Five lessons learned from collaborations with startups
It was my pleasure to speak about the challenges and goals of digital labs during a panel discussion at the “Startup Night 2018 in Berlin”. Together with interesting other speakers from Volkswagen and Audi, we discussed various topics related to the individual characters leading the labs, but also related to their focus areas. I enjoyed soaking up so many insights and contributing my part on the Porsche Digital Lab Berlin which is a technology lab.
“We believe that in a world of constant change and disruption, impact comes from action and courage. The Digital Lab creates new sources of value and meaning for Porsche by applying our deep understanding of technology to crack the toughest challenges and by building meaningful partnerships and collaboration models.”
Hearing of the many different and shiny booths with all the new and sometimes ambitious ideas and especially their highly motivated team members and founders made me remember my own startup days in early 2004. Even though we were quite experienced (given our young average age), I wondered: What have I learned in this department, since then? Here are five lessons learned I like to share and discuss with you.
Lesson 1: Being aware of strengths and weaknesses supports realistic planning.
Being self-confident is great and required, but knowing your own weaknesses is key to successful decision making and negotiation. Entrepreneurs should know (a) who they are, (b) what (resources) they have and © who is in their network to be able to plan in a realistic way.
I also found a lot inspiration reading myself into the concept of Effectuation. It basically is a way of thinking that shifts paradigms from searching for gaps in the market to creating new markets. Effectuation serves entrepreneurs in the processes of opportunity identification and new venture creation. Based on five principles (“Bird in hand“, “Affordable Loss“, “Crazy quilt“, “Lemonade“, “Pilot in the Plane“) it takes into consideration that unexpected things can happen, but that coincidences and circumstances can be used as levers and transformed into innovation and business opportunities.
Lesson 2: Study the greats and become greater!
Try to understand what made companies what they are today. All companies that are big today were small some day in the past. The way they have changed and the form they have taken today, is an expression of internal and external influence factors. Requirements change over time and this is fine. Not every organization needs to have the quickest processes or the most digital implementation of services. If you look at successful companies who collaborate with startups then try to find out why the collaboration is prosperous. When startups and corporates start to collaborate, their differences may result in clashes on many different levels. It is crucial to understand both sides to make valid decisions. Do you own research and implement the essence out of it into your collaborations.
Lesson 3: Be open and be honest, but never be naive.
Keep your eyes open in the shark tank! As an entrepreneur, you interact with many different stakeholders who have a different motivation on their own and it might not be in your best interest. Being open and honest about the essential facts of your business will allow your (potential) collaboration partners understand better where you are and how they can support you or do business with you. On the other hand, ensure that you follow the essential business etiquettes and formal requirements. For instance, proper NDAs can help you to protect your intellectual property.
Lesson 4: Clarity of mind and vision is key.
This lesson is simple, but often forgotten given stressful circumstances. If you do not know where to go, it is hard to start moving. Make sure that, from time to time, you take a little time off from daily routines to make your personal sanity-check about where your vision is leading you and if you still agree. People change, environments change and so do organizations. A clear mind is key to formulating clear visions and leading successful endeavours.
Lesson 5: It takes a team to win.
In the history of mankind, there were some remarkable inventions made by just a few or by a single person. Still, many more inventions are the result of joint efforts of highly motivated and skillful individuals that were bound together by a clear vision. Do everything you can to make sure you have the right team to win. Many times, it’s the people who make the real difference, not the machines or any other resource.
Breathing life into a vision is a wonderful and enriching experience. At the Porsche Digital Lab in Berlin, we collaborate with technology-focused young companies and teams to exchange ideas, to learn from each other and to build exciting novel solutions in the automotive domain.
