It’s the greatest aspiration of startups these days to become a leading player in the industry; however, there are several considerations they have to make for the same. Along with that, startup businesses also aspire to work with their larger, more established rivals in order to attain sustainable growth in the coming years.
However, as per the results of a recent survey, the same comes out to be true for the Corporates in the current industry who are also willing to join hands with startups.
In this blog post, we will take into account some of the key results of the survey done on global startups and Corporates looking for mutual collaboration.
What Mutual Benefits Exist for Both Parties?
Such an arrangement can prove to be highly advantageous for both the Corporates as well as the startup firm. By collaborating with startups, large Corporates benefit by gaining access to different advantages enjoyed by startups like –
- Innovative ideas
- Business agility
- Entrepreneurial culture
On the other hand, the startup gets to leverage the vast pool of resources that the Corporates brings along with them to the table. Startups also gain from the extensive experience and huge business network of the Corporates to build their business foundation much stronger.
Corporates and Startup Collaboration – Survey Results Revealed…
Getting a knock on the door is not the only way that start ups can get an offer from Corporates. There are a lot of other factors which Corporates take into account for teaming up with start ups.
As per a survey done on more than 100 Corporates including IBM, Cisco, and Microsoft and more than 200 startups, following are the key points at a glance –
- Large Corporates Seek Interaction at Early Stages…
It has come out to be the natural tendency of most Corporates to interact with startups at quite early stages. Almost 67 percent respondents of the survey confirmed the same. According to the respondents, such business tendency of Corporates is mainly to facilitate exploration of newer technologies and business models.
- Corporates are extremely keen to go for Such Collaborations…
A whopping 82 percent of corporations consider interactions with startups of pretty good importance. While another 23 percent of the Corporates found these interactions with startups to be highly mission critical.
So, startups need not feel that only the Corporates have the bigger choice. Startups can also make the suitable decision of working with a particular corporate depending on their business goal and requirements.
- Corporations are desperately attempting to get the Collaboration Right…
The survey results reveal that 25 percent organizations still don’t have a clue of the amount they spend every year in innovation. Hence, fitting into the framework of the Corporates should not be the key agenda for startup firms.
Rather, the startups need to pursue all of their own agendas with more passion.
- The Prime Criterion for Collaboration – Strategic Fit…
Yes, that’s another key finding derived from the survey results. Start-ups and corporations both consider “Strategic fit” as the prime factor for establishing collaboration.
Around 44 percent corporate respondents pointed strategic fit as the key factor deciding the failure or success of a collaboration relationship with startups. It indicates clearly that almost half of the total global Corporates prioritize strategic fit for effective collaboration with startups.
65 percent startup respondents considered large corporations to be their potential strategic partners.
Nowadays, more and more Corporates are entering into collaboration partnerships with new startups. Hopefully, these points revealed by the survey will help startups and Corporates make better decisions while going for collaboration.
About the Author –
Deepak Nautiyal is the chief editor at Techarex Networks. Using his vast experience in business and technology domains, he has produced several articles and blogs on a variety of subjects related to business and QuickBook Cloud Hosting. In his free time, he loves surfing the web and exploring interesting places around the world.
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