Digital technology is undeniably altering every industry and driving changes in business models and creating online platforms. Companies with the ability to change faster and co-create efficiently are much more likely to survive these disruptions. Collaboration with startups and scale-ups is an increasingly important mechanism for corporations to stay on top of the innovative and changing markets, and allows them to play in the same space with the disruptors without being played out from the game.
For corporations already taking part in some sort of collaborative programs with startups, we can’t emphasize the speed of this process enough. In this blog series, we have suggested ways for corporations to streamline startup collaboration. Companies that aren’t yet utilizing startups in their business development needs, we urge you to start NOW. Although startup collaboration, (heck, any partnerships) is risky, not taking advantage of the opportunities that scale ups bring is way riskier. We all know examples of once great companies, who ruled the markets and had no worries in the world of losing that competitive edge. These companies lacked the vision and drive to innovate and lost to the disrupters.
If your company isn’t playing with the startups yet, we’re urging you to at least compare the costs and benefits of that option to your current corporate innovation strategy. And finally, when you come to your senses, we’re here to help! We are experts in finding the right startups for your business development needs.
Our final tips and conclusions for Corporations: