We are pleased to announce that FOSTEC & Company is one of the ‘Top medium-sized consultants 2024’ in the current ranking of the SZ Institute. This award recognises our continuous work to provide the best possible advice and set the highest standards.

Management consultancies: A key to success in challenging times

In a world increasingly characterised by economic and geopolitical uncertainties, the role of management consultancy is growing in importance. Companies are faced with the challenge of adapting flexibly to new market conditions, driving innovation and at the same time operating efficiently. This is where we come in as consultants, using our expertise and experience to provide our clients with sustainable support.

Our aim is to work with our clients to develop solutions that not only address short-term challenges, but also ensure long-term success.

Our expertise in consulting is reflected in this recognition.

About the ranking

The ‘Best Consultants for SMEs 2024’ ranking was compiled by the renowned market research institute INNOFACT on behalf of the SZ Institute. A total of 130 medium-sized management consultancies were examined and evaluated in terms of their performance, expertise and customer satisfaction. FOSTEC & Company was recognised as one of the leading consultancies and is one of the top management consultancies in Germany.

The results of the ranking were published today in the 216/2024 print edition of the Süddeutsche Zeitung as well as online under the title ‘Gut beraten, ist halb gewonnen’. This recognition emphasises the importance of our commitment to the SME sector and motivates us to continue providing excellent consulting services.

Our mission:

At FOSTEC & Company, we understand the specific challenges that companies face and offer customised solutions that are tailored to the individual needs of our clients. From strategy development and process optimisation to digital transformation – we accompany companies on their way to a successful future.

We are proud of this award and would like to thank our customers and partners for the trust they place in us. Together, we are working to successfully shape the future.

About FOSTEC & Company

FOSTEC & Company is a leading management consultancy with a focus on digital transformation, strategy development and process optimisation. With our in-depth expertise, we support companies in successfully facing the challenges of the future.

We are delighted to announce that FOSTEC Ventures has been honoured with the prestigious ‘Innovation Champion 2025’ award. This award recognises companies that have distinguished themselves through outstanding innovative strength in various dimensions. As part of the assessment, five key areas of innovation were analysed in which FOSTEC Ventures achieved outstanding results:

1. Strategy and innovation culture

FOSTEC Ventures has established itself as an innovation leader through a clear strategic orientation and a distinctive innovation culture. The introduction of fixed processes and structures to promote innovation projects creates an environment in which creativity and continuous development are encouraged. This culture of innovation is the decisive factor that positions us successfully on the market in a fast-moving, constantly changing business world.

2. Products and services

Our innovative strength manifests itself in particular in the development of new products and services as well as in the continuous further development of our existing portfolio. Through continuous market analyses and customer feedback, we ensure that our offering meets the needs of the future. We offer solutions that are not only up-to-date, but also pioneering. This not only strengthens our market position, but also creates sustainable added value for our customers.

3. Processes

Efficient processes are a decisive factor for the competitiveness of our company. The use of modern technologies and

the automation of central business processes have led to significant improvements

4. Business models

The development of innovative business models is a key factor in our entrepreneurial success. FOSTEC Ventures is constantly endeavouring to develop new approaches to give us a competitive advantage. We also endeavour to stay one step ahead of the competition by implementing new regulations and standards.

5. Organisation

An innovative organisation is an essential prerequisite for the success of innovations. In recent years, we have made considerable efforts to modernise our corporate structures. Thanks to new reporting systems, a flexible organisational structure and modern management styles, we are able to react quickly and effectively to changes in the market and manage our innovation projects with maximum efficiency.

The Innovation Champion award shows that FOSTEC Ventures is not only able to adapt to new market requirements, but is also actively involved in shaping them. We are proud to be leading the way with our innovation strategy and look forward to remaining at the forefront of the industry in the future.

Read the article

About FOSTEC Ventures

FOSTEC Venturesis a private investment company focussing on start-ups and SMEs in Europe as a company builder. We operate across all sectors with a particular affinity for the digital economy. As an ‘entrepreneur investor’, we not only provide financing, but also actively contribute our many years of experience as entrepreneurs and managing directors. For us, investing capital is therefore only the beginning of a systematic and partnership-based development process for the long-term success of a company.

