It is what it sounds like: A collection of tools and services to find startups. The combination of the tools and services can vary depending on your business, budget, desired scouting frequency, and, ultimately, your collaboration goals and priorities.
However, it's more than a set of specific tools and services: The way you choose and 'stack' the tools allows you to build an integrated capacity to spot the right startups faster.
Partnering with startups is no longer optional; It has become a strategic necessity for innovation and growth. And it begs the question: How to find the right ones?
The startup world is non-stop; new companies launch daily or cease to exist.
Moreover, there is an additional drawback; Falling trust among startups towards corporates and large organizations. Startups worry about the time-consuming and frustrating process and inertia. The experiences are very mixed and much talked about.
Startups have thus become more cautious and pickier. It implies that scouting for startups is no longer similar to startup interest.
That's why it's vital for innovation leaders and business owners to understand how the right scouting stack will impact their scouting success and, eventually, their business.
Every company will develop a unique perspective on what goes in an effective scouting stack. For example, some may want to test a few scouting service providers to settle for the lowest cost per startup found. Others may want to build a scouting data architecture integrating the outcomes of outbound and inbound scouting tools in real-time.
Looking at self-reported data and meta-research of industry publications, we have found that more than 50% of companies have no clue what a good scouting strategy is and what tools work best for them.
In upcoming posts, we will configure possible stacks and discuss some of their plusses and minuses.
So, stay tuned.
By and large, expectations crash, not a startup's technology. Here's a piece of practical advice.
How do you find and select the best partners among thousands of small players?