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Why Vention's Business Model is so successful?

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Vention’s Company Overview


Vention is a leading industrial automation company based in Canada. It is a digital manufacturing platform for machine design, providing an innovative ecosystem for designing, automating, and deploying machinery. Vention's platform is cloud-based, which allows engineers and other professionals to design and order their custom industrial equipment in a seamless, user-friendly environment. The company offers a wide range of modular parts, from structural components to automation parts, all of which can be combined to create custom machinery. Vention's revolutionary approach to machine design is transforming the way businesses approach and handle their automation needs. Vention operates on a unique business model that combines e-commerce and custom manufacturing. The company's digital platform allows users to design their machines using a 3D interface and then directly order the parts for their design. This significantly reduces the time and complexity traditionally associated with machine design and manufacturing. The platform also includes a public marketplace where users can share and sell their designs, fostering a community of innovation and collaboration. Regarding its revenue model, Vention primarily generates income through the sale of the custom machine parts it manufactures. Users design their machines for free on the platform, and only pay for the parts they order. The prices of these parts vary depending on their complexity and the materials used. Additionally, Vention earns revenue from the marketplace transactions. When a user sells a design on the marketplace, Vention takes a commission from the sale. This dual revenue stream of direct sales and commissions allows Vention to sustain its innovative platform while continuously expanding its product offering.

https://vention.io/

Country: Quebec

Foundations date: 2016

Type: Private

Sector: Technology

Categories: Manufacturing


Vention’s Customer Needs


Social impact:

Life changing: motivation, affiliation/belonging

Emotional: design/aesthetics, provides access

Functional: saves time, simplifies, integrates, connects, reduces effort, quality


Vention’s Related Competitors



Vention’s Business Operations


3D printing:

3D printing, so-called additive manufacturing (AM), relates to methods used to build a three-dimensional item by forming successive layers of material under computer control. It has already transformed prototyping, and we are beginning to see the technology's promise in mass customization, medical, and home usage. Engineering, architectural, medical, industrial design, and construction are just a few industries that utilize 3D printers.

Collaborative production:

Producing goods in collaboration with customers based on their input, comments, naming, and price. It represents a new form of the socioeconomic output in which enormous individuals collaborate (usually over the internet). In general, initiatives based on the commons have less rigid hierarchical structures than those found on more conventional commercial models. However, sometimes not always?commons-based enterprises are structured so that contributors are not compensated financially.

Digital:

A digital strategy is a strategic management and a business reaction or solution to a digital issue, which is often best handled as part of a broader company plan. A digital strategy is frequently defined by the application of new technologies to existing business activities and a focus on enabling new digital skills for their company (such as those formed by the Information Age and frequently as a result of advances in digital technologies such as computers, data, telecommunication services, and the World wide web, to name a few).

Digital transformation:

Digitalization is the systematic and accelerated transformation of company operations, processes, skills, and models to fully exploit the changes and possibilities brought about by digital technology and its effect on society. Digital transformation is a journey with many interconnected intermediate objectives, with the ultimate aim of continuous enhancement of processes, divisions, and the business ecosystem in a hyperconnected age. Therefore, establishing the appropriate bridges for the trip is critical to success.

Ecosystem:

A business ecosystem is a collection of related entities ? suppliers, distributors, customers, rivals, and government agencies ? collaborating and providing a particular product or service. The concept is that each entity in the ecosystem influences and is impacted by the others, resulting in an ever-changing connection. Therefore, each entity must be adaptive and flexible to live, much like a biological ecosystem. These connections are often backed by a shared technical platform and are based on the flow of information, resources, and artifacts in the software ecosystem.

Online marketplace:

An online marketplace (or online e-commerce marketplace) is a kind of e-commerce website in which product or service information is supplied by various third parties or, in some instances, the brand itself, while the marketplace operator handles transactions. Additionally, this pattern encompasses peer-to-peer (P2P) e-commerce between businesses or people. By and large, since marketplaces aggregate goods from a diverse range of suppliers, the variety and availability are typically greater than in vendor-specific online retail shops. Additionally, pricing might be more competitive.

Open innovation:

A business concept established by Henry Chesbrough that inspires firms to pursue out external sources of innovation in order to enhance product lines and reduce the time needed to bring the product to the market, as well as to industry or release developed in-house innovation that does not fit the customer's experience but could be used effectively elsewhere.

Product innovation:

Product innovation is the process of developing and introducing a new or better version of an existing product or service. This is a broader definition of innovation than the generally recognized definition, which includes creating new goods that are considered innovative in this context. For example, Apple launched a succession of successful new products and services in 2001?the iPod, the iTunes online music service, and the iPhone?which catapulted the firm to the top of its industry.

Software as a Service (SaaS):

Software as a Service (SaaS) is a paradigm for licensing and delivering subscription-based and centrally hosted software. Occasionally, the term on-demand software is used. SaaS is usually accessible through a web browser via a thin client. SaaS has established itself as the de facto delivery mechanism for a large number of commercial apps. SaaS has been integrated into virtually every major enterprise Software company's strategy.

Technology trends:

New technologies that are now being created or produced in the next five to ten years will significantly change the economic and social landscape. These include but are not limited to information technology, wireless data transmission, human-machine connection, on-demand printing, biotechnology, and sophisticated robotics.

Transaction facilitator:

The business acts as an acquirer, processing payments on behalf of online merchants, auction sites, and other commercial users for a fee. This encompasses all elements of purchasing, selling, and exchanging currencies at current or predetermined exchange rates. By far the biggest market in the world in terms of trade volume. The largest multinational banks are the leading players in this industry. Around the globe, financial hubs serve as anchors for trade between a diverse range of various kinds of buyers and sellers 24 hours a day, save on weekends.

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