Brian is a reliable partner of and trusted by numerous well-known strategy consultancies. Due to its day-to-day usage in consulting, which is known to be a fast-paced and highly demanding business environment, Brian proved to meet new upcoming client needs through constant improvement and further development. By gaining trust from these demanding clients through its qualities to reduce “commodity” tasks effectively and providence of top-notch assistance, Brian well-established itself in the market.

Who is Brian and what can he do

Brian is an AI-Powered, digital assistant for consultants and business professionals in all industry verticals aiding in simplifying their daily work. In general, Brian aims at reducing the overall time spent on “commodity” tasks such as translations transcriptions, data sanitation and research tasks including public and private company analysis, industry KPIs and Peer analysis. By reducing the time on “commodity” tasks, Brian allows business professionals to focus 100% on value adding work and processes.

Brian’s skill set is divided into four different categories, file handling, research, slide graphics and “more” skills, such as consulting methods providing more than 100 methods with detailed instructions as well as business models giving in-depth information about business models and industries. Brian’s skillset is described in detail in Figure 1: “Visualization of AskBrian’s skillset.”

What are Brian’s skills?

As visualized in Figure 1, Brian takes over a variety of operative which would otherwise be comparably time consuming.

Figure 1: Visualization of AskBrian’s skillset

File handling

Brian can convert files from PDF, PNG, and JPG into any Microsoft Office format (docx, xlsx, pptx). Besides this, he can translate the file to more than 100 languages, as Brian is connected to DeepL, which enables high quality translations.

Additionally, Brian offers transcription services, where video and audio recordings, even when spoken in different languages, are transcribed to MS Word.

When sharing documents with partners or customers, Brian can help to erase sensitive contents the document may contain. He can sanitize numbers, company logos, images of individuals, personal information, links and more.

Summarizing, the file handling abilities of Brian will save valuable time by reducing the overall amount of file handling tools and consequentially increase the focus time of the company’s employees.

Research

Brian can provide an analysis of over 12 million privately held companies from Germany, Switzerland, and the UK. This analysis contains information about the business, relations, and key financials. He looks up the profit and loss statement, assets and equity and liabilities in the report of the company.

In addition to that, he can also provide detailed analysis of more than 50,000 publicly traded companies by giving insights (business intelligence data), financial information on annual and quarterly basis (P&L, balance sheet, cash flow statement).

If further insights about peers are required, the peer analysis will provide 70+ KPIs benchmarked against up to 15 of its peers. As a result, one will receive the analysis which contains nine structured tables each for growth, operating efficiency, and financial stability and one customized table which can be designed according to the user’s personal needs. Additionally, the 100 most relevant competitors with individual data will be provided to the user.

Having data of 800 industries in 130 countries, Brian will create a list of top companies in the chosen industry containing the company names, industries, headquarter countries and market caps. Knowing 100 industries, Brian can provide an industry report covering operative efficiency, growth, capital efficiency, net working capital, multiples, capital structure, cost of capital and risk by analyzing 80 indicators in total, e.g., Gross Margin, EBITDA, Revenues Growth 5Y and WACC.

Brian’s research functions reduce the overall effort and consequentially the time spent on desk research tasks required for a market analysis and peer review. Hence, users can analyze their competitors as well as a variety of different suppliers and service providers and compare them to their competitors.

Slide Graphics

Brian’s capabilities include major support with slide design by providing a selection of thousands of icons. That makes it easy to find suitable ones on every occasion and related to any topic of choice.

In the occasion that pictures for slides are needed, Brain also provides useful assistance by offering royalty free photos on hundred thousands of topics. Copyright is no longer of any concern.

For a serious, consistent, and modern appearance in business presentations Brian offers to send you one of 49 topic related packages with 20 to 40 slides templates in the slide deck based on your preferences and desired topic.

More

Additional useful tools include so-called consulting methods, which are not only designated to consultancies as the name might imply. Rather Brian provides you with over 125 methods designed to help you to overcome any business challenge your business might face. Of course, the necessary detailed instructions are provided to gain a deep understanding of the methods conducting appropriate measure as effectively as possible.

