ITÜ Çekirdek is seeking global partners to help design an entrepreneur exchange program and collaborate in the areas such as:
• Network sharing
• Infrastructure sharing
• Entrepreneur guidance on the current market and entrepreneurial ecosystem
• Defining quota rights to existing training programs
In return, ITÜ Çekirdek will offer:
• Mutual support for promotion and announcement activities
• Space in the ITÜ co-working area (click here to explore)
ITÜ Çekirdek is ranked among the top five world’s most successful incubation centers by UBI Global. It is the incubation program of ITU ARI Teknokent (science park of Istanbul Technical University), which offers different support to startups at different stages. Names of these support systems can be listed as ITÜ Çekirdek (incubator program), ITU MAGNET (co-working space), and INNOGATE (international accelerator program).
ITÜ Çekirdek in numbers:
ITÜ Çekirdek’s Success in numbers:
“At the junction of Asia and Europe; The heart of technology, innovation and entrepreneurship.”
Ontario Centres of Excellence (OCE) extends congratulations to the Honourable Reza Moridi, Ontario’s Minister of Research, Innovation and Science for being named the inaugural recipient of the UBI Global Innovation Ecosystem Impact Award (Toronto – Feb. 23, 2018).
Corporate accelerators are a link between corporations and startup companies that provide benefits to both sides. Corporations who participate in business accelerators gain new, exciting innovation, growth within their market, new market opportunities and a rejuvenation of their company culture thanks to the startup collaboration. Startups, in turn, receive resources to drive their company forward, credibility from being associated with a large, well known brand and the invaluable networking and supply chain resources that the corporation brings to the collaboration. The upsides for both startup and corporation are endless if a good strategy is employed for structuring the collaboration program.
A corporation must decide to take advantage of the merits associated with beginning an accelerator initiative and has had the benefit of working with UBI Global on a hackathon or other event to find suitable candidates to collaborate with. UBI Global has an intimate understanding of business startups as well as corporate cultures and goals, and our team excels at matching corporations with suitable startups for successful collaborative efforts. In this informative article, we will discuss the four steps the corporation must outline for the collaboration to be successful.
By defining the program, the corporation creates a framework for the relationship between startup and company. The number one goal in creating the framework is to consider value for both sides. By answering the following questions, the corporation will have a clearer view of the framework to proceed on to the next step:
Once the program is defined and a framework is created, the next step is to design the rest of the innovation cycle, from beginning to graduation. A three-month time span should be the goal, as UBI Global has found this period is the most successful for both startup and corporation. Short time spans increase the focus and concentrate the company resources, leading to faster growth and success.
After the time span has been decided, a complete curriculum should be structured following a process that both corporation and startup can work with. This curriculum should be loose enough to allow for creativity yet sufficient enough to satisfy the corporation’s current process and agenda. It is critical to meet the startup’s needs to keep the focus on innovation, however, so the curriculum should keep this as a goal.
Training is the next step in the program design, with considerable time spent focusing on market validation for the product or services being developed during the collaboration. The goal is to train the teams involved in the program what the phases of the program are, i.e. the curriculum and goals.
The now fleshed-out framework is ready for some manpower; it’s time to involve the right people from both inside and outside the company. This will combine the fresh perspective of the startup with the tried-and-true business knowledge possessed by the corporation. Mentoring and education of startups by corporations during the program’s various phases are critical to success.
It is also of vital importance to have executive buy-in for the accelerator collaboration. A CEO’s involvement increases internal support for the program and gets other executives involved, keeping conflicts to a minimum.
Regular assessments of the program’s progress should be scheduled and face-to-face meetings between the different teams should be held on a regular basis for progress reports, any concerns or any successes. While startups thrive in autonomous environments, it’s absolutely necessary to involve the corporation resources and credibility for a successful program graduation.
Toward the end of the successful business accelerator program, an alumni program should be developed to continue the collaboration and create a positive group dynamic.
Effective corporate collaboration with startup companies foster innovation for the corporation while offering support and value to startups. UBI Global has many successful years matching corporate goals and objectives with startup ventures, creating a solid foundation for a successful collaboration program. Our staff is ready to guide you on the first steps toward a successful partnership.
One thing about the business landscape that has proven to always be true is that it is an ever-changing, dynamic set of rules that gets re-written often. The consumer wants and needs to grow and evolve, with technology and innovation rising up to meet the requirements.
When working with a startup, either in an accelerator or incubator program, there can be challenges to consider. UBI Global’s professional staff is here to advise startup and corporations alike on how to maximize the collaboration and embrace the changes. Big corporations like Microsoft, Coca-Cola and Google have, for years, embraced the need to innovate by working with startup companies, however, collaboration with startups isn’t just for big business; medium-sized and small firms are also discovering the benefits of collaboration.
Using external ideas as well as internal ideas isn’t foreign to many businesses. Thanks to product reviews, surveys, and real-time data, companies are tuned in to the thoughts and preferences of their customers. Savvy corporations use this data and feedback to improve themselves, grow their market and bolster their brand.
