Article
The Business Advisory Group (BAG):
valuable advice for projects
NXTGEN Hightech offers various initiatives to stimulate market-oriented development within projects to enhance the earning potential of Dutch companies. One of these initiatives is the Business Advisory Group (BAG). In this article, we discuss with Ecosystem Community Manager Willem Endhoven how BAG prepares projects for market entry.
What is the BAG?
"The BAG is a unique initiative within NXTGEN Hightech that supports projects in developing and commercializing their innovations. The BAG consists of experienced experts, including CEOs, managing directors, and entrepreneurs from various sectors. The goal of the BAG is to provide strategic advice on business models and market entry, contributing to the sustainable growth and success of innovations. What makes it so unique is that this is the first time within a subsidy project that the market feasibility of the project is assessed, and strategic thinking about the business and the chance of ROI is involved."
Why is the BAG so valuable for projects?
"Many projects are very technology-focused, which is understandable. However, developing good technology alone does not guarantee success. The BAG offers free advice with a focus on business strategy rather than technological development. During the sessions, there is an in-depth examination of value propositions and market share projections of the projects. Questions like 'How are you going to make money with this?' and 'Have you considered all aspects of your business model?' help to quickly identify and improve weak points."
"What makes it so unique is that this is the first time within a subsidy project that the feasibility of the project is assessed, and strategic thinking about the business is involved."
Willem Endhoven, Ecosystem Community Manager at NXTGEN Hightech
Who would benefit from a BAG session?
"A BAG session is valuable for all types of projects and participants aiming for international market introduction. Whether you are in the early phase of product development or already have a working prototype, a BAG session offers strategic insight that can help avoid pitfalls and build a solid business model. With their broad experience across various sectors, BAG members can help identify and solve potential issues before you enter the market. They provide not only feedback on plans but also practical advice to refine strategies and increase the chances of success. This way, you enter the next phase better prepared and build valuable connections within the ecosystem."
How does a BAG session work?
"A BAG session begins with thorough preparation, which involves submitting a detailed summary of the project. The BAG members review this documentation prior to the session. A typical BAG session starts with an introduction by the project leader, followed by a Q&A session where the BAG members ask their questions. These questions are based on the pre-read documentation and often lead to in-depth dialogues. All BAG members have signed a non-disclosure agreement to ensure trust and enable open communication. The domain leader of NXTGEN Hightech acts as the scribe, ensuring that all feedback remains within the relevant domain. This process results in concrete and practical advice that projects can apply immediately."
Participating in a BAG session
BAG sessions are usually proactively organized by the domain leader. So far, sessions have been held for more than ten projects, and we will continue to schedule new sessions in the coming period. Are you interested in having your NXTGEN Hightech project participate in a session? If so, please contact your domain leader.