2014 North American Solar Portable Battery Charger 2013 ... · Industry Challenges The global...

2013

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2013 North American SSL Certificate Product Leadership Award

2014

2014 North American Solar Portable Battery Charger New Product Innovation Leadership Award

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BEST PRACTICES RESEARCH

© Frost & Sullivan 2 “We Accelerate Growth”

Background and Company Performance

Industry Challenges

The global consumer devices market has been witnessing a major change in consumer

trends and usage patterns lately because of the highly dynamic nature of the market. As a

result of technological advancements in this evolving market environment, portable

consumer devices such as mobiles, smartphones, iPhones, iPads, notebooks, and tablets

are being made more compact, smarter, and more robust. Thus, advanced features such

as video and voice communication, Internet browsing, and global positioning systems

(GPS) are being incorporated into today’s technologically advanced devices. Although such

functionalities enable consumers to stay mobile 24/7 and help them perform complex

computing with ease, they have a substantial impact on the battery life of the devices.

This is a major challenge for device manufacturers, which are constantly making heavy

investments in order to improve the battery life of the devices. However, despite such

efforts, the availability of long-lasting and powerful batteries for use in smaller devices still

remains a key concern. To address this pressing market concern, device manufacturers

that have developed skill sets to design innovative battery solutions (such as portable

charging devices) with an aim to help consumers avoid power interruptions during

computing operations are better positioned to enjoy a competitive edge in the market.

Visionary Innovation and Product Excellence of Third Wave Power

Unmet Needs

In an environment where there is a surge in the demand for more powerful battery

solutions and chargers for smart consumer devices, Third Wave Power efficaciously meets

market requirements and addresses the prevailing challenges as well. Building on its

competitive intelligence, the company identified a few embedded market concerns that

relate to solar chargers. Most solar chargers available on the market largely fall short in

speed of solar charging, along with the low charging capacity for tablets and/or multiple

smartphones. Chargers or battery solutions that overcome this challenge are necessarily

nonportable and thus are not user friendly. Thus, a solution that integrates features

addressing both of these concerns is best suited to meet the unmet needs of the market.

In view of such untapped market potential, Third Wave Power introduced its flagship

product, the mPowerpad 2, a portable solar charger that helps erase these concerns, on

November 13, 2013. An upgraded version of the existing mPowerpad solar charger, this

highly innovative and lightweight (about 500 g) solution addresses user needs with a

robust design that uses sunlight to charge the internal batteries of devices connected to it

at a fast rate (possibly close to grid rates). In spite of such advanced features, the device

is extremely portable, as it uses a pocket-sized power bank that can be detached from the

main charger. Moreover, this solution is also capable and robust enough to charge up to 7

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smartphones at the same time. The differentiated attributes and innovative functionalities

that this solar charger is equipped with undoubtedly offer unmatched excellence in the

solar portable battery charger market. For instance, its design helps to speed up the solar

charging process by combining a high-density grade A solar panel with an electronic

system that delivers an output current of close to 1 ampere and an adaptive software

algorithm that ensures consistent charging under varying sunny conditions.

Another key innovative feature of the product is the main charging unit, which is designed

precisely like a docking station and includes a removable battery pack. The removable

battery pack enables easier portability and greater expandability, as the battery pack can

be used like a standard power bank. Users can also take it with them while leaving the

solar unit to charge in the sun, then dock the pack to recharge the device at the end of

the day. Moreover, the integration of a variety of useful off-grid applications, such as

light, radio, SOS signal, and insect repellent within a single unit, further demonstrates the

product’s unrivaled customer value. Lastly, 2 Universal Serial Bus (USB) ports, each of

which is optimized for Apple and Samsung devices, respectively, provide splash-resistant

gaskets and create recess points for future expansion and applications.

Frost & Sullivan’s research shows that all these value-added functionalities have delivered

immense satisfaction to consumers, as is evident from the positive feedback gathered

from them. Exceeding the expectations of a diverse user base including mountain

climbers, motorcyclists, and Facebook users, the multi-functional mPowerpad 2 has served

its purposes distinctly and effectively, even in freezing temperatures. The solution has

earned several accolades for its versatile and robust design.

