As a successful business, it’s difficult to take the time to ‘study’ the trends and consider how best to evolve your products and services. You need sources outside of your company to help you to assess trends and new models. Sometimes new ways are the best ways. But how do you get a front row seat to a rapidly changing business climate? How can you edge out the competition by getting the jump on a new way to approach customers? Open Innovation may be the answer.
A growing number of corporations are creating direct relationships with startups because this is where new thinking, new business models, and advanced technologies are being created and tested. Like turtles running to the sea, only a few healthy, fast and lucky ones will make it. Meanwhile, your company has a lot to gain by connecting with young, forward-thinking startups.
Getting Fast Insights
How do you stay ahead of the market curve and get insights before your competition? If you had to build a business in order to understand how customers are reacting to a new approach, it would take months or years to get there. By working with a young company, your exposure to new business models and the reaction of the market is immediate. You will position your business ahead of the competition because you are moving forward to experiment and test with customers now.
Changing Culture for the Better
Spreading the word in your organization that you are working with a group of fast moving, forward thinking startup companies cannot be a bad thing. Matter of fact the data shows that your employees will want to participate at some level. By mentoring startups or working with them to pilot a particular project, your business will benefit by shaping employee opinions, improving processes by learning and increasing overall morale.
Getting to Market Faster with Revenue Positive Projects
If every product and service in your organization has to go through a long, process-heavy path to market, you are setting the business up to always follow your competitors. Getting the edge means moving faster with products tailored to your changing market. To better leverage emerging technologies or to try out new business models. The only way to do this with speed is to rely on startups that are already down the path and unencumbered with standard operations.
More and more corporations have adopted the idea that working with startups not only helps them to move faster, it also gives employees a front row seat to exciting new businesses and helps corporate learning. Zack Weisfeld, General Manager, Microsoft Accelerators explains how accelerators help to keep big corporations relevant.
At The Start Exchange we help businesses to work with startups to accelerate their innovation projects. We help to define themes and priorities and then select a set of startup companies that will work to test out new market ideas, co-create products or even show a big company the way with a new technology.