Corporations crave the innovative ideas generated by startups—and they’re willing to pay for bottom-line results. Here’s how your upstart startup can find partners in the big leagues.
Corporate America has an innovation problem, and has spent a great deal of time and energy attempting to fix it. Somewhat surprisingly, many of these large companies have found the answer in America’s smallest and newest organizations: entrepreneurial startups.
At first the problem seemed to be a deficit of innovation itself, but over the last couple of years, corporate executives realized the real problem was an inability to transform the best of these ideas into bottom-line results.
A 2012 Accenture study illustrates this: more than half of corporate executives were disappointed by the returns from their innovation investments. But the innovation outlook has improved within some of America’s biggest companies as startup firms and their founding entrepreneurs have been able to share their unique skill sets in areas such as rapid testing and production.