Why a Startup Scouting Stack is vital these days
Today, it’s near impossible for front end innovation leads, tech scouts, procurement officers, and business owners to scout for startups without the proper tools.
This is why having a Scouting Stack becomes fundamental to startup search.
What is a Scouting Stack?
It is what it sounds like: A collection of (online) tools and services to help locate and qualify startups and report on startup scouting activities and outcomes.
The combination of tools can vary depending on your type of business, budget, your maturity in partnering with startups, and, ultimately, your strategic business goals and priorities.
However, it’s more than a set of specific tools and services. Instead, the way you choose and ‘stack’ the tools allows you to build an integrated capacity to spot startups more effectively.
Why should you invest in a Scouting Stack now?
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, also and especially in FoodTech. Scrolling lists and yet another event won’t cut it today.
Moreover, there is a 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 is vital for innovation leads and business owners to understand what startup sources will significantly impact their scouting success and, eventually, their businesses.
Is startup scouting effectiveness a black box?
Yes, we believe so. Looking at self-reported data and meta-research of industry publications, we’ve noticed that:
- A majority of large organizations have no clue what scouting strategy and tools work best for them.
- Less than 30% of corporates have scouting data integrated to get a holistic overview.
- A majority of corporates have no tools for bringing the business along and grow business ownership during the scouting process.
So, there is a world to win.
In upcoming posts, I will talk about Stack principles and possible Scouting Stack configurations.