Small start-up companies whether software applications, cutting edge consumer products or, home improvement products have traditionally driven their respective technology spaces to innovate. It also forces the larger stodgy companies to take notice and innovate to meet the challenges created by the nimbler small businesses that can enter the market quickly with their products and services.
The Lucid Air Electric Luxury Sedan
Over the past 10 years’ Battery Electric Vehicle (BEV) start-up companies have made their presence known and driving a market thought to be all but dead to the consumer. With companies such as BYD, Faraday Future, Lucid, Tesla and many others constantly pushing the envelope this forces the larger corporate conglomerates to innovate and provide a more competitive landscape in the BEV market. Not only do these small companies drive vehicle innovation but, this type of environment also provides seed for ancillary companies to start-up and experience growth while establishing market presence as well as brand equity quickly. Some of these markets include high power vehicle battery chargers, solar power based charging, battery based home power systems, etc.
It's the small business engine that drives innovation and economic growth which, forcing the automotive manufacturing titans to innovate and change. Small business often times will lead the way.
Innovating Vehicle Electrification Technology: Hybrid Electric, Fuel Cell, and beyond.