08 September, 2024
10 Steps to successful corporate-startup collaborations Novable

Forming successful corporate-startup collaborations requires thoughtful planning and execution. The Belgian startup Novable has reported 10 steps to guide you through the process, enhancing your chances of success.

The 10 steps are:

1. Use an efficient tool to identify startups

As an Innovation Manager or employee in a corporate development environment, identifying, evaluating, and selecting the best startups to work with is always part of your agenda.

2. Define your ROI goals

Clearly defining the ROI you want to achieve will make it easier to set specific goals and targets down the line. Additionally, it will help you identify the right startups for collaboration, those capable of helping you reach your desired ROI.

3. Establish expectations for startup partnerships

Understanding what you hope to gain from startup partnerships will enhance your chances of a successful collaboration. Consider the following types of benefits when defining your expectations.

4. Determine the range of the engagement

To maximise the success of your corporate-startup partnership, it’s crucial to define the scope of the engagement. This means deciding how closely or broadly the collaboration should align with your existing markets and products.

5. Identify what will make the collaboration unique

To draw in innovative startups, it’s important to pinpoint the unique strengths and resources that differentiate you from other companies. This will help you highlight the specific value and advantages startups can gain from partnering with you. Consider leveraging the following corporate assets: funding, industry expertise, networks and partnerships, talent, etc.

6. Establish your key criteria for startup selection

When selecting startups for collaboration, it’s important to define clear criteria that align with your corporation’s objectives and goals. Consider the following factors: problem statement, solution fit, market validation, company strategy fit, business case, and funding stage.

7. Allocate resources strategically

For a collaboration to succeed, it requires more than just financial investment; thoughtful allocation of all necessary resources is key.

8. Engage corporate leadership and stakeholders

Securing the involvement of corporate leadership and stakeholders from the start is vital for the success of any collaboration. Align your collaboration initiative with the executive level to simplify gaining support, streamline processes, and accelerate decision-making.

9. Establish a clear timeline with defined milestones

Create a detailed plan for your collaboration that includes the overall timeline, process flows, key milestones, and deliverables. Break the project into smaller, manageable tasks, and set deadlines for each milestone.

10. Plan beyond the initial collaboration phase

Consider what will happen after the collaboration achieves its initial goal. Explore different scenarios, such as extending the partnership, integrating the startup into your organisation, or spinning it off as an independent business.