For several weeks now, the coronavirus pandemic has been disrupting the global economy and almost all businesses in each facet of our society. There is no doubt that the changes we are experiencing are here to stay. Let’s think of the virus as a catalyst for the transformations that were already taking place; I.e. as a catalyst for innovation. Not only in the economy, but also in the food industry.
One again startups are demonstrating their ability to be leaders of change, and corporations have recognized the need to collaborate with them in order to really embrace innovation.
Some corporations, such as AB Inbev, which have already collaborated with startups through their investment arm ZX Ventures, which boasts a $1 billion investment, have already felt the improvement of working with startups during a crisis, including being able to adapt with agility and focus more on the consumer. There are a few ways in which startups and corporations can come together during these times; Corporate challenges are calls launched by companies that pose challenges detected in your company in which startups present solutions. The most effective solutions will gain economic or other prizes including access to facilities and training. Corporate acceleration program are another collaboration option, which are companies involved in training startups, throughout these programs startups are provided will all the needs necessary to roll out their products and/or services and have the opportunity to prepare themselves to adapt their offer to the market. On top of this you have corporate venture capitals, a process in which large corporations invest in startups that both respond to the challenges they have as a corporation and to their mission and philosophy.
Our Eatable Adventures partners work in synergy between startups and large corporations.
The key to these collaborations is to combine the agility and flexibility of the startup world, with the experience and resources of corporations. At Eatable Adventures we work with corporations to understand the complexity of startups and select the best approach for successful partnerships.
In our next webinar “Accelerating Food Industry Growth: The power of Open Innovation” taking place on May the 21st, we will speak with pioneering companies in the Open Innovation space such as Mondèlez who will tell us all about their experience of working with startups and what they have learnt from it. Interested? Secure your place NOW and sign up here.