Hidden business2/21/2023 “How do they become number one or two in the world? How do they manage their companies, attract and retain talent?”ĭominic takes his MBA students overseas to see hidden champions in action, all the way from Hong Kong to Germany, where most hidden champions are found.ĭuring these international field trips students get to see first-hand the key factors in the success of the hidden champions, speak directly to the executives, and consolidate their learning into a written report.Įven for those with their sights set on big brands, Dominic says, there are plenty of insights to be gained.Īttracting top talent without a brand nameįor instance, Dominic notes that hidden champions typically have a very loyal employee base, creating a “family atmosphere”, as employees are well-taken care of throughout their career. “The reason that we would like to learn about them is to find out, ‘What’s the secret?’” he explains. “They are known to their target customers, but you and I wouldn’t even have heard of them-they are the hidden champions being number one, two, or three in the world.”ĭominic explains that hidden champions are usually responsible for highly-specialized products-maybe a specific type of industrial drill, special materials, or high-pressure water cleaning systems-but he believes that they hold important lessons even for businesspeople from more generalized industries. “The term ‘hidden champion’ actually means companies that are in selling their specialized premium quality products, but somehow are not well-known to the public,” explains Dominic Chan, associate professor of practice in entrepreneurship at CUHK Business School in Hong Kong. But not every successful business is so well-known.Īround the world there are thousands of businesses that are dominating niche markets, with revenues of up to $5 billion and some with more than 50% of the global market share in their industry-and you’ve probably never even heard of them. If you were asked to name one of the most successful companies in the world, maybe you’d say Apple.Īpple closed out last year with a 15.8% worldwide market share and is one of the most famous brands on the planet.
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