Brian further provides you with in-depth information about all business models and industries in case that a specific business model needs to be analysed or simply to get a broad overview of business models that potentially become relevant during a later step in a business model evaluation. In total Brian currently covers about 60 business models and 20 industries with a prospect of future additions.

In case that you need a good laugh Brain even provides you with some jokes.

What can Brian do for my company?

By using its existing functions, procurement managers can improve the quality of the company’s supply chain by comparing different providers for raw materials and services. Brian can accumulate all relevant information on existing suppliers and their 100 most important competitors. Peer to peer comparisons can also be prepared for the company’s competitors, its service providers such as the warehousing and third-party logistics providers as well as the freight forwarders. These peer-to-peer analysis of service providers and suppliers can aid in choosing new partners to work with. Brian can also help in updating the users on industry news, such as the introduction of new products by competitors.

Figure 2: Visualization of AskBrian’s potential

Why should you trust Brian?

Brian is a reliable partner of and trusted by numerous well-known strategy consultancies. Due to its day-to-day usage in consulting, which is known to be a fast-paced and highly demanding business environment, Brian proved to meet new upcoming client needs through constant improvement and further development. By gaining trust from these demanding clients through its qualities to reduce “commodity” tasks effectively and providence of top-notch assistance, Brian well-established itself in the market.

Brian further expands its client base by attracting interest and gaining trust of an ever-increasing number of well-known companies in industries beyond consulting. Summarizing, one can say that Brian has been able to show an impressive track record already and expects bright prospects.

What’s next?

In the occasion that Brian caught your attention, and you now plan to implement Brian as a reliable partner also in your company, FOSTEC & Company recommends one of two approaches to a successful software introduction and is pleased to lead you through the entire implementation process. The first option would be to implement Brian via the accelerated plug and play implementation process, where FOSTEC can act in a supporting role to finalize the project as quickly as possible. The second implementation would be to implement a custom solution stemming from Brian’s technology toolkit.

FOSTEC & Company’s approach to aiding in the implementation of a custom tool kit is based on several years of experience and gained expertise through various successful projects. The approach is visualized in Figure 3.

Figure 3: Visualization of FOSTEC & Company’s software introduction approach

Phase I: Script

The script ensures a smooth and structured software introduction by providing guidance through the entire process. The script basically is a site plan consisting of checklists, schedules and system overviews. It plans every step throughout the software introduction in great detail by formulating time limits and implementing a structured distribution of tasks. So called roll-backs, meaning back-doors into the old system in case of a worst case scenario, are initiated and smoke tests established to check the proper operation of the new system’s main functions.

Phase II: Software introduction

Two main introduction schemes can be followed in terms of introducing the new software introduction. Either the so-called “Big Bang” approach is chosen where the implementation is performed in a short timeframe and within the entire company. Favourable for this approach are established systems with agile data processing or if a data migration from the old system is not necessary.

Alternatively, the so-called interactive introduction can be selected, which is characterized by a gradual introduction per division resulting in less risks but higher planning activities and requires both systems to run in parallel.

Phase III: Training

Training is key to work appropriately and efficiently with the software tool following the approach that a system is only as good as its users. An established training strategy provides that a group of key-users are trained beforehand to ensure fast training of other personnel through the multiplication effects subsequently.

Phase IV: Data migration

Good planning is key to a smooth data migration. Planning activities include the procedure of developing a valid migration strategy, continuously testing, and improving the migration process. It is useful to switch the old system in a “read-only” mode some time before the data migration.

Phase V:

After the approval by the management, the software is installed on all devices preferably done on weekends to not interrupt the business flow. Simultaneously, the responsibility is handed over to the project team. During the pilot phase surveillance of data quality and performance is of fundamental importance.

To initiate your cooperation with Brian, we invite you to click the following link to receive a Free Trial – https://www.askbrian.ai/trial-form – or to schedule an appointment for a demonstration – https://www.askbrian.ai/demo.

