Big businesses to collaborate with UK start-ups
Big businesses in the UK are planning to collaborate and forge partnerships with small business owners and innovative start-ups.
Some companies are offering free tools and computers, whilst others are offering training, advice and free-of-cost accelerator services.
The partnership will aim to foster short-term and long-term collaborations. Instead of acquiring equity in lieu of funding, large businesses have made this collaboration a part of their innovation strategy. With technology constantly evolving and frequent changes in business models, large businesses are looking to co-create products, services and processes that they require for optimal functioning.
A report by innovation charity, Nesta, shows that more corporates are sponsoring accelerator programmes in Europe than they did five years ago. Research also shows that nearly 80 per cent of acquisitions by large firms in the ICT and digital sector are start-ups.
Many businesses enjoy the flexibility of working with start-ups that have the resources to innovate and create. This sustainable creation is mutually beneficial for both large organisations and start-ups.
Corporates get access to new ideas, talent and technologies, and they also revitalise their existing brands and company culture. On the other hand, start-ups get the funding they require to get started, and they also gain entry into a competitive business market and can tap on the experience of their corporate partners to scale their business faster.
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