In a world where technology is developing at an unprecedented level, staying ahead of innovation and trends has become the key to success for corporates. Those who do not, risk being left behind. We’re all familiar with the demise of past industry giants; Blockbuster, Kodak, and Nokia – former pioneers that ended up in the business graveyard due to not keeping up with their sector’s pace of innovation.
Over 801,000 startups were founded between March 2022-2023, all competing for the attention of corporate partners and customers. It’s little wonder that finding the right startups and scaleups to collaborate with can feel overwhelming.
When choosing potential partners for innovation projects, one wrong step can result in months of wasted time and effort. Getting it right, however, can make magic happen. It’s easy to feel lost in a sea of startups whilst looking for the perfect collaboration.
Below, we outline some useful tools and tips to help innovation leaders in large businesses efficiently vet and identify startup collaborators who could be the perfect solution for your business.
How to Build an Innovation Network
Innovation networks should be an essential scouting tool in every business’s arsenal. It’s a broad term that describes a curated ecosystem of partnerships and collaborators who will be able to support your business’s innovation journey.
Innovation networks are usually built from an eclectic range of sources. Places to start include:
Universities
Developing relationships with universities can provide you access to leading academic researchers, allowing you to develop key horizon two and three technologies as part of your innovation strategy through a focus on deep technological research. Many universities offer innovation consultancy services and can provide access to project managers and academics.
Incubator / Accelerator Programmes
Joining or partnering with an incubator or accelerator can open up your network, as they connect you with curated startups from current and past cohorts. These programmes usually focus on early stages, meaning you can be at the forefront of emerging developments. The programmes aim to help cohorts succeed, so will be incentivised to facilitate good connections.
VCs and Investment Networks
Often occurring at a later stage than incubator and accelerator programmes, businesses in VC and investment networks typically have products already in the market. Partnering with businesses in these networks can provide a good source of ‘plug and play’ solutions that are ready to be integrated directly into your business.
Events
Workshops, talks, and conversations are a simple way to stay up to date on trends and developments within your industry, helping you to gain knowledge and empowering you to make your next move.
Events can facilitate diverse networks. Some are geared towards meeting startups, whereas others will help you to collaborate with peers both within and outside your industry.
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Industry Peers
Typically, many people feel that there is a reluctance to share information with industry peers. At Plus X Innovation, we have found the opposite to be true – and in strong demand. Corporate businesses are actively looking to collaborate and share knowledge with their peers.
Knowledge sharing is mutually beneficial, helping both parties stay abreast of shared challenges and come to solutions quicker. One key area that demands knowledge sharing across the sectors and business sizes in our innovation network is sustainability goals and mechanisms to achieve them.
Cross-Industry Partnerships
Developing cross-industry partnerships is often overlooked but can be one of the best ways for corporate innovators to gain insight into how innovation can support their business or sector.
Emerging technologies in other industries may well be ripe to disrupt your own. One example of this is the use of computer vision in AI in smart manufacturing being applied to logistics and packaging sectors
Third Party Scouting and Vetting
Third parties can be used to scout and vet startups for your business and impact your innovation strategy in many ways.
Using third parties as extra resource ensures the business’s time and focus isn’t pulled away from other projects and goals. Having a set of objective eyes to look at the challenge you are facing can provide a fresh perspective. This can broaden the scope of solutions and add new ways of thinking to your strategy. Third parties are also experts who understand what ‘good’ really looks like. They can vet and filter through the noise and find startups who will be the perfect fit for your challenge.
Why is an Innovation Network Important?
Cultivating a strong innovation network works as a radar for your business. It can help you to notice signals and shifts, providing you with access to bleeding-edge industry and technological developments for your business, customers, and suppliers. A shared network enables powerful knowledge transfer - empowering you to explore best practices, methodologies, projects, and team structures.
By positioning your organisation as open and curious to new developments, your business preparedness will drastically improve - placing both you and your business at the forefront. If properly sustained, your network will be brimming with the exact types of people to partner with on current and future innovation projects.
Nurture your network by clearly outlining its purpose and objectives and strategising how it will grow and evolve over time. The next step for your innovation network is to inspire your network and become an industry leader by organising your own events. Activities such as seminars, roundtables, workshops, and ‘summer school’ - style events will foster a creative and progressive culture and position your business as a true thought leader.
If you’re looking for space to innovate or want to connect with exciting innovators at the leading edge of their industries, book a tour of a Plus X Innovation hub in London, Slough, or Brighton.
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