Novo Nordisk uses FounderNest to discover hidden gems & accelerate innovation

Company

Novo Nordisk, a global leader in pharmaceuticals, is renowned for its groundbreaking work in diabetes care and other therapeutic areas. But staying ahead in the ever-evolving medical landscape demands constant innovation. That's why they launched their Open Innovation initiative, a dedicated team tasked with propelling scientific and medical advancements.

Challenge

💎 Sifting through mountains of data to find diamonds in the rough

Novo Nordisk's team, spread across Europe and America, has a critical mission: identify promising startups, forge strategic partnerships, and spearhead long-term research projects.

The future of Novo Nordisk depends powerfully on what his team does. And no punches can be pulled as they map entire sectors and industries to uncover the next groundbreaking opportunity.

Novo Nordisk's team rely on a mix of traditional methods—databases, personal connections, and partner referrals—but these approaches have limitations. Finding companies as early and efficiently as possible without missing out on potential opportunities is a constant (and growing) concern—too much time is being spent manually sifting through data and struggling to discover hidden gems throughout the noise.

"FounderNest helped us discover the hidden 20%—opportunities we would have never found otherwise. We can now map 100% of a space in record time.”

Solution

🔓 Unlocking the power of AI & NLP

Identifying all the opportunities in a sector or industry is not a job that a team can do alone. It requires deep knowledge about an industry. From important technologies and big players to keywords and industry-specific publications, it’s a lot for anyone to get a grasp on.

Here’s where AI and NLP come in. Rather than spending countless hours mapping the key players, companies, technologies, and words in each industry, the team can use FounderNest to cut out the noise and fully map out every player in a space.

Here's how it empowers Novo Nordisk's Open Innovation team:

• Uncovering hidden gems: FounderNest's AI goes beyond traditional methods, identifying promising startups and cutting-edge technologies that might otherwise be overlooked—all optimized for highest relevance, signal and fit.
• Gaining personalized market insights: Manual research becomes a thing of the past. The AI identifies key players, technologies, and industry-specific information, freeing up valuable time for strategic tasks.
• Accessing human-in-the-loop expertise: While AI takes the lead, FounderNest complements it with a dedicated human support team. They monitor searches proactively, suggest refinements based on evolving needs, and ensure a seamless user experience.

“It’s not about replacing industry publications or databases with FounderNest. It’s about supplementing our existing resources to never miss another opportunity.”

Results

🤖 Supercharging innovation with human and artificial intelligence

Since adopting FounderNest, Novo Nordisk's team has witnessed a dramatic shift:

• Expanded reach: FounderNest unlocks a broader innovation ecosystem, uncovering hidden opportunities beyond traditional scouting methods.
• Improved decision-making: Data-driven insights empower the team to make informed decisions and accelerate their innovation pipeline.
• Increased speed: Exploring new areas and identifying valuable "gem companies" is now faster and more efficient than ever.

“FounderNest has become an essential tool for us, sharpening our innovation edge and propelling Novo Nordisk towards the future of healthcare.”