In this post I want to share with you what I learned regarding the project where a big global company (its branch in the Central Eastern Europe region) needed to properly set up collaboration with startups that the company's headquarters has recommended.
Goal: select startups that will help global corporation reach customers of pharmacies in the CEE region and make sure specific KPIs will be achieved.
I try to answer those questions in the post below.
I had the pleasure of meeting wonderful people from a large international corporation. The company is on the list of Top 50 largest chemical companies in the world. These people, in search of the innovative path of their company's development, decided to look into the world of startups. It might as well have been a bit different - company’s HQ recommended five promising startups and suggested to choose some for further collaboration.
Our client had the following challenge:
First of all, it was necessary to figure out the criteria based on which startups can be compared with each other. Like bottles, cookies or fruits - we need to create context in which we can look at those startups and tell how they are different. So we applied several specific tools such as Business Model Canvas, KPIs kit, conversion funnel analysis, IP property analysis and validation board. We have conducted a number of workshops with the management of the corporation and senior managers responsible for the company in the CEE region. We arranged the meeting agenda with business units, so that the meetings could be compared to each other and a common denominator could be drawn in the final conclusions.
As a result, we selected two startups that indicated the best synergy with the corporation. Afterwards we led approximately thirty meetings with individual business units of the company. We compared startups’ value offers (business model canvas), we verified startups' traction, efficiency in customer conversion and churn control, flexibility and patentability, and how KPI of corporations and KPI startups could match together. As a result, we chose one startup.
Deliverables and results: