Startup and Corporation: A Success Through Collaboration
Detekt as a party participating in the Seedstars Asia Summit remarked the end of Asia tour organized across 14 vibrant ecosystems in the region.
The event hosted the world’s best entrepreneurs in emerging markets from all across the continent. The summit was held at the Ananda Campus in Bangkok and brought together participants from think-tank style workshops. The Intense sessions of the summit focused on collaboration between corporates and startups for long term success.
“The key objective of the workshops throughout the session was to foster collaboration between startups and corporations by creating a forum for each to discuss their pain points, share experiences, and to encourage both parties to form experiments that could challenge and address these challenges.”
The different factions were discussed and exchanged in the workshops, participants were asked to identify what they saw as the biggest challenges or key struggles that they have faced when it comes to the collaboration between corporations and startups. They were then tasked with deciding which two of these challenges most needed solving, or had caused them the most friction. These challenges came out to be as follows:
- Different Interests; Corporates are focused on monetary benefits whereas startups are focused on solutions
- Lack of understanding between the two parties
- Lack of human capital with startups
- Proof that a product or concept can scale
- Lack of long term commitment from corporate side
- Different mindsets
- Long term investment in a pipeline
- Startups overpromising and not delivering
- Corporates cannibalising startups
- Risk factors and credibility for corporates
In coming steps, among the challenges that were presented in the workshop, and that were also shared with the forum, 7 vitals were shortlisted to be further brainstormed and experimented that could be used to test the challenges and come to a solution that is desirable for both parties.
|Different Interests; Corporates are focused on monetary benefits whereas startups are focussed on solutions||Launching a corporate VC (CVC) could result in a better-defined relationship and objectives on both sides.|
|Lack of human capital with startups||Giving equity to corporate employees in order to make them feel part of the project|
|Different mindset||Co-development program to foster collaboration between the two entities|
|Startups overpromising and not delivering||Corporates must include due diligence when working with a startup to make sure it can deliver on the promises based on the venture stage|
|Risk factors and credibility for corporates||Innovation committee with CEO of the corporation involved|
|Lack of understanding between the two parties||Organising workshops or training between startups and corporates on how to develop intrapreneurship|
|Proof that a product or concept can scale||Launching in new markets together (corporate & startup) to prove that business can be scalable if the right resources are invested|
The lively discussion among all participants in the same goal really made it clear that both sides had challenges and were finding constructive and effective ways to solve these challenges, however, it is also clear that without an effective framework in place to implement these solutions, businesses will still struggle to resolve the issues at hand.
“One key theme that became apparent throughout the summit was that both the corporate attendees and startup attendees were finding it hard to appreciate and understand the subtle differences in how they each work and operate. The discussion often turned to finding better ways in which they could collaborate that would be mutually beneficial.”
As is seen often for the case, it comes down to communication, or rather for a successful resolution of each stakeholder’s challenges, it is important to have open and proactive dialogue to create a prosperous and successful outcome.
Detekt was honoured to attend the world summit, in particular focusing on the Corporate/Startups Collaboration: Developing a framework for success workshop where the discussion focused on coming together as an industry to develop a framework for successful corporate innovation. The summit was led by the founding partner of Seedstars Pierre-Alain Masson.
Throughout the Summit, there was a tremendous amount of interaction between everyone who attended, be they corporate, startup, or government policy makers. Our biggest take away was how dedicated everyone was to create solutions that would benefit everyone, and how enthusiastically everyone participated in the day’s events; with many sharing how they intend to try to implement some of these solutions into their own partnerships in the near future.
The key objective of the workshops throughout the day was to foster collaboration between startups and corporations by creating a forum for each to discuss their pain points, share experiences, and to encourage both parties to form experiments that could challenge and address these challenges.
The different factions within the workshop were asked to identify what they saw as the biggest challenges or key struggles that they have faced when it comes to collaboration between corporations and startups.
Detekt was honoured to attend the event, in particular focusing on the Corporate/Startups Collaboration: Developing a framework for success workshop, where the discussion focused on coming together as an industry to develop a framework for successful corporate innovation.