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On the current practice of New Business Development in the German chemical industry
The results of a survey on the practice of new business development conducted in 17 chemical industry companies and related business sectors, such as service providers, are presented in this article. The objectives and organizational setup of New Business Development were found to be exceptionally heterogeneous and to cover a broad spectrum. The differentiation between New Business Development and Innovation Management was also not consistent between the companies. All the companies underlined the importance of technical and scientific know-how for new business development staff, but also emphasized the relevance of interdisciplinary competencies at the interface between natural science and business. Small companies follow a rather opportunistic New Business Development approach without dedicated organizational structures. Larger companies, on the other hand, employ a Stage-Gate process and largely derive their ideas from megatrends. Differences between small and larger companies are discussed in the article at hand.