WHY ARE YOU INTERESTED IN COLLABORATING WITH CORPORATIONS? BENEFITS AND OBJECTIVES
Accelerate your business with these expert tips on "Why partner with corporations? Benefits and objectives". Analyse and discover this TIP!
BENEFITS OF COLLABORATION
During these collaborations you will benefit from several aspects that you would take a long time to achieve on your own without the collaboration:
- Instant access to the Knowhow of that Industry/Market/Segment acquired over years of operation and millions of Euros invested.
- Support during the test or Pilot of your product/service with Time and Resources from others: Human Resources and Capital, in this case of the corporation.
- Unexpected discoveries that may become the key to your solution or create new functionalities or complementary or parallel products/services.
OBJECTIVES TO COLLABORATE:
The objectives may be different depending on the maturity of your venture.
THESE ARE SOME OF THEM:
The main goal is to learn and pivot your solution on the basis of this learning. Another The objective is to validate your solution in the real market and to understand in which industries, sectors it has a place and how it behaves.
Finally, you can add experiences and "logos" of real companies that have already trusted your solution. This will give you access to larger corporations and increase the confidence of early stage investors.
RUNNING AND SCALE UPS:
The main objective validate your solution, offering structure, functionalities, flexibility, business model... find gaps and solve them. In addition, you will be able to incorporate new functionalities or by-products to your core solution. It will help you to find business development models and growth drivers for your solution.
Reputation. With the right strategy you will be able to expand your solution into clients that interest you to address the business sizes, industries and territories that interest you in your expansion plan. This enhances your reputation and gives you access to better customers and better contracts.
In a nutshell, if your target customer is a corporationyour main aim is to collaborate with as many as you can from the very beginning of your venture. Of course there are techniques and strategies to do this in a structured way and under a planning oriented to achieve specific results: Learning, Discovery, Penetration, Saturation, Reputation, etc?
Are you already clear about the benefits of collaborating with corporations?
BENEFITS OF COLLABORATION:
- Access to Industry Knowhow: By collaborating with corporations, you will have instant access to the knowledge accumulated over years of operation and millions of euros invested in that industry. This will allow you to learn from their experience and apply that know-how to your own venture.
Practical example: A startup that develops artificial intelligence solutions collaborates with a leading healthcare corporation to gain specific expertise in medical diagnostics. This collaboration allows it to access medical expertise and accelerate the development of its product.
- Support during the Pilot: Corporations can provide support in both human and financial resources during the testing or pilot phase of your product or service. This will allow you to have the backing of an established structure and accelerate the validation and improvement of your solution.
Practical example: A mobility startup collaborates with a public transport corporation to pilot test its new ridesharing application. The corporation provides access to its network of users and financial resources to run the pilot efficiently.
- Unexpected discoveries: By working with corporations, you can discover insights and unexpected aspects that may be key to the success of your solution. These discoveries can help you improve your product, add new functionalities or even generate ideas for new complementary products or services.
Practical example: A software startup collaborates with a logistics corporation and discovers that its route optimisation algorithm can also be applied to inventory control. This unexpected revelation allows it to expand its offering and win new customers in the logistics sector.
OBJECTIVES TO COLLABORATE:
- Early Stage: In the early stages of your venture, the main objectives of collaborating with corporations are to learn, to validate your solution in the real market and to gain the trust of other corporations and investors.
Practical example: A tech startup collaborates with a leading corporation in its industry to get feedback and validate its product in a real-world environment. As it gains experience and achieves successful collaborations, it can use those achievements to attract larger corporations and obtain investment.
- Running and Scale-ups: As your venture grows, the objectives of collaborating with corporations are to validate and improve your solution, expand your reputation and access better clients and contracts.
Practical example: A scale-up software solutions developer collaborates with several leading corporations in different industries. Through these collaborations, it continuously validates and improves its product, expands its customer base and enhances its reputation in the market.
In a nutshell, collaborating with corporations offers a number of benefits and objectives for an entrepreneur.
The benefits include access to industry knowledge, support during the pilot and the discovery of new opportunities. The objectives vary according to the stage of the venture and include learning, validating, improving and expanding the reputation and reach of the business.
APPLY THIS TIP TO YOUR PROJECT
NOW THAT YOU HAVE READ THIS TIP, YOU SHOULD KNOW HOW TO ANSWER THIS QUESTION:
- What do you think is missing to start your approach to corporations?
- What goals and benefits do I expect to achieve from a corporation at the stage I am at?
CASE STUDY OF COLLABORATION WITH A CORPORATION TO ACCELERATE AN AGRICULTURAL TECHNOLOGY VENTURE
Entrepreneur: Juan is the founder of a startup that has developed a technological solution to optimise irrigation and crop management in the agricultural sector.
Corporation: Agritech, a large leading agricultural corporation with extensive experience in food production and distribution.
PHASE 1 - UNDERSTANDING CORPORATIONS:
Juan researches Agritech and discovers that the corporation has shown interest in innovation and the adoption of new technologies to improve the efficiency and sustainability of agricultural production.
PHASE 2 - APPROACHING CORPORATIONS:
Juan prepares a convincing pitch on the benefits of his solution for Agritech, focusing on optimising irrigation, reducing water consumption and increasing crop productivity.
After several meetings, he manages to get the attention of a key executive at Agritech, who is interested in exploring a possible collaboration.
PHASE 3 - COLLABORATING WITH CORPORATIONS:
Juan and his team work closely with Agritech's research and development team to tailor the solution to the corporation's specific needs and requirements. They conduct pilot tests on different farms and obtain valuable data and feedback.
As the collaboration progresses, Juan and his team are able to further improve the solution by incorporating additional functionalities requested by Agritech, such as early detection of crop diseases and automated fertiliser management.
Both parties sign a collaboration agreement that sets out the terms and conditions of the partnership, including knowledge transfer, access to financial resources from Agritech and a commitment to work together to bring the solution to market on a large scale.
The collaboration between Juan's startup and Agritech results in the successful launch of an improved technological solution tailored to the needs of the agricultural industry. The solution is implemented on several Agritech farms, proving its effectiveness and generating significant savings in water and energy consumption.
In addition, the collaboration gives Juan's startup access to Agritech's distribution network and customers, accelerating their growth and allowing them to expand into new markets and agricultural sectors.
In short, the collaboration with a corporation such as Agritech enables Juan's startup to accelerate its growth by tailoring its solution to the specific needs of the agricultural industry, obtain additional funding and resources, and access an established distribution network and customers.
- 💻 PRACTICE with an expert in the next practical webinar.
- 🔎 CONSULT more related TIPs with this same theme.
- 📖 AMPLIA your knowledge by downloading this EBOOK.
THINK ABOUT YOU
- 🚀 IMPULSA your company in the next acceleration programme, ¡book your place now!
- 🥁 PRACTICE with your project in this practical webinar, ¡apply for your place!
- 🌐 CONTACT with other entrepreneurs and companies, ¡register and take part in the next Networking!
THINK ABOUT HELPING OTHERS
We are sorry you did not find it useful.
Help us improve this TIP!
Leave us a comment and tell us how you would improve this TIP