Beyond the Beachhead - A Multi-Market Strategy for Crossing the Chasm and the Role of Portfolio Management within it

Abstract

This study addresses the challenge faced by PowerCell, a hydrogen fuel‐cell manufacturer, that is transitioning from early adopters to mainstream markets without relying on Geoffrey Moore’s traditional “beachhead” approach. Instead, PowerCell pursues simultaneous entry into multiple market segments, leveraging core‐technology commonality and diversification to remain agile during a policy‐driven, uncertain market. The purpose of this study is to evaluate how a multi‐market strategy can be a valid strategy for crossing the chasm and how structured R&D portfolio management can support this transition. A single‐case study with an abductive research design was employed, combining semi‐structured, with a total of 18 interviews of PowerCell employees and analysis of internal documents and secondary sources. Data collection focused on strategic decision‐makers and project teams, while thematic analysis identified recurring patterns and insights. Findings reveal three primary motivations for diversification: reuse of shared technology, risk reduction through market hedging, and cross‐segment learning effects. The Implementation of a broad‐market strategy increases R&D portfolio complexity, demonstrated in greater project interdependencies, resource conflicts, and overengineering, but also enhances agility through dynamic reprioritization and preserves optionality. Empirical evidence shows positive learning synergies that improve organizational resilience. However, PowerCell currently lack a formal portfolio management framework, potentially leading to suboptimal resource allocation and delayed go/kill decisions. These results suggest that a tailored portfolio management tool can help firms employing a multi‐market strategy to balance flexibility with strategic alignment, ensuring R&D investments support both immediate opportunities and long‐term goals.