A co-creation process between a private venture fund and a large financial corporation
During the KRING Speedbooting 2016 and 2019 funds, the bank Nordea engaged in a co-creation process developed by KRING with a goal of creating impactful ventures within the Sustainable Development Goals agenda.
KRING Speedbooting 2016
In 2016 the co-creation process spun out the venture TestaViva which is a service that helps private consumers to create and manage their will and other legal documents online. TestaViva has since helped more than 60.000 Danes and has together with Nordea engaged in a new partnership with the governmental service E-Boks amongst others and is now expanding into new markets.
KRING Speedbooting 2019
In 2019 the co-creation process with Nordea was focused on SDG number 7: Affordable and clean energy. KRING and Nordea wanted to contribute to our nation’s goal to reduce greenhouse gas emissions from private homes amongst, by 70% before 2030. The biggest source of pollution from private homes is from oil- and gas heating systems, and replacing those with heat pumps instead could potentially reduce the nationwide emissions by 2%.
Knowing so, KRING, together with Nordea, facilitated a process of navigating the end-consumers through the comprehensive landscape of “green” loans, CO2 taxes, installers, and deductions via Nordea’s bank advisors, which effectively showcased the energy renovation as a financially feasible solution for the private homeowners. And by that, Bodil Energi took off.
Bodil Energi has already supported 750 private homes in their energy renovation with the support of Nordea. Each home converted achieves an average annual emission saving equivalent to 2–3 cars on the road for a year (and a heating bill reduction of 60–70%). When they have reached 100% of Danish homes, national emissions will have been reduced by a total of 4%.
Happy end-customers for Nordea
Nordea’s ultimate goal is to have happy and loyal customers, and that requires, according to Bank Director Mads Skovlund Pedersen, that the end-customers can have extra services through their bank.
That is the reason why Nordea started the co-creation partnership with KRING and has continued building, testing, and growing new ventures.
Nordea’s Bank Director for private customers, Lars Ellehave-Andersen, have put some words on his co-creating experience with KRING:
The KRING co-creation process: Speedbooting
Execution is everything and for being able to co-create fast-moving ventures together with large corporates, KRING has developed a capability called Speedbooting® — which in a “think big, start small, scale fast” process co-creates human-centric solution ideas for the market quickly and efficiently. In addition, Speedbooting® is designed so it is easily implemented in all types of organisations.
KRING is a group of people with shared values and a passion for changing the world. KRING used to consult and advised top companies and have later moved into a venture studio where they have launched multiple successful companies. Furthermore, KRING has also invested in startups and mentored hundreds of entrepreneurs that are the foundation of their extensive networks which enables KRING to provide value and build successful ventures together with large corporates.
KRING is not a VC firm, nor an incubator or accelerator. KRING are hands-on co-founders utilizing corporate collaborations and network with high speed co-create new companies working from the idea stage to launch and scale.
See more at www.kring.com