Use of Mega Trends

The global consumer devices market is evolving at a fast pace. With this in mind, it is

important for companies to stay prepared to handle future demands in tandem with

customer dynamics. Thus, the need for a robust and compact charger that is portable, is

user friendly, and can be used to charge today’s complex smart devices has compelled

Third Wave Power to add further benefits to its charger solutions. Having made efforts to

lead the market, the company has clearly identified regions and markets that hold the

most potential. For instance, outdoor enthusiasts (including hikers, bikers, campers, and

boaters), field professionals (comprising field engineers, outdoor photographers, NGO

workers, and mining engineers), and home/urban users (encompassing use as backup or

emergency power in case of tornadoes, earthquakes, and floods) are the potential target

customer segments across the United States, Europe, Australia, and New Zealand.

Additionally, various other power-starved countries, such as India, African nations, and

Indonesia (which has high 3G network/phone penetration but lacks reliable power supply)

also represent significant opportunities for the company. To maximize its abilities and tap

into the huge existing market potential, Third Wave Power has pursued several initiatives

to commercialize the mPowerpad 2. In recent months, it has participated in key retailer

events and distributor trade shows, such CES 2014, DISTREE in Asia Pacific in 2013, as

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well as some events in Europe in 2014, to showcase its products to potential channel

partners. The company is also having discussions with large companies interested in

pursuing original equipment manufacturing (OEM) opportunities, to create a strong

distribution network. Additionally, Third Wave Power is also exploring new docking

solutions with different technology providers to create enhanced value for end users.

Blue Ocean Strategy

The mPowerpad 2, offered by Third Wave Power, has gained immense positive feedback

from end users in the short amount of time since its introduction in November 2013. This

product is the only one of its kind in the market, and its sales are driven by the increasing

need to address customer requirements related to a more powerful battery for today’s

smart devices. Third Wave Power has identified this market opportunity and capitalized on

its strong sales and marketing network to make the mPowerpad 2 available in Australia,

New Zealand, Singapore, and Malaysia. This process has been carried out with the help of

consumer electronics, home do-it-yourself (DIY), and outdoor resellers. Additionally, as

this solution is configured with a mainstream application (the battery bank), the company

has also been able to reach customers through consumer electronics channels. With an

intent to carry out phased rollouts in the United States and Europe starting in April and

July 2014, respectively, the company is looking to collaborate with more channel partners

in the coming months. The company enjoys a first-mover advantage along with its diverse

channel partners, mainly outdoor, consumer electronics, and accessories channels, which

typically gives it an edge over competing participants in the market. In order to retain this

competitive advantage, Third Wave Power has plans to develop a scalable design that can

be easily used to create new models and incorporate new features into its existing

solution. It is also creating a smart ecosystem of accessories around the platform using its

docking feature. Lastly, its system-level innovation, the charging algorithm, offers a truly

unparalleled experience to consumers, helping the company retain its competitive

advantage. This optimized service delivery is expected to be retained further with a

dedicated focus on filing and owning patents (the company already owns one patent, while

several others are in progress).

Aspirational Ideals

In the present economic scenario, there are more than 1 billion consumers who live in

power-starved areas across the globe, while another half billion travel frequently to off-

grid regions. However, in spite of such a challenging economic scenario, communication

networks such as 3G and 4G are gaining rapid penetration in the global market. This

poses a challenge as the power-starved regions of the world fail to keep pace with the

power requirements to support explosive growth in the adoption of phones, tablets, and

wearable devices. Third Wave Power, in such situations, aims to provide power to people

no matter where they live, work, or travel, even in places where 3G/satellite connections

may reach but traditional power grids cannot. Eyeing opportunities in the rural

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environment, the mPowerpad 2 has been used to power eye care equipment for screening,

tablets for door-to-door surveys, pico projectors for education, mobile phones for

communication and livelihoods, and micro-banking devices for financial inclusion

companies. Such an integrated approach to delivering high-class, customer-driven

solutions is expected to add more value to customers at large.

Match to Needs

Third Wave Power, in an attempt to provide enhanced customer value, has devised a

feedback mechanism to ensure that its product development initiatives are on par with

customer needs. Its customers provide feedback through different channels, such as

online channels (through its Web site, email, Facebook, and other social media tools),

service/call centers, and face-to-face interactions at various events and tradeshows. Such

feedback may include customer input about product features, user experiences, or

suggestions for product enhancements. The company accordingly directs the repository of

feedback collected from customers to the research and development (R&D) and

manufacturing teams to clearly assess the feasibility of its implementation.

