Last month we talked about the basics of corporate innovation. If you missed that post, you can read it here. We mentioned that as Maxitech, one of our focused domains is corporate innovation. We believe that we have a unique approach on this important subject.
It is widely accepted that working with startups is one of the key strategies for corporations to innovate. It is a win-win game. Corporations have resources and large customer bases whereas startups are agile and leader of disruptive innovation. So, collaboration between these two can create fruitful results for both parties. But there are some obstacles along the way, that is why we do not see many examples of successful collaborations.
One of the main challenges is the pace difference between startups and corporations. Corporations are slow since they evolve to be process-based organizations. Many departments come to be involved in the process and this causes delays and unnecessary bureaucracy. On the contrary, startups are agile and move quickly. Usually, running a proof of concept is the first step of collaboration. But most proof of concept trials fail because of the reasons above, A month may be a super short timeframe for a corporation but it is very important for a startup.
Another challenge is the difference between business cultures. A lot of proof of concept also fails due to the frustration based on unsynchronized business culture.
There are many consultancy companies out there that want to bring startups and corporations together but since they are not able to solve these obstacles, the results are not satisfactory much of the time.
That is where Maxitech comes into the picture and offers a unique approach on corporate innovation:
We know both sides
We are a startup inside a corporation. We know the dynamics and needs of corporations and also the dynamics and needs of being a startup. We navigate both the challenges of being a large corporation as well as a nimble startup. Since our team consists of engineers and business people, we can handle the technology part as well as business side of a project.
We are seasoned engineers and business people
Our hand-picked engineering team in San Francisco runs all proof of concepts with startups on behalf of your corporation. Normally, this process takes a long time when a corporation tries to run a proof of concept with a startup based on the challenges mentioned above. We use the advantage of being a relatively small engineering team who knows the dynamics of a corporation. Therefore, our proof of concept process is at least 3 times faster than the process that is handled by a corporation itself. If proof of concept passes our tests then we prepare a report that includes the results of the test and potential business benefits.
Since Silicon Valley startups are ahead in the race of innovation competition, corporations from all around the world want to cooperate with startups here. Our process is especially effective for corporations outside of the Bay Area.
We have an extensive network of startups in the Bay Area
Through its deep network of contacts in Silicon Valley and the US, Maxitech monitors and evaluates emerging startups and their technologies:
• Uncovers best-in-class startups
• Evaluates relevant technologies
• Ensures successful adoption
• Bridges cultural gaps
Our Corporate Innovation Process
1- Gathering Corporate Needs and Scouting Startups
Maxitech identifies a wide range of best-in-class startups from Silicon Valley and US and filters them in terms of needs, maturity, team and technology:
• Gathers corporate needs
• Scouts startups through accelerators, VC Funds, founder networks
• Creates a Market Watch report based on areas of interests & latest technology developments
2- Testing the Technology (Proof of Concept Phase)
Maxitech evaluates selected technologies with a validated proof-of-concept process and demonstrates the results using real-world use cases, sharing results in a comprehensive report:
• Works locally with start-ups eliminating time delays and speeding PoCs
• Assesses technology for compatibility and compliance with client’s technology infrastructure
• Evaluates start-up teams and structure while working with them onsite
• Moves beyond emails and presentations about the technology to providing tangible outcomes through real working applications, videos, prototypes and comprehensive reports
3- Deploying the Solution
To ensure a successful deployment of the new technology in the enterprise, Maxitech bridges the gap between cultures and assists throughout the innovation journey:
• Mediates and negotiates between the teams
• Creates a common vocabulary and translates as needed
• Provides engagement coaching
• Acts as a catalyst to achieve target milestones and deliverables
• Transfers skills and knowledge to enterprise team
If your company wants to innovate through collaboration with startups without losing time and money, say “Hi” to our team. We would like to help you at your innovation journey! Reach us through CorporateInnovation@maxitech.com.