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As a seasoned corporate executive, entrepreneur, and investor, I often advise corporations on find out how to accelerate their growth. This is a common challenge for corporations around the world. These corporations could also be using previous-generation technologies, and unfortunately, traditional research and development (R&D) efforts are often ineffective in developing modern ideas. Corporations sometimes collaborate with universities on joint technology projects. However, such partnerships are likely to yield results too slowly in today’s dynamic business environment.
I imagine the secret to accelerating corporate growth is to develop into more modern. While it is possible to innovate internally, organizations that attempt to do so fail more often than they succeed. It is inherently difficult to expect corporate employees to think like startup founders. Instead, I like to recommend that corporations develop into more modern by investing in startups, which allows them to grow faster. Because the startup ecosystem is continuously developing modern ideas, investing in startups is the fastest and most cost-effective option to grow.
Leveraging Global Startup Competitions
Startup competitions are on the rise around the world. Participating in them—whether through participation, speaking, or judging—offers corporations the probability to network with modern startup founders. This allows them to build relationships, learn about the market, discover cutting-edge technologies, and gain access to talent. Together, these opportunities can help corporations develop into more modern and grow rapidly. Because startup competitions bring together the best corporations from around the world in one place, it’s an effective option to meet many of them in a short time frame.
Today it is typical for large conferences resembling Disrupt TechCrunch, Startup Grind, Dublin Technology SummitAND Internet Summit — organize startup competitions at their events. Universities also organize marketing strategy competitions, often for startups that are already generating revenue while their founders are still in school. There are also dedicated startup competitions, resembling Startup World Cupwhich organizes over 100 regional competitions around the world. The culmination is a grand finale where the winner receives a $1 million investment prize. All of these forms of events are great networking opportunities because they involve startups, corporations, investors, and media.
How Startup Competitions Benefit Corporations
Let’s look at specific ways in which corporations can make the most of startup competitions. To start, corporations should look for startups that align with their strategic direction and business goals. Corporations can use these competitions to initiate partnerships designed to assist each parties grow. As these partnerships develop, corporations can assess whether the startups they partner with are value investing in.
Startup competitions also function a testing ground for latest technologies and modern ideas. There are normally strict criteria for participation in these competitions, so when a manager or corporate executive decides to participate, they can ensure that only the best ideas are being presented. I think it is a good idea for corporations to hunt down startup technologies that complement their technology so that each corporations can work together to develop in a mutually useful way.
Another way that corporations can profit from participating in startup competitions is to make use of the event to know market trends. Corporations should research what latest technologies are being developed and what customer challenges the startups are trying to resolve. This helps determine which startups are most relevant for corporations to develop into more competitive. Another opportunity that startup competitions offer is a probability for corporations to get a glimpse of latest talent. These competitions are normally attended by well-educated, creative people. Corporations can expand their networks and even hire startup employees from these events.
The role of corporate capital
In addition to networking and partnerships, I like to recommend that corporations consider investing in startups to develop into more modern. At startup competitions, they can meet founders and discover latest technologies. They can then invest with the help of a Venture Capital (VC) partner. While a corporation can arrange an internal investment organization, it is difficult and expensive. Hiring VC professionals who wish to work in a corporate environment is also difficult. An alternative model is Venture Capital-as-a-Service (VCaaS), which involves working with a VC firm to speculate on behalf of the corporation.
Enterprises using the VCaaS model invest based on their budget, timeline, and strategic goals. VCaaS offers a high level of flexibility and advantages the enterprise because the VC firm finds startups with modern technology and conducts thorough due diligence. This ensures that the investment is mutually useful.
Startup competitions do an amazing job of attracting the best tech ideas and founders from around the world. These events allow startups to share their expertise, technology, and ideas. They can also use these competitions to satisfy latest partners and investors. Ultimately, this may help startups and their corporate partners reach latest customers and markets, growing faster than they’d otherwise.