The honest answer is: You can’t. But you can come close by simplifying and digitizing the workflows to boost your team’s efficiency.
Think climate tech, alternative proteins, cyber insurance. Even in today’s sad days, start-ups are emerging and thriving.
They allow enterprises to reduce costs, shorten time to new products, and expand into new domains - now or later with a minimum investment.
So more and more company executives recognize the power of working with (not: owning) start-ups.
Yet, making the right partner choice is paramount. As the saying goes, you must kiss many frogs to find your prince.
Also, meta-analyses of industry publications reveal that about 70 percent of established companies have yet to build up the capabilities to pursue start-up collaboration successfully.
How do you organize start-up reviews? How can you make sure that others follow your lead?
Here are three tips to avoid common pitfalls:
1: Start-ups know that some established companies, unfortunately, will waste their time by going back and forth. And only to later reveal that they don’t have the commitment and resources ready to deploy. So, secure your mandate before contacting any start-up.
2: Frame your start-up activities in the context of business problems and strategic growth objectives. Establish clear decision rules on start-ups. And check and prioritize start-ups against those principles.
3: Don’t treat start-ups as an anomaly, and don’t move fast by circumventing internal stakeholders. By contrast, embed reviewing start-ups in the way your company works. Bring topic owners, technical specialists, and start-ups efficiently together to discuss collaboration opportunities.
As a closing thought, be sure to educate your organization.
Organize bite-sized introductory training to help colleagues understand the details of working with start-ups. And take away reasons why people may dig their heels in.
That will help position you as the go-to resource for start-ups.
Want to kickstart or ramp up your start-up partnering endeavors? Try out our tools risk-free. Or contact us for custom workshops.