As large corporations strive to integrate circular business models, partnering with innovative climate tech startups can offer fresh thinking and cutting-edge technology. However, these collaborations often face hurdles due to differences in pace, business culture, and communication styles. Here are five practical tips to help large companies get the most out of their partnerships with climate tech startups:
1. Establish a Structured Program for Collaboration
Finding the right contacts within a large corporation can be challenging for startups. Creating an official program for startup engagement simplifies this process.
- Example: David Cutler, co-founder of Fortuna Cools, shared how he had to navigate multiple layers at Grab to introduce his eco-friendly packaging solution. This process could have been streamlined with a formal program.
- Benefits: A structured program provides clear entry points, aligns internal champions, and sets clear milestones and metrics.
2. Empower Internal Champions
Internal champions play a crucial role in maintaining momentum in startup collaborations. These champions scout for startups, integrate them into the company, and manage the relationship actively.
- Insight: Otilia Barbuta from HP Tech Ventures emphasized the importance of internal champions in overcoming delays and friction points. They ensure continuous engagement and support throughout the process.
3. Co-Create to Inspire and Innovate
Treat startups as partners in innovation rather than mere vendors. Engage in co-creation sessions to leverage their expertise and foster a sense of ownership among your team.
- Method: Use fast-paced design charrettes, where both company and startup teams collaborate on developing solutions.
- Outcome: This approach keeps teams motivated and leads to better, more innovative results.
4. Acknowledge Startup Challenges
Understanding the unique challenges startups face is essential. Be transparent and set realistic expectations to avoid overburdening them.
- Advice: Startups like Molg juggle many opportunities simultaneously. It’s crucial to recognize that time and resources are more critical for them than for larger companies.
5. Commit to Long-Term Engagement
Building a successful partnership with a startup requires a long-term commitment. Stay engaged beyond initial projects to nurture the relationship and support their growth.
- Case Study: HP Ventures’ ongoing relationship with Molg illustrates the importance of long-term support. Despite initial hurdles, Molg is now part of HP’s startup program, working towards a longer-term commercial engagement.
Final Thoughts
Partnering with climate tech startups can drive significant advancements in sustainability and innovation for large companies. By creating structured programs, empowering internal champions, co-creating solutions, understanding startup challenges, and committing to long-term engagement, corporations can build fruitful and impactful partnerships. This collaborative approach not only accelerates progress towards circular business models but also fosters a more sustainable future.
