Entering into a collaboration with a start-up might feel like a trip to the dentist. You know you should do it, but will it hurt and will it bring the benefits you hope for? Fortunately, PwC has a specialist team who can help you navigate this tricky terrain. Together we'll find out how ready your organisation is to engage in corporate venturing, and uncover any potential pitfalls or obstacles.
Corporate venturing has the potential to reap great rewards for organisations. A recent Harvard Business review article revealed that 84% of global executives believe that innovation is extremely important, but a mere 6% are satisfied with their innovation performance. Politics, cultural issues and an inability to act on signals crucial to the future of business all play their part in this statistic.
When internal resources no longer suffice, turning to a start-up to get that innovative boost you need is an excellent way to potentially improve operational performance, maximise productivity and solve inefficiencies.
The potential gains of working with a start-up are equally attractive. You’ll have access to new technologies, knowledge and competencies and you’ll be able to harness the positive effects of new disruptive ways of thinking and internal entrepreneurship. Furthermore you’ll benefit from a broader view on upcoming trends helping you to increase your market and product differentiation.
But as with most things in life, there’s a flip side to this potentially fruitful collaboration that you need to consider. You may well encounter an absence of a dedicated team, a lack of a well-defined, long-term vision or strategy or a misalignment of objectives. Cultural differences between your two organisations may also make the road to success bumpy.
Weighing up the potential gains against the difficulties of such a collaboration can leave many executives scratching their heads as to how, or whether, they should proceed. This decision needs expert and impartial analysis. PwC experts can help you assess how ready you are to collaborate with start-ups and in which areas your company could improve collaboration. We focus on three aspects: strategy, communication and organisation.
Our approach is very much hands-on. Through a series of 6-8 interviews with relevant stakeholders in your company, you'll receive a detailed report with clear and actionable outcomes. Our analysis covers your current state of readiness, and offers recommendations and specific actions on how to work with start-ups to deliver maximum value. And naturally a dedicated PwC start-up team will be your central point of contact.
Interested in taking this first step into the world of corporate venturing? Don’t hesitate to contact Elise Carton, our Scale-up Driver, or Enya Steenssens, our Start-up Communication Manager to start the conversation. Like most trips to the dentist, you’ll probably be very glad you did.