Startup companies bring something completely new to the table; an innovation partner with entrepreneurial power. Nearly one-third of business accelerators in Europe are supported or run by a corporate partner; a number which is rapidly growing. This is just the tip of the iceberg; forward-thinking corporations of all sizes are turning to startups for their innovation and growth benefits.
Corporations of all sizes across the world are eager to begin working with startups; many don’t know where to start. This is where UBI Global is particularly helpful; in finding a perfect match between corporation and startup. Our experienced staff will guide your business into considering the ultimate goal of the collaboration as well as what success metrics should be in place for a true strategic alignment during the collaboration.
Over the past few blogs, we’ve spoken of the benefits to both startup and corporation on working together. UBI Global has forged many business incubation/acceleration partnerships over the years and our experience has brought major success over many different countries and industries.
Big growth and big opportunities come with challenges and obstacles, no question. Let’s focus on what we’ve observed as far as hurdles that may arise and how to overcome them.
Corporations aren’t always welcome to the type of innovation that startups bring to the organization. Startup innovations can be disruptive to the incumbent technology that the company employs and render their existing processes and goals obsolete. It’s not unusual or out of line for a corporation to prefer slow and steady growth to rapid change that a startup can bring. In fact, 85-90 percent of company innovations are of an incremental nature. Profits, however, are shown to be larger with the dynamic growth phase that a startup can offer.
The method of innovation required to work with a startup is perceived as high risk by the corporation, also a reasonable concern. Opening the company to external innovation can involve higher cost and new risks to the internal structure plus the return on investment is sometimes intangible or long term. Corporations may also fear their reputations if the collaboration goes sour.
Some startup companies that turned down the offer of company collaboration did so because they didn’t want to be involved in a process that might stifle their creativity. A majority, however, just didn’t know how to forge the relationship or couldn’t find any interest in investment in their new idea.
All the hurdles and barriers are understandable on both sides. Fortunately, our experience tells us that these can be overcome once any asymmetry between the corporation and the startup is lessened. For example, over the years the geographical challenge of two companies collaborating when they were located on different continents has lessened to the extent that it’s barely mentioned. Digital sharing of information is almost taken for granted these days.
Differences in company structure and culture, however, are a real concern as is the disruptive energy that collaboration with a new partner can bring. UBI Global recognizes this from both sides and works to outline how the collaboration will work on both sides, building a foundation of trust and a common set of goals. A solid outline of information, expectations, terms and conditions help speed up the decision making process and eliminate any power imbalances between the two parties.
Collaboration between startups and corporations is increasingly important for innovation and new revenue creation. UBI Global’s message here is that, although collaboration isn’t always easy, it is worth it to minimize the risk of your competition doing all the innovation and ignoring the opportunity for yourself. As for the startups, understanding the corporate concerns and working to address them can provide a path to success that is much smoother than going it alone. Let us find you the right collaborator to launch your startup right.
Source: Scaling Together: overcoming barriers in corporate-startup collaborations
These are the three most common methods for corporations to work with startups, but what are the real benefits and risks of each, you may ask. Fortunately, UBI Global has this data and we’re ready to share it with you.
Corporations work with startups but don’t invest by making them part of their vendor network. The corporation treats the startup with billable hours, services or goods just like a typical vendor. There may or may not be non-disclosure or non-compete agreements depending on the nature of the relationship. This is advantageous to the corporation because they have no exposure via investment. It benefits the startup in that they are certain of constant income for their resources.
A partnership may also be in the form of a business model that shares risk and reward between the parties. The startup may agree to brand or co-brand a product, service or technology and take advantage of the marketing power behind the company that they don’t have. The company gets exposure to a new and different market with only the risk of their reputation on the line. The startup gets the cache and brand awareness of the company plus a fairly certain supply and demand relationship as well.
Very straightforward on the surface, investing in a startup gives a certain amount of shares to the company in exchange for a direct capital infusion of funds. The benefits to both sides are obvious as this is a fair, tit-for-tat relationship on paper. The startup, in this case, would benefit highly from involvement with a business accelerator program that ensures future success of the investment for both sides.
This is fairly self explanatory; it could be a billion dollar buyout or an acquisition of very early technology along with employees and resources. Whatever the size and scope, the end result is the same; the startup is now part of the company. The company obviously faces the risk of the new technology failing to be sustainable for them in some way while they are out the capital from the buyout. It does prevent, however, any competitor from coming to market before them with the same thing. For the startup, the reward is financial along with becoming part of the company and the security and benefits of that relationship; the only downside being autonomy lost and, possibly, further innovation using the same methods as when they were a startup.
At UBI Global, our business incubation knowledge and data is the most comprehensive in the world. We can provide you with the best success rate no matter what your business model may turn out to be.
At UBI Global, we’ve held events with universities, corporations and startups to come up with cohesive ways to work together to achieve goals on both sides of the innovation processes. One thing we’ve observed over the years is that to gain the maximum benefits from working with business incubators and accelerators, corporations must have a pattern, plan and goals.
With this in mind, we advise our corporation partners to answer these three questions before coming to the table with a startup. This article should be thought provoking and inspiring for your future innovation and growth, so let’s get started.
