Our thinking follows, what we call a ‘venture client’ approach, through which startups get a valuable asset, a globally operating reference customer, without a hassle. For instance, we use an expedited procurement process and leaner legal approach in POs. The industrial companies, on the other hand, get to apply new technologies and talent quicker in building new services, solutions and products that can add value to their customers or other stakeholders.
Venture Client approach also means, that when announce a business opportunity, we also make sure there’s significant need from the company, budget to make purchase order (revenue for the startup) and team in place to act fast given there’s a solid applicable solution. Venture Client also means that the industrial company understands there’s associated risk in building something new with startups - but also major upsides in time-to-value if done succesfully.
So far our approach has been warmly welcomed by startups and investors. We aim to keep it simple, fast and fair. We have plenty of references which we are adding to our website, some you can already access on our site.
Needless to say, this might not be of interest to all entrepreneurs or startups but there might be plenty of those who could benefit from the approach.