveries for backers started last May acer an

8 month delay, two missed deadlines and a crashed holiday season

!   At current pace of manufacturing, deliveries will catch up with backers backlog by end of summer

!   Ini8al backers and beta testers experience underwhelming vs. promise

Amiigo

How would a tradi8onal company have fared?

It would have gone under

Amiigo

How is Amiigo faring? !   Got strategic investment and manufacturing /logis8cs

capabili8es from FLEXTRONICS

!   Has substan8al wai8ng list orders backlog

!   Is constantly making their socware app bejer and bejer

!   No “tradi8onal marke8ng” expenses

!   Can compete in a biz arena with Giants

Amiigo

Why?

Community-‐based strategy and innova8on

Amiigo

Amiigo !   Backers not Customers

!   Co-‐crea8on and ownership

!   Ac8ve par8cipa8on, feedback and dialogue

!   Wisdom of the Crowd

!   Community

!   Promise: “build – together – the most personalized wearable technology available enabling users to track their favorite ac8vity”

Example of community-‐based strategy & innova8on in fashion

GUSTIN meanswear

GUSTIN menswear

Lessons for Community based innova8on & strategy

!   Conceive a product that is poten8ally disrup8ve

!   Engage our audience by storytelling your value proposi8on

!   Make your audience an integral part of your product/concept.

!   Use their wisdom/$/energy/know-‐how to bring your concept to first stage frui8on.

!   Be upfront and proac8ve in a two-‐way open conversa8on

!   Mone8ze o your base (followers) with third par8es (investors)

Lessons for Community based innova8on & strategy

!   We are living through the second industrial revolu8on. The informa8on revolu8on.

!   Fragmenta8on of our society. Create context through social media. Time & Ajen8on are commodi8es.

!   Word of mouth at scale. Produce content that is shareable.

!   Every company is a media company. You are a media company.

!   Blockbuster didn't’t buy Neolix for 40M 10 years ago “based on data”.

In a nutshell, don’t do like these guys

Simply because…

Thank you

www.ivogrossi.com

[email protected]

"community-based innovation & strategy: fitness wearables". lecture given at...

Business