Fortis Yacht Services (A)

Abstract

This is the first of a two-case series (308-038-1 and 308-039-1). The cases serve to illustrate innovation within large established companies. It can be used to discuss (business model) innovation in service industries. It is best used within executive programmes in the financial services industry, or in a session on innovation or venturing, or when the topic of business model innovation has been discussed. Fortis Yacht Services is also a nice example of a Blue Ocean Strategy. The (A) case presents a proposal for a new venture within Fortis, a leading Benelux financial services provider. The setting of the case is a presentation by Pascal De Wert for the Fortis Innovation Board. Pascal De Wert is a Branch Manager for Fortis. He spends his leisure time in the yachting world and this has given him the idea for Fortis Yacht Services. Offering financing and insurance services for leisure yachts, Fortis Yachting Services would be the hub for customers considering the option of purchasing a yacht. The Fortis Innovation Board needs to decide whether the approval will be given to go ahead with Fortis Yacht Services. The (B) case ends with how to develop Fortis Yacht Services further. Should it be kept separate and grow further as part of Fortis Venturing? Or should it be brought back to the traditional business lines, and hence fly away from under mother's wings?