Will Partnering with Disruptive Start-up Helps, the Best Way to Do It...
In today's fast-paced business environment, partnering with disruptive startups is becoming increasingly common. Disruptive startups are innovative and fast-moving, with the potential to create significant change in an industry. Partnering with these startups can bring many benefits, such as access to new technology, increased agility, and a fresh perspective on business operations. However, partnering with disruptive startups also comes with its own set of challenges, such as potential risks, cultural differences, and uncertainty.
Partnering with disruptive startups can be a great way for established companies to stay ahead of the curve, but it's important to approach these partnerships with care and develop strategies that allow both parties to benefit.
Find the Right Startups to Partner With:
The first step in partnering with disruptive startups is to identify the right companies to work with. Start by researching the startup ecosystem and identifying companies that are working on technologies or solutions that align with your company's goals and values. Look for startups that have a strong track record of innovation, a talented team, and a clear vision for the future.
In 2016, Nestlé launched the Nestlé HENRi program, which is designed to identify and partner with startups that are working on innovative solutions in the food and beverage industry. The program has partnered with several startups, including Blendhub, which is using technology to create a more sustainable and efficient food supply chain.
Build Relationships with Startups:
Once you've identified potential partners, it's important to build relationships with them. Attend industry events and conferences to meet with startups and learn more about their businesses. Connect with startups on social media and follow their progress. Consider hosting events or hackathons that bring together startups and established companies to foster collaboration and idea-sharing.
In 2017, tech company IBM launched the IBM Blockchain Founder Accelerator program, which provides startups with access to IBM's blockchain technology and resources. The program includes a mentorship program, access to IBM's global network of partners, and funding opportunities.
Develop Mutually Beneficial Partnerships:
When developing partnerships with startups, it's important to create agreements that benefit both parties. Consider offering startups access to resources or expertise that they might not have otherwise, such as access to research and development facilities or marketing and distribution channels. In exchange, startups can provide established companies with access to new technologies or business models.
In 2018, Walmart partnered with fintech startup Green Dot to create the Walmart MoneyCard, a prepaid debit card that allows Walmart customers to easily manage their finances. The partnership allowed Green Dot to expand its customer base, while Walmart was able to offer a new financial product to its customers.
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Be Flexible and Open to New Ideas:
Partnering with disruptive startups requires a willingness to be flexible and open to new ideas. Startups are often agile and willing to take risks, so established companies need to be willing to adapt to changing circumstances and embrace new approaches.
In 2016, automobile company General Motors launched the Maven car-sharing service in partnership with several startups. The service allowed customers to rent GM cars on a short-term basis, and was initially available only in select cities. However, the company was willing to adapt to customer demand and expand the service to new markets.
Focus on long-term relationships:
It's also important to focus on building long-term relationships with startups. Partnering with startups is not a one-time event, but rather an ongoing process that requires investment and commitment over time. Stay in regular contact with startups, provide ongoing support and resources, and be willing to adjust the partnership as necessary to ensure that both parties continue to benefit.
In 2016, beverage company PepsiCo launched the Nutrition Greenhouse program, which provides startups with funding and mentorship to develop new products and technologies in the food and beverage industry. The program has partnered with several startups, and has continued to support these companies even after the initial funding period has ended.
Provide Resources and Support:
Providing resources and support to disruptive startups can be a way for established companies to build relationships with up-and-coming companies while also benefiting from their expertise. By providing startups with resources like funding, mentorship, and access to networks and infrastructure, established companies can help startups accelerate their growth and bring new products and services to market more quickly.
In 2019, financial services company Mastercard launched Start Path, a program that provides funding and support to early-stage startups focused on innovation in financial services. Startups that participate in the program receive mentorship, resources, and access to Mastercard's global network of partners and customers.
By investing and partnering with startups, established companies can build relationships with up-and-coming companies while also creating value for their own businesses...
Director | Consultant & Business Strategist for Niche Industry Sectors (Construction, Engineering, etc.) | Business Advisor I Lean Six Sigma Greenbelt, Project Management & Technology Specialist
1 年Partnering is great and can really help businesses. Since I consider myself somewhat disruptive, I think that both parties have to really want it. I’ve tried partnering with some and found that they didn’t really have the same motivation. To me, finding people with the same work ethic, drive and like you said work in the best interest of both parties are all important when it comes to partnerships. Some people I have encountered were all for themselves, and I see right through these types of people.