Reliability and Quality

Third Wave Power has been consistent in its delivery of highly reliable and quality-assured

solar chargers. Building on the immense customer accolades for its previous products, the

company has continued its legacy of conforming to quality standards and thus created a

cutting edge for itself over its competitors. The robust design of the mPowerpad 2 makes

it highly acceptable among end users. Featuring a grade A solar panel mounted on a hard

substrate and epoxy-coated to protect against bumps and shocks, the product is quite

sturdy. Additionally, all mechanical parts are designed with a polycarbonate base to resist

high bumps and shocks, and all openings are sealed with water-resistant materials, such

as silicone. The intensive production process makes the product extremely worthy of

praise from end users. Keeping in mind the possibility of its usage in extreme

temperatures, the product is chamber-tested at up to 185 degrees Fahrenheit (85 degrees

Celsius). Lastly, having obtained CB, FCC, CE, and C-Tick certifications, the mPowerpad 2

clearly exemplifies high quality and thus is held in higher esteem than competing

participants. Such extensive customer value creation by a start-up truly demonstrates the

company’s sustained focus on achieving its objective: to empower people across the globe

by improving their lives.

Product/Service Value

Third Wave Power has been highly focused on delivering the best possible value for its

customers’ money. Maintaining a strategy to offer highly innovative solar chargers at

competitive price points has enabled the company to stand out among its competitors. By

not compromising on the quality of its products, Third Wave Power has been successful in

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compelling customers to opt for solar chargers over socket power, even when they are

within the power grid. Thus, the mPowerpad 2, with its high charging speed, embodies

portability and expandability while at the same time being cost-competitive, clearly

dominating the market over higher-priced traditional solar chargers. The advanced

functionalities of the mPowerpad 2 are expected to generate more revenue for the

company, and thus to create an impact on its market share after its phased rollout in the

United States and Europe.

Design

Third Wave Power has enhanced the design process of the mPowerpad 2 by being in

constant touch with consumers as well as retailers. By implementing suggestions from end

users (related to new features, feasibility, and price points) and adjusting the design

process accordingly, it has made its product a preferred choice for customers. Thus, it is

evident from this all-inclusive, customer-driven design process that the company’s focus is

on addressing prevailing market challenges and consequently delivering enhanced value.

Conclusion

Having identified the pressing market challenge presented by the unavailability of long-

lasting and powerful batteries for being used in smart and technologically advanced

consumer devices, Third Wave Power has optimally used its strong technological

competence and customer-driven aptitude to offer innovative battery solutions to its end

users. Thus, it launched the mPowerpad 2 solar charger in late 2013 to meet this

customer need and also revolutionize the solar portable battery charger market. The

enriched features of this product, coupled with its dollar-for-dollar value, offer immense

satisfaction for customers, further enabling the company to retain its competitive

advantage. In light of this innovative offering, Third Wave Power has been chosen as the

worthy recipient of the 2014 Frost & Sullivan New Product Innovation Leadership Award in

the North American solar portable battery charger market.

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Significance of New Product Innovation Leadership

Ultimately, growth in any organization depends upon continually introducing new products

to the market, and commercializing those products to the greatest extent possible. For

these dual goals to occur, a company must be best-in-class in three key areas:

understanding demand, nurturing the brand, differentiating from the competition. This

three-fold approach to delivering New Product Innovation Leadership is explored further

below.

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Understanding New Product Innovation Leadership

Ultimately, innovation is about finding a productive outlet for creativity – for translating

ideas into things people want to buy, and doing it over and over again. Even a very good

idea – or even a series of very good ideas –will amount to nothing without successful

implementation at each stage of development and commercialization. Creativity and

implementation are therefore two sides of the same coin, as explored further below.

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Frost & Sullivan’s Global Research Platform

Frost & Sullivan maintains more than 50 years in business and is a global research

organization of 1,800 analysts and consultants who monitor more than 300 industries and

250,000 companies. The Company’s research philosophy originates with the CEO’s 360

Degree Perspective, a holistic research methodology that encourages us to consider

growth challenges, and the solutions companies employ to solve them, from every angle.

