How Startups Benefit From Collaborating With Large Corporations
A rising tide lifts all boats.
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Innovation is no longer something that companies should strive for but something that's become necessary for survival. That said, it's long been difficult for big businesses to keep pace with the innovation of smaller businesses and more nimble startups. As a result, corporations are fiercely working to find ways to encourage innovation, for example through innovation labs, building disruptive cultures, or hiring chief innovation officers.
While these shifts have helped and have enabled big companies to establish cultures of innovation, there's one increasingly popular way that many companies have found to encourage innovation: collaborations with startups. When done correctly, these collaborations can be mutually beneficial and can help both parties develop, gain a competitive advantage, and ensure long-term success.
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