Established enterprises have come to realize that startups’ technologies and solutions make new products, services and businesses possible.
Whether it is through product procurement -sometimes also known as venture clienting, challenge prizes or through co-innovation, corporate-startup collaboration is more and more becoming a strategic imperative. And so a growing proportion of companies seek flexible partnerships with startups in which both sides take a risk and share in the rewards.
Rather than investing millions of Euros on an acquisition that doesn’t fit with the business in the long-term, partnerships in the Euro 20K- 50K range are a better way to go to test the waters first.
Early-stage contacts with startups and ”open doors” have thus become pivotal. Companies even brag about it and award each other prizes for being a top ”startup-friendly” corporate. Seemingly, startup centricity has become one of the new pillars for corporates in search of a competitive edge.
The challenge in startup collaboration is that the two types of businesses live mainly in two different worlds. So, if corporations and startups can learn from one another, how do you effectively bring them together for a greater good?
It has given rise to the notion of Startup Relationship Management (SRM). SRM is a methodology for managing all of your company’s collaboration opportunities and relationships with startups.
The goal is simple: Faster stakeholder buy-in and decision-making, better-quality startup recruitment and matching, and better and faster innovation outcomes.
An SRM system gives everyone in the company – from marketing, business development, innovation, R&D, purchasing, legal to finance a systemic way to find, qualify and manage interactions and relationships with startups.
It lets you store contact information, identify collaboration opportunities, record decisions and conversation outcomes, and drive collaboration projects, all from one central location.
As SRM continues to evolve, it will create sweeping changes in how established enterprises and startups connect and team-up. The outlook is promising: True win-win relationships in which both sides are equally committed to each other’s success.
Want to know more? Interested in a demo of Scoutely SRM? Let us know!
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