"In 2026, 50% of our revenues will come from new products and services that do not exist today!"

Based on the "Leap by McKinsey Research," we can assert that by 2026, half of the global income will come from new products, services, and companies. This is a significant prediction, implying that companies will forget about generating income from half of their current products and services within the next three years. In the evolving, transforming, globalizing, and changing world, new focal points for the next generation will emerge.

New product and services

But first, let's add a different dimension to the research. According to the results of McKinsey & Company's Global Entrepreneurship Status Research, business leaders predict that by 2026, 50% of global revenues will come from products, services, and businesses that do not yet exist. Based on the research, when we focus on newly established businesses on a global scale, it is stated that 80% of these companies fall below the $50 million annual revenue threshold. Additionally, more than half of these new businesses either fall below the $1 million annual revenue mark or have to shut down completely.

In this context, strategic recommendations for companies can be outlined as follows:

1. Encourage Innovation and Creativity: Companies should promote innovation to develop new products and services. Create spaces for employees to think, dream, learn from each other, and have downtime. Examples like 3M, where employees are encouraged to spend 15% of their time on new ideas and products, should not be forgotten.

2. Support Entrepreneurship: Support new business ideas through in-house entrepreneurship programs and mechanisms like venture capital investments. Integrate the concept of "intrapreneurship" into your business; your employees can be your new partners.

3. Flexible and Fast Decision-Making Processes: Establish flexible and fast decision-making processes to adapt to rapidly changing market conditions. Embrace the concept of "fail it quickly." Don't get stuck for days or weeks on the same issue; make room for new ones.

4. Accelerate Digital Transformation: Optimize business processes and improve customer experience using digital technologies. This way, you'll have time to focus on priority tasks.

5. Evaluate Strategic Partnerships: Accelerate growth by utilizing external resources, establishing strategic partnerships, or making acquisitions. Concepts like mergers and acquisitions, developing collaborations based on win-win principles, should be explored.

6. Market Research and Analysis: Conduct regular market research to understand future demand and trends. Be aware of mega-trends and prepare yourself for the future, not the past.

7. Education and Talent Development: Increase innovative potential within the company by providing continuous education and talent development opportunities to employees. Develop your employees, prepare them for the future, and, most importantly, retain them. Ensure that your investment does not go to waste.

Ayhan (Bekirov) Çalışkan

MirAdvisory.com

ayhan@miradvisory.com

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