Everydays: the first 5000 Days by Beeple (Mike Winkelmann) – sold for 69.3 million dollars at Christie’s

Non-fungible tokens, commonly referred to as NFTs, gained a lot of public attention throughout the past year. Artists began selling virtual art and investors were generating increasingly large ROIs (return on investment). The Artist Beeple (Mike Winkelmann) sold his piece “Everydays: the First 5000 Days” for 69.3 million dollars at Christie’s, while the auction started with an initial bid of 100 dollars. Despite gaining public attention only in 2021, NFTs have been around since summer 2015. Currently, the only popular use case of NFTs is the minting of virtual art. However, the technology offers a variety of use cases and will disrupt many industries in a comparably short period of time.

What are NFTs and what can they do?

NFTs originated from the continuous development of the Blockchain technology, affiliated business models and concepts. To fully grasp the bandwidth of possible applications offered by NFTs, one should acquire basic knowledge in Blockchain technology, the different existing tokens and their respective use case and limitations.

Before the first NFT was launched and started an international hype, there were three Blockchain-based tokens with different uses, concepts, and backgrounds. These three different types included payment tokens, utility tokens and security tokens. Relevant definitions and explanations will be provided in the following paragraphs.

While an in-depth explanation of the Blockchain technology can easily fill textbooks with far over 100 pages, rudimentary knowledge can be acquired through a less voluminous definition of the matter. Nathaniel Popper, a journalist for the New York Times, found a comparably simple but yet effective and correct explanation for what the Blockchain actually is. In its essence, the blockchain is a highly technical database, which has become the go to solution for storing digital information bundles in a secure way, more secure than previously possible. The name Blockchain can be taken literal, as all information integrated into the “database” is grouped into individual blocks and then chained together in to one so-called ledger. The Blockchain ledgers are public and consequentially known as the public ledger. Transactions stored on the public ledger are transparent to the public, which constitutes the main difference between the Blockchain and other digital databases. Transactions are saved on the Blockchain for eternity, they cannot be modified or deleted and can be reviewed from anywhere at any time by any user. Summarizing, the Blockchain is a database constituted by the public ledger, on which all transactions within the ecosystem will be saved as blocks, once it has been verified by the designated users or network participants.

The first token to be discussed in this section is the so-called payment token. A payment token is self-explanatory as it can be used as a simple means of payment and is interchangeable with any traditional fiat currency such as the USD or the Euro. The Payment Token does not fall into the category of a security as it is not an investment. The most famous examples of payment tokens are Bitcoin or Ethereum, the two most relevant cryptocurrencies established to this day.

The second token is the so-called utility token. Basically, a utility token gives the holder the right to receive a product or service from the issuing company. Utility tokens are a way of transferring participation rights (Genussrechte under German law). A classic example of a Utility Token offering is cloud storage space upon token redemption. There is no maximum amount of Utility Tokens that can be issued by a company. Therefore, the price of the tokens is regulated by the supply-demand curve (Mitra, 2019).

The third traditional token is the security token, also known as asset-backed token. This Token can be identified by carrying out the so-called Howey test. The Howey test provides the framework for deciding whether a particular asset qualifies as a security under the law, thus leading to a distinction between the different token types. According to the Howey test, a security exists if the asset represents an investment in a venture that is implemented by another person. It is important to note at this point that a token that is classified as a Security Token is legally treated as a security and therefore subject to the relevant regulations. Security tokens aim to generate profits from the work of others. Popular examples of this type of token are the real estate investments or investments in private equity and venture capital funds mentioned in other FOSTEC & Company blog posts (Mitra, 2019).

NFTs where originally developed in 2014 with the first non-fungible token being launched in summer 2015. Nonetheless, the general public began to grasp the full potential of NFTs during 2021. On a macro level, NFTs are part of the Ethereum blockchain (Bitcoin based NFTs existed in the past). NFTs are classified as non-fungible, as they are unique (a unique token on the Ethereum blockchain) and cannot be interchanged with one another. Even though the virtual file including the art incorporated within the NFT can be copied as many times as one likes, the NFT provides one aspect that cannot be copied: proof of ownership of the work (despite the creator still retaining copyrights and reproduction rights). Afterall, it is worth noting at this stage, that NFTs are not limited to art, but can be used to tokenize (or mint) any existing digital asset and record the ownership rights on the Blockchain. Further use cases lie in the connection of NFTs to objects in the real world. Nike is working on a campaign, and has already registered a patent, for a method to verify the authenticity of their sneakers using an NFT system. The project has been named “CryptoKicks”. The main potential for disruption lies within the connection of NFTs and real-world objects, events, and services – intertwining the real and the digital world seamlessly.