This unique approach enables us to determine how best-in-class companies worldwide

manage growth, innovation and leadership. Based on the results of our research in new

product innovation leadership, Frost & Sullivan is proud to present the 2014 North

American New Product Innovation Leadership Award in Solar Portable Battery Chargers to

Third Wave Power.

Key Benchmarking Criteria

For the New Product Innovation Leadership Award, we evaluated the total client

experience and strategy implementation excellence according to the criteria detailed

below.

Visionary Innovation

Criterion 1: Unmet Needs

Criterion 2: Use of Mega Trends

Criterion 3: Pioneering Best Practices

Criterion 4: Blue Ocean Strategy

Criterion 5: Aspirational Ideals

Product Excellence

Criterion 1: Match to Needs

Criterion 2: Reliability and Quality

Criterion 3: Product/Service Value

Criterion 4: Positioning

Criterion 5: Design

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The Intersection between 360-Degree Research and Best

Practices Awards

Research Methodology

Frost & Sullivan’s 360-degree research

methodology represents the analytical

rigor of our research process. It offers a

360-degree-view of industry challenges,

trends, and issues by integrating all 7 of

Frost & Sullivan's research methodologies.

Too often, companies make important

growth decisions based on a narrow

understanding of their environment,

leading to errors of both omission and

commission. Successful growth strategies

are founded on a thorough understanding

of market, technical, economic, financial,

customer, best practices, and demographic

analyses. The integration of these research

disciplines into the 360-degree research

methodology provides an evaluation

platform for benchmarking industry players and for identifying those performing at best-

in-class levels.

Decision Support Scorecard and Matrix

To support its evaluation of best practices across multiple business performance

categories, Frost & Sullivan employs a customized Decision Support Scorecard and Matrix.

This analytical tool compares companies’ performance relative to each other. It features

criteria unique to each award category and ranks importance by assigning weights to each

criterion. The relative weighting reflects current market conditions and illustrates the

associated importance of each criterion according to Frost & Sullivan. This tool allows our

research and consulting teams to objectively analyze performance, according to each

criterion, and to assign ratings on that basis. The tool follows a 10-point scale that allows

for nuances in performance evaluation; ratings guidelines are illustrated below.

360-DEGREE RESEARCH: SEEING ORDER IN

THE CHAOS

360-DEGREE RESEARCH: SEEING ORDER IN

THE CHAOS

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Best Practice Award Analysis for Third Wave Power

Decision Support Scorecard: Visionary Innovation

The Decision Support Scorecard, shown below, includes all performance criteria listed on

page 7 and illustrates the relative importance of each criterion and the ratings for each

company under evaluation for the New Product Innovation Leadership Award. The

research team confirms the veracity of the model by ensuring that small changes to the

ratings for a specific criterion do not lead to a significant change in the overall relative

rankings of the companies.

Finally, to remain unbiased and to protect the interests of all organizations reviewed, we

have chosen to refer to the other key players in as Company 2 and Company 3.

DECISION SUPPORT SCORECARD FOR NEW PRODUCT INNOVATION LEADERSHIP AWARD

(ILLUSTRATIVE): VISIONARY INNOVATION

Measurement of 1–10 (1 = poor; 10 = excellent)

Award Criteria

Visionary Innovation Unm

et

Needs

Use o

f M

ega

Tre

nds

Pio

neering B

est

Pra

ctices

Blu

e O

cean

Str

ate

gy

Aspirational Id

eals

Weig

hte

d R

ati

ng

Relative Weight (%) 20% 20% 20% 20% 20% 100%

Third Wave Power 9.6 9.0 9.0 9.0 9.6 9.2

Company 2 8.8 8.6 8.8 8.6 8.8 8.7

Company 3 8.2 8.4 8.3 8.2 8.4 8.3

Criterion 1: Unmet Needs

Requirement: A clear understanding of customers’ desired outcomes, the products that

currently help them achieve those outcomes, and where key gaps may exist

Criterion 2: Use of Mega Trends

Requirement: Ability to incorporate long-range, macro-level scenarios into strategic plans,

thereby anticipating and preparing for multiple futures that could occur

Criterion 3: Pioneering Best Practices

Requirement: A nothing-ventured-nothing-gained approach to strategy implementation

that results in processes, tools, or activities that generate a consistent and repeatable

level of success.

