Last week, I had the pleasure of attending and keynoting Carnegie Mellon University’s Corporate Startup Lab Demo Day. My friend and mentor Sean Ammirati first shared the Corporate Startup Lab model with me in 2017 and I’ve been a fan since Day One. The idea is to bring together Fortune 500 companies with interdisciplinary teams of students to build internal startups solving problems and developing new business models.Continue reading “Corporate Startup Lab Demo Day 2019”
Startups and corporates speak a different language
- Different timeframes
- Size of deals
- Response times
- Number of stakeholders
Corporate incentive structures for successful partnerships
- How comfortable is the corporate team in innovating? If comfortable, they’ll have a higher tolerance for misses. Look at the entire portfolio.
- Companies that allow intrapreneurship give employees new outlets to thrive.
- Allow more employees to scout for deals – innovation can come from all parts of the organization.
What are the benefits of startups-corporation collaboration?
- Inside large organizations (10,000+ employees) it’s an echo chamber. They only see direct competitors.
- Need someone looking outside of direct competition. Expose the corporate team to new ways of thinking.
- Startups also get exposure to see how their tech can apply to different domains.
You can listen to the podcast on iTunes, Spotify, or your favorite podcast player. Learn more about this and other great innovation episodes on the Inside Outside Innovation website.
Make sure to grab a copy of The Startup Gold Mine at your favorite bookstore!
I recently had an opportunity to chat with Ryan Helms on his Hustle to Freedom podcast. It was a pretty wide-ranging conversation that included lots of background on Unlimited Brewing as well as The Startup Gold Mine. In particular, we got into how to start a business as a side hustle and de-risk it along the way. This episode should be useful to anyone interested in side hustles, beer, and problem solving.
Give it a listen and make sure to subscribe to the podcast!
“Sorry, this just isn’t a good fit for us right now.”
This simple but terrifying sentence is a recurring nightmare for founders trying to close deals with corporate partners. And it’s even worse when you’ve been working on a deal for months and were banking the fortunes of your company on its success. So when you’re rejected, is it all over or is there something you can do to turn things around?
Here are some tangible next steps to take when your corporate partner says no to a deal:Continue reading “What to Do When Your Corporate Partner Says No”