The potential of start-up collaboration is too big to ignore. So, companies set goals, decide on needs and use cases, free up resources and start sourcing start-ups.
But, the easy days are over:
- Start-ups come and go. They represent an expanding and dynamic universe and operate niches you didn’t even know existed. How to do away with choice overload and spot the real opportunities?
- Start-ups have become a competitive market. The best ones have many options and are cautious and picky. How to lure them? How to make decisions fast enough to compete?
- Forget PR projects. Today, start-up collaboration should deliver (business) impact. As wrong start-up selection accounts for 75% of collaboration failure, how to be more confident in making the right decisions?
With so many challenges, there must be a way to come better prepared. Here are three tips.
1: Cast a wider net
We are entering an era of start-up fragmentation. Companies can no longer count on one scouting service provider.
A ‘scouting stack’ is a better approach combining several channels and sources managed as one to cast a wider net.
2: Filter out the relevant and willing
Find comfort in applying Hick's Law. It's named after a British and an American psychologist team in 1952.
Based on the observation that the more choices you have, the longer it will take to reach a decision, the application of Hick's Law is simple: Reduce the number of options.
When selecting start-ups, make quick yes/no decisions using one or two discriminating variables, so you don’t spend time on the wrong candidates.
3: Centralize your data management
Store start-up profile data centrally – not in spreadsheets and email. And pay much attention to deduplication, security, and privacy measures (GDPR).
Do you want to grow a better and faster understanding of value-creating potential and compatibility? We can help you perfect your pipelining efforts. Let’s meet. No strings attached.
