"GE Medical spent $80 million building a state-of-the-art training center, complete with a TV studio, to develop educational programming."
In reference to Jack Welch and General Electric (GE), I continue to hit on the theme of looking at existing knowledge and expertise within a company, and finding ways to create extra income streams around them.
This doesn't mean we have to go to the levels of General Electric in reference to their GE Medical unit. As a matter of fact it's getting cheaper and cheaper to put together quality equipment or software to develop training or educational programming.
The demand for trusted and quality information isn't going to ever go away, and it's just sitting there in a number of industries which don't see the gold that is included with there expertise. It's quite possible the products you put together in these areas could become some of your best generators of profits.
When you take that and add hands-on training and specialty videos or productions for other businesses, the sky is the limit for the potential in this field.
Even with a lot of players in certain fields seeing this, we're really still at the beginning of what this can do for a company and its bottom line.
Don't think if you're a relatively small company that this isn't an avenue worth pursuing. Many individuals through the years have created great businesses based on one small, niche areas they've become experts in.
One way to mine the gold that is there, is look at the journey you or your business has taken. Then ask yourself the question of what within that practical journey would you be able to put together to help other companies or individuals. Don't assume they already know the answers just because you do: many don't!
General Electric has even gone so far as to take what they know in business and apply it across almost any type of business, generating tons of new revenue streams based on what they already know. It's simply a matter of putting it together in a form that can be engaging and easy to understand.
Other Jack Welch Resources:
Jack Welch's advice to MIT Sloan students
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