Innovation has always been part of the business and it’s nothing new when doing so through the use of a tech start-up ecosystem. Many ways are present for businesses of varied sizes to cooperate with start-ups; investment, mentorship, product usage are just a few of the numerous possibilities.
There’s a challenge between start-ups and established companies when working together as the former are more agile and flexible when working while the latter prioritizes the placement of their internal processes and control before running.
However, in actuality, start-ups and traditional businesses can innovate together when there is dedication and focus put in place.
Ways to Reach Win-Win Outcomes
Concentration on the value proposition
Focusing on the problem that needs to be solved isn’t always the start of innovation. There are still new value propositions that are still to be thought of and should be open to. With the solutions given by the start-ups, there is a probable creative application of them which just needs more time to be figured out.
Minimum viable processes and scope
The minimal viable set of procedures and controls must be followed and contemplated when conducting experiments with start-ups. The business value must be met while the experiment’s scope is designed carefully yet still meeting the company’s risk appetite.
Define your Partnership
Conduct a meeting and take time to acknowledge one another’s positions, declare roles and responsibilities and members in the participation of joint sessions must be decided upon carefully.