Criterion 4: Blue Ocean Strategy

Requirement: Proven track record of creating new demand in an uncontested market

space, rendering the competition obsolete

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Criterion 5: Aspirational Ideals

Requirement: A willingness to look beyond the simple goal of generating a profit to embrace

a more powerful ideal of bringing greater value to customers or the planet

Decision Support Scorecard: Product Excellence

DECISION SUPPORT SCORECARD FOR PRODUCT LEADERSHIP AWARD (ILLUSTRATIVE):

PRODUCT EXCELLENCE

Measurement of 1–10 (1 = poor; 10 = excellent)

Award Criteria

Product Excellence Matc

h t

o N

eeds

Reliability a

nd

Quality

Pro

duct/

Serv

ice

Valu

e

Positio

nin

g

Desig

n

Weig

hte

d R

ati

ng

Relative Weight (%) 20% 20% 20% 20% 20% 100%

Third Wave Power 9.6 9.6 9.6 9.6 9.6 9.6

Company 2 8.8 8.8 8.8 8.8 8.8 8.8

Company 3 8.4 8.2 8.0 8.2 8.4 8.2

Criterion 1: Match to Needs

Requirement: Customer needs directly influence and inspire a product’s design and

positioning

Criterion 2: Reliability and Quality

Requirement: The product consistently meets or exceeds customer expectations for

performance and length of service

Criterion 3: Product/Service Value

Requirement: Products or services offer the best value for the price, compared to similar

offerings in the market

Criterion 4: Positioning

Requirement: The product or service delivers a unique, unmet need that competitors

cannot easily replicate or replace

Criterion 5: Design

Requirement: The product’s visual presentation makes it easy to use, and makes

customers happy to use it

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Decision Support Matrix

Once all companies have been evaluated according to the Decision Support Scorecard,

analysts can then position the candidates on the matrix shown below, enabling them to

visualize which companies are truly breakthrough and which are not yet operating at best-

in-class levels.

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Best Practices Recognition: 10 Steps to Researching,

Identifying, and Recognizing Best Practices

Our awards team follows a team 10-step process (illustrated below) to evaluate award

candidates and assess their fit with our best practice criteria. The reputation and integrity

of our awards process are based on close adherence to this process.

STEP OBJECTIVE KEY ACTIVITIES OUTPUT

1 Monitor, target, and screen

Identify award recipient candidates from around the globe

Conduct in-depth industry research

Identify emerging sectors Scan multiple geographies

Pipeline of candidates who potentially meet all best-practice criteria

2 Perform 360-degree research

Perform comprehensive, 360-degree research on all candidates in the pipeline

Interview thought leaders and industry practitioners

Assess candidates’ fit with best-practice criteria

Rank all candidates

Matrix positioning all candidates’ performance relative to one another

3

Invite thought leadership in best practices

Perform in-depth examination of all candidates

Confirm best-practice criteria Examine eligibility of all

candidates Identify any information gaps

Detailed profiles of all ranked candidates

4

Initiate research director review

Conduct an unbiased evaluation of all candidate profiles

Brainstorm ranking options Invite multiple perspectives

on candidates’ performance Update candidate profiles

Final prioritization of all eligible candidates and companion best-practice positioning paper

5

Assemble panel of industry experts

Present findings to an expert panel of industry thought leaders

Share findings Strengthen cases for

candidate eligibility Prioritize candidates

Refined list of prioritized award candidates

6

Conduct global industry review

Build consensus on award candidates’ eligibility

Hold global team meeting to review all candidates

Pressure-test fit with criteria Confirm inclusion of all

eligible candidates

Final list of eligible award candidates, representing success stories worldwide

7 Perform quality check

Develop official award consideration materials

Perform final performance benchmarking activities

Write nominations Perform quality review

High-quality, accurate, and creative presentation of nominees’ successes

8 Assemble

board of advisors

Finalize the selection of the best-practice award recipient

Present candidates to a Board of Advisors

Build consensus Select winner

Decision on which company performs best against all best-practice criteria

9 Communicate recognition

Inform award recipient of award recognition

Present award to the CEO Inspire the organization for

continued success Celebrate the recipient’s

performance

Announcement of award and plan for how recipient can use the award to enhance the brand

10 Take strategic action

Share award news with stakeholders and customers

Coordinate media outreach Design a marketing plan Assess award’s role in future

strategic planning

Widespread awareness of recipient’s award status among investors, media personnel, and employees

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