If you want to innovate as a Corporate you need to actively collaborate with startups through open-innovation initiatives, startups are the best source of innovation and there are three basic reasons to invest in building a mutually beneficial working relationship with them.
Startups work and act fast. Therefore with the use of agile development techniques startups build rapidly and penetrate the dedicated market swiftly. This allows a startup not only to begin acquiring market share as quickly as possible, but also to obtain consumer feedback early on.
Startups are less administrative and more efficient. Due to the small size and the minimal bureaucracy startups get things done at a fraction of the time and cost of their Corporate counterpart. Startups are a team of individuals that understands the importance and the impact of efficiency in everything thing they do — both big and small. Therefore, startups focus on product delivery and market fit and not corporate riff-raff. It’s about how fast the entire team of engineers, designers, product managers, marketers and sales people work together to achieve their common goal.
Startups are more creative in developing innovative solutions, since they do not have an already established business model and product portfolio. Creative people go to work in startups companies more often because of the willingness to try new things and fail which is what makes people more creative. Also because of the willingness to assume more risk which is what drives curiosity and desire for experimentation.
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Christos Lytras – Managing Partner