Collaboration key to Europe’s future

Thought-leaders from industry, decision-makers in government, investors, and key stakeholders met at the Fightback Summit in Berlin

The global economy is changing so fast that many businesses are being catapulted into markets that they no longer understand. The World Economic Forum estimates that the combined global value of the digital transformation to society and industry will exceed US$100 trillion by 2025. The very core of business-as-usual is changing dramatically. To protect our businesses and society at large, Europe needs to align to lay the foundations for an innovation ecosystem that will ensure prosperity for future generations and push European businesses ahead.

The Fightback Movement will play a part in building this innovation ecosystem by bringing together tech entrepreneurs, corporates, investors, and policy makers to enable a new digital future for Europe. It is incontrovertible that Europe needs a new plan, a new way of thinking, and new alignment not only between corporates and entrepreneurs, but between public / private sectors, across industries and pan-European.

The World Economic Forum has identified ten areas for consideration.

1. Pan-European approach

2. Corporate-startup collaboration

3. Innovation funding

4. Enabled government and public institutions

5. Data access and protection

6. Entrepreneurial talent

7. Digital education re-skilling and up-skilling

8. Gender diversity

9. Digital infrastructure and interoperability

10. Harmonised legislation and standards

The Fightback Movement is focused on creating a platform where opinion leaders can meet and talk openly about their situations, and exchange insight regarding the best practises for Europe to remain competitive. There is so much untapped knowledge hidden in different silos, that if, shared and harnessed could enable both corporates and entrepreneurs to grow exponentially.

Lagging European firms, were they to double their digital intensity, could add up to €2.5 trillion in GDP by 2025. However, many corporates are risk averse and a sizeable digital investment represents a leap into the unknown. But, that is where tech entrepreneurs can help.

Serial tech entrepreneurs who have scaled €100m plus digital businesses have a lot of technical know-how. They can advise on the optimal method of digitalising a long established business — whether that by creating a new standalone digital venture or a digital innovation hub within the business.

Of course, tech entrepreneurs will need to be incentivised. For them, the thought of working in an organisational structure, which is slow and cumbersome is anathema. Indeed, many will only agree to come onboard if the digital vehicle is structured to allow them to make quick decisions and implement at speed.

Entrepreneurs hold the key to spark innovation

An open dialogue between the big companies and entrepreneurs is paramount. The balance of power is tipping away from large corporations towards agile startups who deploy new digital technologies to contend with large organisations, who are slowed by massive investments in infrastructure, processes and customers. Startups are great at identifying technologies and gaps in the market but they don’t have the channels to scale. Along with sales channels, entrepreneurs gain access to knowledge, experts, distribution channels, and data.

On the other side is the corporate who gets the chance to bring new tech enabled solutions to customers much faster, more efficiently, and cost effectively than trying it internally. The key is to create hubs where internal and external expertise provide smooth, resource light insight. Ideally, corporate leaders and tech talent can begin conversations and build relationships, which will extend into new venture building advisory boards where information sharing can be leveraged.

Worth considering..

• Corporates are desperate to create their own disruption and offer resources that can accelerate an entrepreneurs business plan in return for agility and innovation.
• New partnering structures are required, with quick setup.
• Partnering is not easy it takes discipline and commitment from both sides.
• Entrepreneurs should demand clear definitions of progress and next steps from corporates.
• Corporates must engage in a risk tolerant manner — failure is part of the process.