Question
A traditional manufacturing company can apply the innovative approaches discussed in the Growth IQ book in several ways. Firstly, they can embrace co-opetition, which is the act of cooperating with competitors, as exemplified by BMW, Intel, and Mobileye. This can lead to the development of new technologies and open up new markets. Secondly, they can invest in research and development to innovate their products and processes. This could involve adopting new technologies like automation and AI. Lastly, they can diversify their product range or enter new markets to expand their customer base and increase sales.
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In 2016 BMW, Intel and Mobileye teamed up to develop autonomous vehicles. They needed a mass market manufacturer, even if it was BMW's competitor. In a move unprecedented in the competitive automobile industry, they partnered with Fiat Chrysler. The rise of autonomous driving technology and the massive investments by Google, Apple and Tesla made co-opetition imperative for BMW and Fiat's survival. For Intel, it was its chance to dominate the next big chip market. The partnership aims to develop a common vehicle architecture that could be used by multiple automakers while maintaining their unique capabilities.
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