How startups can help your company develop new ideas
Charlie Bradshaw, founder and CEO of product design and manufacturer Matrix APA, understands the value of collaborating with startups as an opportunitiy to further develop his own company.
Startups can help drive innovation in their larger counterparts. Established companies can work with them through investment, acquisitions, incubation and mentoring. Startups gain access to their network and experience, while businesses learn about new approaches and technology.
One startup developed technology to track products through the manufacturing process, providing data that’s increased efficiency. “They work with some of Matrix’s factories and customers,” explained Bradshaw. “We gave them complete autonomy and access to our network. Their development process took a year, it would have taken two to three without us. Likewise, we learnt masses.”
Events and startup incubators, which provide space, advice and sometimes funding, are useful places to start looking for entrepreneurs to support. These companies are often incredibly excited about the chance to learn from people that are experienced in the sector.
Learn more about how to drive business performance through external factors.