From Zero to Boom! Accelerate Innovation in your Company

Lessons we’ve learned from working with Corporate Brands

There’s no doubt that corporate innovation is being taken ‘seriously’ — from companies courting startups in offices on Old Street to corporate specific accelerators. Unilever has the Foundry, DigitasLBi run Digital Innovation Group, Barclays are powered by Techstars, and brands like Haymarket, the National Lottery and Deloitte work with Brand Accelerators like Collider.

The dream is to harness and implement the entrepreneurialism and founder hustle from startups, so that in years to come large companies can create cutting-edge, outstanding products. It’s about staying relevant in a market that is being redefined overnight by the small guys.

For the record, in this innovation highschool stage we’re at, more people are talking about it, than actually doing it. Most are just starting to experiment. So you’re not too late to the game. Jump on in.

If you’re just starting or early on in this journey, where do you start and how can you catch-up for serious traction?

Most people start by talking engaging with startups. There are scores of local events and conferences where you can meet startups if you have the time to scour the scene. If you’re time poor, partner with Accelerators —part of their value is in being community creators.

But what next? Where does this all ultimately lead to?

Steve Blank has a great answer. He’s studied corporate innovation in Silicon Valley, and has identified three stages of Corporate Innovation which roughly divides into:

1) Networking and Partnering with startups, accelerators and other ‘connectors’

2) Strategic Investments and Incubation, brining external technology in house through an investment arm

3) Creating an Innovation outpost, to start generating in-house development

So you’re in stage one.

Connect with startups yourself if you have the time and resource. If you don’t, create partnerships with the incubators and accelerators: You are spoiled for choice in London, from Seedcamp, MassChallenge, Techstars, Collider, Wayra, Oxygen.

Understand the differences of what the accelerators offer (for example at Collider, we are focused on marketing and advertising tech),and make a beeline for the startups that fit you best. A good start is simply to attend their Demo Days to get the headlines. If you’re serious about getting results, you should be aiming to work consistently and at scale with startups — this will enable you to develop an expertise on the latest thinking and tech. This will also set you up for Blank’s Stage Two.

Whatever you do, put a structure in place. Have goals.

I’ve worked with 15 corporates/agencies in the past 18 months, helping them work with startups and get results. I’m learning every day.

What worked a year ago needs updating as the market changes. We are always striving to better understand the psychology behind what brings out the best results between a large company and a hustling startup. Goals need to be met and if they’re not, evaluate. Sounds simple, but more often than not, I find that companies disregard the original goals they had and simply make do with poor results — they’re happier with the PR noise they’re getting.

Plan at least 6 months ahead and set aside cash for pilots. Even if it’s just £10k.

Having a strategy for meeting the right startups consistently and setting aside budget for small trials is crucial. Meeting startups isn’t about hosting pitching events, it’s about introducing a steady flow of startups into the entire business through the right events.

Be honest about the results you’re getting from your events. If you’re not getting results, acknowledge it and make the necessary changes.

Make sure you get buy-in and visibility at the top.

Don’t put Innovation in the corner. Make sure that any work you do gets reported in to the very top. From Day One. If you don’t, you’re likely to find that your attempts are side-lined, not through bad will, but by your colleagues heavy workloads. Having buy-in at the top will also give you & your team clear incentive to keep on track. Authority can also help move mountains, or procurement, when needed. And it will be needed.

Fail

To succeed in the Innovation space, you need experience of what works, and what doesn’t. Run pilots with startups, experiment with different formats for working with startups. Start small and think big. Try and fail, try and fail, until you succeed. By running pilots, no matter how small, you’re testing the system —the attempt will throw up barriers, questions, and problems. Solving these will pave a smoother path for the next attempts.

Treat startups as equal partners (i.e. don’t be a dick)

As more brands woo startups, there is more competition for getting startups’ attention. Be honest with potential startup partners about what you want or if something isn’t working out. Silence isn’t golden for a time-poor startup. Play it right, and it could be the start of a beautiful friendship.

This is an incredible time to be involved and experimenting with startups. If you’d like to hear more about Collider’s best practice of working with startups, and the proven framework for getting results, get in touch: parul@collider.io. We’ll be happy to share what we know.