How to make startups and corporates work together
❓How to make startups and corporates work together❓
1️⃣ Startups love risk and it is not a source of fear for them. Of course, everyone feels fear, but the startups do not defend themselves against it, they do not defend themselves against the risk.
Corporations have lawyers, spokespersons, and managers who focus on defending the corporation against risks.
2️⃣ Startups must be cost-effective and use every resource very precisely.
Once a corporate manager told me “if the project fails and we lose money, the corporation will not die.”
3️⃣ Startups must quickly go to the market and check if their idea has a business sense. If not, they must make a pivot to adapt to the market. In this way, they gain speed and agility in acquiring customers.
Corporates are taking a lot of more time in any decision-taking and have a whole badge of processes they follow. Moreover corporations have discovered distribution channels, they can push products through them into the market. It slows the discovery process.
Picture source: VentureSpring slideshare.