Use empathy

In almost every industry, Corporates are a significant part of the business environment, and cannot be ignored. Entrepreneurs both experienced and less experienced, clearly understand the value in and the importance of working with and not against Corporates.

But, at the same time acknowledge the difficulty involved in making these relationships work well for both parties. These relationships are slow to build and grow and they are a significant investment from the limited resources a startup has, both in time and in effort.

Therefore the why and the how to approach Corporates in the environment needs to be clearly defined as part of a Startup’s execution strategy.

Think strategically

Corporates have unique strategic needs and the most important factor for both Startups and Corporates is strategic fit.

Therefore, understanding where your potential partner wants to be in the future rather than where they have been is crucial for seeing where and how a startup can add value through this relationship.

Maximize the use of new engagement channels

In a number of industry verticals, disruptive shifts are underway, driven partly by the growth in the startup economy, partly by the evolution in customer needs and partly by the development in new technologies. As a result, terms like innovation, collaboration, co-creation and digital disruption are rising to the very top of the agenda at CxO levels, across industries, countries and continents.

Now is the time to look carefully at those Corporates that have already set up a formal medium of communications and engagement with the external environment, such as an innovation lab with startup scouts, acceleration and/or incubation programmes, dedicated office and/ or technology lab space and / or an external venture fund i.e. CVC’s and adjust your strategy accordingly. They will likely feel much less “corporate” than expected in their interactions and will be more receptive and open to actively collaborating with startups.

However, as a Startup you need to identify as early as possible whether there is budget and / or a clear strategy on how to interact with the external environment and adjust your expectations and time invested into the relationship accordingly.

For Hippocampus.io,
Christos Lytras – Managing Partner