Why startups, entrepreneurs are necessary for big companies?
24 Dec 2015In this fierce competitive business landscape, big corporations are becoming more and more open to innovation, as they realize that they can no more depend on their own R&Ds and should look for expertise and ideas outside their corporation, thereby giving an excellent opportunity for startups to provide the needed innovation and ideas to big companies.
Some of attributes of working some start-ups include:
• Innovation
Does it take grass-root innovation to survive in a cut-throat competitive environment if you are a small fish, and is this small fish’s existence a witness to its creative and innovative mind-set? ‘Thinking like a startup’ is the current mantra of big corporations, who are jammed up in bureaucracy and hierarchy. They are currently adapting to work-systems that enable them to operate more nimbly and loosely within the larger structures. Along with Innovation in work-processes, big companies are also innovative in their business model framework – linking suppliers, channels and end users. Innovating like start-ups with using channels of communication among all value network participants.
• Speed to market
The meaning and purpose of marketing for a start-up is rather different than a big company. A start-up often markets itself to survive (therefore market to quantity) while the bigger corporations market to quality. In businesses where the speed to market is of greater importance, it always pays to work with an agile and flexible startup.
In the book the entrepreneur mindset, McGrath and MacMillan has nicely observed; “Trying to achieve perfection is a mistake because the translation from what your business has to offer to what the customer wants or needs can never be perfect.”
• Newer creative ideas
Statups have strategies of continuously creating opportunities for themselves in order to survive in this environment of uncertainty. These strategies are most often are an outcome of newer creative ideas that ascertain their chances of survival and their opportunity to get more and more clients and grow.
• Incubation and support to startup
Large companies are aware of the fact that uniting or supporting start-ups will help them garner newer and creative ideas. There are large corporations that help start-ups to incubate, while taking their innovative and entrepreneur idea to the larger audience, thus been beneficial to both ends.
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