Asking your innovation team what the corporation hopes to achieve from collaborating with a startup is one of the first steps to deciding on goals for the program. Working with startups creates a new mindset in the corporate culture; it makes the team more innovative, more willing to learn and take risks as well as creating more awareness of new market trends and technologies.
Objectives can include solving a problem, better brand awareness, innovation, or expansion to new markets, just to name a few.
A couple of important factors play into which type of program is right for the corporation; what industry is the main focus is one factor while the objective or objectives of the program is another. While one-off events are one of the core strengths of what UBI Global offers our corporate partners, we also support accelerators, incubators, innovation labs, investments, partnering and acquisitions. The right program makes all the difference in the effectiveness of your collaboration.
Resources such as cash, technology investments or services are tangible ways of investing in the collaboration program. Startups can also benefit from employee time and mentoring as well as market access, supplier and customer networks as well as work space itself.
The best startups are attracted to corporations that understand their requirements and resource needs. While some resources are difficult to put a cost on, they are also low risk in terms of investment by the corporation.
Developing innovative solutions to solve problems or creating dynamic new products to fill a market need are exciting ventures for corporations and for startups. The best outcome from a collaboration program such as an accelerator or incubator is for a renewed sense of excitement for the brand. UBI Global has connected many corporations and startups for successful collaboration. Instead of considering a startup collaboration for yet another fiscal period, let our experience staff work with you on an exciting new path for your corporation.
In today’s growing investment market, startups are more confident than ever before. Being a startup founder or entrepreneur is a career path that ambitious young professionals prefer over a corporate career path. UBI Global coordinates startup ecosystems all over the world and observes that an extraordinarily high percentage of all startups express a desire to work with corporations in some capacity. Just because a business is in the startup phase doesn’t mean that it isn’t selective about who they work with and how. Partnership with the right corporation can make or break a startup.
Most startups view their partnerships with corporations as a long-term relationship, with the corporation as a customer with which the startup does direct sales. This gives the startup access to market share much faster than it could possibly gain on its own.
In contrast, a B2C relationship with a startup could see the corporation become a licensed owner of the startup’s product, an investor in the startup or another form of strategic partnership. This also gives the startup access to a marketing channel they wouldn’t otherwise be able to accomplish in such a short period of time.
It is this type of partnership that creates the deep relationship that startups are savvy enough to cultivate, and really a situation that is mutually beneficial. For this reason, the best startups concentrate on finding corporate partners that fit the product and/or have a similar culture.
The best startups see their corporate partners as more than just an open bank account
The best startups see their corporate partners as more than just an open bank account; they see them as mentors who offer access to rich resources, advice, and opportunities for mutual gain. Savvy startups know they have great ideas, but crave the guidance of a more experienced role model who can give advice on how to grow or overcome challenges.
Certain industries are more difficult for startups to enter and require years of insight and experience; for instance, the automotive industry. Credibility and industry knowledge go a long way with customers, and startups know it’s needed. Pharmaceutical, healthcare, media, and publishing, as well as technology and telecommunications, are all industry sectors that fall under the banner of being tough to enter as a startup.
UBI Global’s experienced staff recognizes the most promising startups in every industry, understands their needs and requirements and can make the best match with corporate accelerator partners for the best chance of success.
Do you want your corporate to be matched with the right incubation partner and/or their startups? E-mail today at [email protected] and let’s start the dialogue.
Having a clear innovation strategy starts with a corporation’s team of experts and their industry knowledge. Depending on the industry the corporation is engaged in, it is in their best interest to focus on the appropriate tools and accelerators that will quickly reach their innovation objectives. UBI Global has extensive experience in matching industry sector focused startups with the corporations who can best benefit from their innovations.
Successful corporate venture programs have a clear strategy on why they are engaging in external innovation efforts. These companies have conducted extensive evaluation on their strengths and weaknesses and used this information to create a strategic guide of what, how and when. This article gives an exploration of three very different industry types and the innovation tools they employ to find the next big thing.
Automotive companies are seeking innovation in adjacent industries; for example, intuitive cars, data analytics, etc.
Innovation tools: Accelerators and incubators, innovation labs
These corporations tend to focus on core business such as mobile, big data, cloud solutions, security, etc.
Innovation tools: Accelerators and incubators, innovation labs
Corporations engaged in the consumer goods industry also look for core business innovation in new products and services, new retail formats and new marketing avenues.
Innovation tools: Accelerators and incubators, innovation labs
An innovation lab is a workspace designed to nurture creativity. Teams of innovators from the company itself join with startup personnel for intense projects to quickly develop prototype products and services, coming up with viable innovations that can be taken to market immediately after the lab period is over.
Without question, the largest tools being used by corporations to seek out innovation and growth are accelerators and incubators. Though the tools and methods used by corporations to discover new ideas, designs and markets are very diverse, the majority of focus continues to be on fostering relationships with startup companies. Employing accelerators or incubators to compliment and encourage internal R&D functions is the smart way for corporations to be on top of their market. UBI Global makes it easy to find a partner, either in the industry or adjacent, that creates a synergy of innovation with corporations they work with.