How Can Corporates And Startups Work Together It's a challenge for a corporate to find the right startup partner.
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Innovative technology, energy and revenue drivers are some of the key things that often attract large organizations to take a shot at startups. But what are the key things that can help a mighty, young startup get an entry point to a big organization.
At a conference conducted by Intech50, Jitendra Kavathekar, Managing Director at Accenture Open Innovation spilled the beans on what giant corporations actually look in startups.
Key Metrics of Startups: Excerpts from the talk
The four main skills that corporations essentially seek are commitment, culture, speed and leadership. A short-term for a company can be two quarters and its CEO could be just two hours! The CEO and startups should both feel the need to combine the energies of the companies. These qualities will essentially bring about a seamless and symbiotic relationship between the David and Goliath of the system.
Startups should have enough knowledge of the domain, product and the problem they are attempting to solve. They should understand the pain points of big corporations, and once their pain points match the solutions the startups are attempting to solve; it will automatically result in a successful partnership between the two entities.
Large corporations do not want startups to focus on several problems; hence startups should narrow down their focus to attend to one single problem. Having too many options is great, but choosing the right option that will enable it go to market easily is what matters.
In a startup-corporate partnership, it's not about who has the upper hand between the two. It should be a win-win strategy for both the parties.