Most of the industries offering large digital transformation potentials for and through NFTs are part of a group of industries lacking behind in terms of digitalization. These industries include the real estate industry, the medical sector the event and ticketing industry and the food sector.

Digitalization of the real estate industry

The bureaucratic efforts arising in combination with real estate transactions generally impose time consuming manual work on the buyer, the seller, and a variety of governmental agencies. The digitalization of the real estate industry will reduce working times and transaction costs.

Non-fungible tokens can be expected to facilitate several manual processes in the coming years. NFTs will enable proof of ownership to be provided digitally. NFTs fall-back on smart contracts to facilitate the transfer of properties from one legal individual to another. Properties could be transferred without requiring a notary using smart contracts. Additionally, NFTs generally incorporate automatic payments which would allow the seller to stay in control of the property until the fully automatic reception of the whole payment amount. The public ledger of the Ethereum blockchain would also facilitate the work of the governmental officials introducing the change of ownership in the land registry (Grundbuch).

The public ledger would also allow for historical information on the property to be stored safely. This information would then be publicly available and impossible to modify. Consequentially, buyers as well as tenants would be able to gather the largest possible amount of information before deciding to move in or purchase the real estate.

Figure 1: NFT ecosystem and current market environment

Tokenization of medical records

Doctors and medical clinics are by law required to store personal information as well as medical records for ten years, records on certain treatments and information on x-rays must be stored for thirty years. The transfer of medical records from one treatment facility to another often leads to manual efforts for administrative clinic personnel as well as time delays.

NFTs could be used to safely store personal information of patients as well as their medical records well beyond the required ten-year holding period without compromising the confidentiality of the patients. Additionally, birth certificates could be stored as NFTs, which would ensure the preservation of the document (also enables government officials to identify homeless people more easily). Similar use cases would be applicable to store academic credentials as well as intellectual property and patents in a secure manner without the risk of fraud or modification of the documents and certificates.

Tracing of goods in the supply chain and post-sales

Many other industries, require high levels of transparency, in their supply chains, this goes especially for luxury goods. NFTs possess the required capabilities to provide producers with the possibility to track their sent goods across all levels of the supply chain.

Essentially, the NFT will work similar to an eternal tracking number. The company will create a digital representation of the asset on the Blockchain, which will then be used to safely store all information related to the product including its origin, transport information as well as previous owner and sales (the NFT can also include information on sales prices for transactions).

The programmer can also incorporate an automatic kickback or royalty to the producer or initial seller of the goods, which can lead to ongoing revenues of physical goods. Additionally, the NFT will serve as product authentication method and can store information on repairs, refurbishment, and restorations. The tracking of goods along the supply chain will also enable companies in the food sector to know the exact position of their goods.

Revolutionizing the event and ticketing industry

Real tickets could be tokenized and minted to be represented on the Ethereum Blockchain. This would have a variety of easily recognizable advantages such as the preservation of authenticity of tickets and the reduction of the tickets sold and traded on the black market. Nowadays, tickets are mostly non-transferable which requires re-sellers to distribute their tickets on the black market. Hence, the host or organizer will be unaware of the personal information of certain individuals which poses a significant security issue.

Additionally, the organizer can benefit from the reselling activities of ticket owners, as the code can include a kickback and royalty function for all additional transfers. Additionally, the tokenized tickets can be used to track the purchasing behaviour of guests during the event. This will enable the organizer to tailor digital marketing and retargeting activities to the individual ticket owners and ultimately generate additional perpetual revenues and generate further growth. Event tickets are often collected by individuals, either because they are particularly rare (Michael Jordan’s last professional game) or because of the design (artworks on tickets) or as memorabilia. NFTs as ticket replacement allow the storing and the re-selling of old tickets for an indefinite period.

While many of these industries have E-Commerce verticals, NFTs will add additional opportunities for E-Commerce activities in these industries. Part two of this blog series will investigate detailed E-Commerce opportunities and activities in more detail.