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The relationship between a large corporation and a startup is often viewed as unfair or risky for the smaller entity.
However, it is important to consider a ‘Win-Win’ approach for both parties. At GOWeeZ, we explain how we view strategic innovation in a large corporation.
The difference lies mainly in the maturity of the business.
Incubating a company means providing it with operational and management support to help launch its project.
This involves ensuring that the company can launch its Minimum Viable Product (MVP) or Proof of Concept (POC) smoothly, benefiting from the incubator’s infrastructure (teams, workspace, portfolio of external resources, etc.).
Mentoring and expert coaching provide significant support to the young company during the initial stages of its launch, enabling it to navigate through the early steps with agility.
On the other hand, accelerating a company means that the Proof of Concept (POC) has already demonstrated success. It is time to launch a phase of value proposition deployment in the market. The goal is to grow rapidly by intensifying actions with consultants, experts, and other advisors to quickly accelerate revenue.
Both types of organizations are important, as they are both focused in their approach and complementary in supporting a startup.
The Startup Factory will have a test-and-learn approach with a multidisciplinary team. Its role will be to identify, develop, and launch concepts and business models related to a strategy or a sector.
This is what we could call the new R&D department. The difference is that it has an impact that goes beyond the skills of the internal teams.
Indeed, innovation management is a formidable asset for a Group, as soon as the innovation strategy is in line with the core business.
Launching an innovation program means showing employees and the sector that we are among the leaders and if possible pioneers.
1/ First, we define the objectives and the incubation thesis. This means ensuring that these two elements are relevant to the Group’s culture and ambitions.
2/ We define the incubation or acceleration models. We identify the levers and resources available to respond to the Core Business first!
3/ Sourcing, communicating, creating interest in the ecosystem to attract projects and have a start-up dealflow
4/ We promote an internal culture of innovation. We involve the teams in the projects and we trigger the desire for intrapreneurship
5/ We take the floor on expertise, we evangelize our way of seeing innovation. Thus we demonstrate the relevance of the group to be a reference in the sector in its growth
These 5 steps are linked to each other. To ensure consistency in launching your accelerator or incubator, you need these 3 pillars:
The first is through a program of mentoring, coaching and experts solicited on an ad hoc basis or in a continuous line. This allows us to seek motivation and work with agility on all phases of development.
The second is the definition of KPIs. Don’t spend too much time. Have a good balance between the time spent and the quick win to achieve.
Finally, the third is the follow-up of the actions, the analysis of the results in order to, in a short cycle, act, structure, reinforce, or even make a possible pivot.
With these frames, you can refine your thinking and push your innovation strategy by welcoming the startups that will be your future business levers.
Other articles on the subject:
The Win-Win relationship with large corporations.
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