InfoStructure Systems (ISS) is a technology development group, part of The Boeing Company that was created and funded by an internal “venture capital” group – Boeing Ventures. Boeing Ventures was created to incubate new technolgies into functional businesses and then “spin‐ off” the ventures outside of Boeing. ISS’s team had developed a new process‐centric technology ssoftware solution that addresses the inefficiencies of large, complex design and product development teams. Designed by the engineering team responsible for the Unmanned Combat Air Vehicle (UCAV) and other high‐profile Boeing programs, the Engineering Development Group Environment (EDGE) platform revolutionizes the way engineering managers capture and continuously gain visibility into the engineering process from an enterprise level.
ISS’s technology was first only used internally within Boeing, but the company saw potential to make it self‐sustaining business aimed at addressing large, complex prdocut development processes. After several rounds of internal funding from Boeing Ventures, the founders needed to prove the viability of EDGE in the market by capturing new customers and generating revenue in order to secure successful spin off. ISS needed to effectively roll out their product into new major accounts in the Aerospace – Aircraft, Automotive and Electronics markets. Their ultimate goal was to develop a sustainable, scalable revenue stream to spin the company out from Boeing.
However, EDGE was not ready for public consumption and Boeing did not have a Sales and Business Development organizaton that was viable for bringing the product to market. These two components were necessary to spin‐off ISS as a successful company.
Boeing and ISS needed to rapidly develop a Sales and Business Development operation in order to launch EDGE and generate new customers and revenue streams. Boeing realized that it would expensive and very time consuming to build an new Sales operation, so they turned to VizQuest to act as their Sales and Business Development organization.
ISS chose VizQuest to help them address these challenges. VizQuest implemented their proprietary New Product Introduction program, which accelerated the adoption of their solution in the market. The program employed VizQuest’s flagship New Product Introduction (NPI) processes and Revenue Factory Model to rapidly identify, engage, qualify and capture accounts. VizQuest collaborated with ISS to identify target markets and strategic account focus for the VizQuest team to penetrate and capture. They utilized their NPI experience, referral network, and sales experts to capture new customers, develop opportunities, and close sales. The program gave ISS new revenue streams, faster time to market and profitability, reduced break even time, and minimized capital burn. VizQuest did this by focusing on the market leaders in Aerospace‐Aircraft, Automotive and Electronics and targeted the Heads of Product Development as the key economic buyers for EDGE.
VizQuest laucnhed a full‐scale business development campaign for EDGE, which included: defining a compelling customer value proposition, multi‐dimensional demand generation activities, including trade show support, white papers, sales collateral, and an industry analyst program to test market assumptions and gain independent feedback. VizQuest penetrated the market in the most strategic way, as they targeted companies with a need for the ISS solution. They attracted attention from key players and presented the ISS solution, leading to a significant number of deals created. VizQuest delivered a steady stream of high quality opportunities, which lead to increased sales pipeline and major account capture. VizQuest successfully led the product specification to meet the needs of the target market, and ISS value grew tremendously, creating the foundation for a successful spin‐off.
In 12‐months, VizQuest generated $12.6 Million in new pipeline and revenue streams. The VizQuest team generated rapid results, within the fist 2‐months ISS gained a robust pipeline of more than 15 Validated Sales Opportunities, including companies such as Raytheon, Pratt and Whitney, Cessna, General Motors, and Ford Motor Company. The venture’s founders established relationships with top industry analysts through briefings with at Gartner, IDC, Aberdeen, and CIMData. In addition, VizQuest assisted ISS in rasing $5 Million in outside venture capital in order to accelerate the spin‐off.
As a result of VizQuest efforts ISS was able to spin out of Boeing and created a new entitity, Procelerate. VizQuest continued to work with the company in order to develop business further, and Procelerate was eventually aquired by ESI within 2 years after the ISS spin‐off. VizQuest has been able to attract interest with leading companies in the same industry for potential strategic alliances, as well as investment options from leading venture capital firms.
“VizQuest’s leadership has helped us jump start our efforts to become independent. Their market validation and rapid market penetration was instrumental in the securing the financial stability needed to take the next step.”
‐ Scott Prey, Project Leader, InfoStructure Systems