In the second post of the series from my presentation on “Leveraging Startup Innovation”, we’re talking about:
How to engage with Startups?
There are 5 simple ways that medium to large businesses can engage with Startups.
So the big question is HOW to engage with startups? There is no right or wrong answer here, it all depends on your unique situation and the market that you are in. Here at Moonshot, we categorise the interactions into 5 simple categories:
- Become a Customer –
The easiest way to begin. Find a customer who can provide you with a service and engage them. You will need to keep in mind these are STARTUPS when you are considering engaging – some of your existing purchasing policies may need to be modified!
- Partner –
Think about creating a strategic partnership with some startups to add value to your existing client base.
- Corporate Venture Capital –
Investing into startups can be a very wise long term strategy. Startups normally move faster with less restriction so can test and build a new market in the same time it takes most large companies to enter them.
- Outside-In Programs –
Setting up a program that engages external startups usually to solve internal or market problems. Often comes in the form of corporate incubators or accelerators.
- Inside-Out Programs –
Setting up incubators or accelerator programs for your internal teams which will spin out into independent startups. Some people reference Inside-Out as relating to ecosystem platforms setup to engage external startups, creating an ecosystem around your product or service (eg. Apple App store, Google Play, etc.). I prefer this title to refer to the former but both are good ways of engaging with startups.
If you would like to discuss any of these point with us, please get in touch on the form below.