Doing challenge prizes is NOT THE REAL THING.

Sander van der Blonk
Sander van der Blonk
Apr 8, 2022
1
minutes
Doing challenge prizes is NOT THE REAL THING.

Look at LinkedIn. I lost count of all the start-up on-stage events in any given month.

Offering prizes might support a start-up and a company's brand, but it rarely supports the company's economics.

At Scoutely, we look at every research study that shows a significant correlation between start-up engagement and higher levels of innovation outcomes.

Many projects between corporates and start-ups fail not because of WHAT they are working on but because of the conditions and HOW they work together.

Here are three insights we’d be happy to share:

1. Don't do incremental stuff because your organization will likely resist. Recognize emerging opportunities and threats. Get a clear mandate. And then be intolerant of naysayers.

2. Think portfolio. It's never about any single start-up project but rather about the mix. Ringfence budget for at least three consecutive years.

3. Get your data in shape. This is one of the major barriers to effective collaboration. Start-ups heavily criticize the lack of it. Especially if deep tech like AI, advanced materials, and biotechnology are on your menu.

Do you want to elevate working with start-ups and get tangible outcomes? Get the conditions right.

Alas, it's work, not entertainment.

Request a demo.

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