Corporates and start-ups are somewhat perceived as opponents. What else could they be, taking into account all the big differences in approach, mind-set and, more importantly, in the ability to adapt quickly? From a corporate point of view, considering start-ups a competitive threat is more than understandable. They appear seemingly out of thin air powered by digitalization to drive major innovations and disrupt entire industries in no time. But is this all there is to it?
Corporates & Start-ups: Everlasting Rivals or Potential Partners
Will they keep on being everlasting rivals, and companies better be quick to learn how to keep up with the disruptive force of start-ups? No, that can't be all. And the corporate world has long altered this assumption. What many corporates and start-ups realized is that by partnering up and combining their resources more often than not this leads to benefits for both of them. And it creates more value for their consumers as well as whole industries!
Shaking up established processes and developments with fresh ideas and new approaches while relying on experiences, market knowledge, networks, and resources sure does sound good. This might be well-received now but what remains is the question, where to start? Where to find the right collaboration partners? How to know that this is a fit both draw value from? Especially in this data-driven world, finding data is not the problem anymore but rather being able to manage and sort the data in a way it gives you the answer you are looking for.
That is where the Start-up Radar comes into play.
How to Find a Match Made in Heaven*
*or, in other words, how to find a match that fits the criteria you are looking for in a start-up.
The Start-up Radar allows companies to set up and search a pool of potential start-ups to collaborate with. Keep track of the start-ups you already successfully worked with and the ones you want to partner up with in the future at all times. It is as easy as that.
CrunchBase: The Wikipedia of the Start-up World
The data basis for the Start-up Radar is provided by CrunchBase, the leading start-up database collecting all there is to know about the start-up world. It can be seen as the Wikipedia of the start-up scene, allowing everyone to add and enhance information at all times. So, it is not only about finding but also about being found, and that is where the advantage lies for start-ups: By having an informative profile at CrunchBase they can not only easily be found by investors but also by potential collaboration partners.
Start-up Scouting: Finding, Evaluating, and Collaborating
Innovation trumps pure efficiency as a driver for long–term success. And innovation comes from inside and outside the walls of a corporation. By including employees, customers, and partners in the process of innovating, corporates improve their ability to innovate fast and market-oriented. Chances are good that you already have some tool that helps you tackle challenges and finding solutions together with a diverse network of customers, employers, or other partners along the values chain. Establishing an open dialog with start-ups is the next logical consequence to step up the innovation game, and above all, offers the opportunity of getting insights to new market developments early on.
On the most basic level, the Start-up Radar accesses the CrunchBase database and translates this data into a radar chart, making it easy to get a clear overview of existing start-ups and compare them to each other. But there is more: The Start-up Radar does not only allow you to search for start-ups in general but also to specifically propose selected ones as a partner to an already existing or future innovation project or challenge. The fit can be defined and evaluated by individually selected dimensions and visualized in a clearly structured radar chart. There might also be a selection of start-ups worth considering. The radar chart simultaneously displays several start-ups and helps to compare them following the chosen criteria.
Had there already been a previous collaboration with a start-up, a description can be added containing important facts like: Who was involved, what are the most crucial characteristics of the start-up, how well did the collaboration work, what was the outcome, and so on. That helps to assess future fits and adds to the overall thoroughness of the database. Thus connections between existing ideas, projects and start-ups can be drawn, laying the foundation for more ideas, projects, and collaboration to emerge.
Fostering Long-Term Win-Win Situations
When it comes to partnerships of corporates and start-ups, there is a tendency to focus on the benefits for the corporates. But as mentioned before, done right, this also can be beneficial to start-ups and can end up in long-term partnerships. First of all, by maintaining and updating their profile at CrunchBase, start-ups do gain the visibility they need to enter in collaboration in the first place. As soon as they partnered up with a company, the Start-up Radar lies the foundation for establishing long-term collaborations. By collecting, storing, and linking data, the Start-up Radar provides an easily manageable overview that forms the basis for value-creating partnerships.