FifthRow is an AI Venture Studio that launched from U+ in May 2023.
FifthRow’s mission is to “automate Research, Discovery, Validation and Testing of new innovations by 100x” by leveraging Generative AI.
Solutions:
AI Venture Studio: Deploy the whole platform to predictably launch multiple data-driven ventures at scale and match the best people to build them.
Market Exploration: Get insights into any market you want with the Research AI. The AI Agent will help ask follow-up questions to get deeper insights.
Ideation Sprint: Deploy the power of AI to significantly speed up an ideation sprint with the power of data-driven innovation.
Find & Test Ventures: From research and automated ideation to a pitch deck, expert interviews and a smoke testing microsite in a day. Rinse & repeat.
AI Innovation Challenge: Take in ideas from your people, enrich them with your and our data sources, compare them and deploy market tests at scale.
Engagement Models:
FifthRow operates as a managed SaaS service, offering two main engagement models to cater to your specific needs:
Usage-Based Model: Ideal for specific projects or trial engagements, offering flexibility and targeted solutions.
Subscription Model: Suited for the continuous enablement of your organization, this model offers ongoing access to our platform and services.
CEO Q&A: Jan Beranek
What innovation activities does your solution seek to support?
FifthRow can help you boost the return on investment in innovation by identifying and testing the best solutions for any company in any market, and match them with the best people to execute.
Our approach focuses on expediting and streamlining the early stages of the innovation venture-building journey. By condensing what traditionally takes five months into a mere two weeks, we’re revolutionizing the pace at which ideas are brought to market.
Your company can explore any opportunity space, discover trends, challenges, existing startups, and VCs, and get access to hundreds of relevant sources within minutes with the help of FifthRow. Also, you will be able to smoke test or enable customer interviews at scale, collecting user feedback in days instead of months.
FifthRow uses 14 different ideation methods and freely combines them to come up with viable solutions in market whitespaces. Solutions can include new ventures, services, products, or even product features.
What are the outcomes you seek to help your customers achieve?
The most important target is the increased ROI of all innovation activities.
From comprehensive market research, uncovering opportunity spaces, trends, and potential challenges, to identifying startups and venture capitalists, we access a multitude of relevant sources.
Our Venture Ideation, Ranking, Customer Interview Simulation & Enrichment processes generate viable business ventures based on both public and private data, eliminating any barriers to executing on validated ideas.
With faster, data-driven decision-making facilitated, real market feedback is received from potential end users via AI-generated landing pages (B2C) or pitch decks (B2B) for the AI-generated solutions.
FifthRow excels in sourcing the right talent for executing on the market-tested solutions, increasing innovation across business units and removing the need for consultants.
Your company will be able to enable the people internally to be more efficient – and then, the ultimate goal is finding reliable ventures, given the assets and strategy of the company, and the best talent to bring them to market.
Are there one or two case studies you like to talk about, in terms of how customers use it?
We recently worked with a large insurance company in California that wanted to explore a broad problem space with the goal of quickly gathering relevant insights, generating viable ventures to explore within the space and validating the top concepts to, at the end, have one or two concepts to pursue further.
Throughout the engagement, we actually identified seven extra subspaces that we then dove deeper into, resulting in the generation of over 200 venture ideas in total. Following a careful selection, 10 venture ideas were chosen for further enrichment, leading to three of those launched as market tests through AI-generated landing pages. For each of the ideas we created 3 microsite versions, with different positioning and messaging – all within just a few hours with the help of AI (a task that typically consumes weeks).
After running paid campaigns for three weeks, one of the concepts being market tested received 50+ sign-ups and performed 5-10x better than the industry averages!
By utilizing FifthRow, our client felt that their innovation team’s productivity increased 2-3x times.
Corporate innovation is undergoing a significant transformation, largely driven by the adoption of AI and advanced tools like FifthRow.
How are you leveraging / will you leverage generative AI in your solution? How do you see that as being important going forward?
Core functions of FifthRow are run by generative AI, but it’s not the only solution used. While GenAI plays a vital role in creating market insights and personas, we also use other technologies, such as natural language processing and cloud infrastructure.
How do you see corporate innovation changing in 2024 and beyond? What are some of the new expectations and new pressures?
Corporate innovation is undergoing a significant transformation, largely driven by the adoption of AI and advanced tools like FifthRow. Essentially, what we are witnessing is a fundamental shift from traditional innovation consulting and ideation to a more streamlined and efficient process powered by AI. This shift is reshaping the expectations and pressures on innovation teams within organizations.
Spreading innovation across all parts of the organization helps everyone work together better on new ideas. Tools like FifthRow make it possible for the innovation team of the company to be way more efficient, and support all their business units.
In essence, the future (or present) reality of corporate innovation lies in leveraging AI and advanced tools to speed up the innovation process and increase efficiency
