The hidden success stories behind big corporation engagement with startups
Startups are grassroots level companies, intimately engaged with potential consumers of their product or service, and looking to raise capital based on the desire and enthusiasm of these initial connections with their company. The most successful startups are partnered with big corporations, which is enormously advantageous for both sides. UBI Global connects corporations with this new wave of entrepreneurs at more than 500 vetted incubators and accelerators representing 15,000 startups globally. We deliver the world’s best startup innovations to our corporate business partners with mutual success as our number one priority. If your corporation is intrigued about the benefits of engaging with a startup company, read on to find out why you should form this partnership and how UBI Global can help.
Why should startups engage with big corporations?
First and foremost, being engaged with a big corporation lends the startup company credibility in the marketplace and shows that they are a promising company with a real, valuable product. Marketing and PR efforts on behalf of the startup, courtesy of the big corporation, can solidify branding and get the fledgling company noticed on a much larger scale than would be possible on its own. Additionally, resources such as suppliers and capital funding that the big corporation has cultivated over many successful years would normally be unattainable to the startup.
What is the advantage for big corporations?
Big corporations, when compared to startups, are often likened to behemoth-like structures, incapable of innovation because they’re so slow to change their ways. While this may be true of some, most big corporations have the foresight to realize that working with startup companies is a win-win situation; the startup gets the benefit of resources they otherwise wouldn’t have and the big corporation gains speed, an innovative new product or service and a new audience for their brand.
How do the two worlds connect?
In today’s competitive business world, big corporations know they need to be in on the ground floor of new goods and services. Their own R&D efforts to find the next greatest thing will often turn up potential business startup partners and, sometimes, the corporation will decide to buy out the startup, making the new technology its own. Forward-thinking businesses have started to hold their own events such as startup competitions or conferences to find the next big idea. Banking giants such as Paypal and Mastercard hold worldwide hackathons, engaging programmers, graphic designers and others involved with software to collaborate on new projects and innovations.
How can my corporation engage with startups?
Once your corporation decides to engage with a startup venture, determine your objectives for the engagement, decide on the resources you will devote to the partnership and craft a time frame to reach your objectives. Start small and consider lateral or complimentary engagement; for example, when the streaming music services Spotify was a startup, they received support from Coca-Cola. Selecting the right partner is the key to minimizing the risk of working with a startup.
Fortunately, UBI Global forms partnerships with academic institutions, governments and corporations around the globe to bring inspiring analysis, efficient operation and competitive spirit to your business incubation process.
Do you want to learn more about how UBI Global can matchmake your corporation with the rights incubator, accelerators or startups? Email us at [email protected] and a member of our team will be in touch with momentarily.
- #500 Corporations: How do the World’s Biggest Companies Deal with the Startup Revolution by INSEAD. For the full report, download here.
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