Success Factors - How to Implement a Successful Corporate Startup Commitment?
At the beginning it is important to clearly define goals. This refers to which startups are possible opportunities and how to work with them.
This includes a clear conception and definition of tasks, the setup and integration of processes - especially the screening process is crucial. A proper integration approach precedes the screening. [4] Moreover, it is of great importance that the defined goals are in line with the corporate goals. This results in a proper corporate startup engagement approach - if, for example, CVS units, accelerator programs or other measures shall be used. [1]
Another key success factor is the support through the top management. Here, a certain commitment to innovation has to arise. In addition, the employees' fear of disruptive external developments has to be overcome, which can be achieved by a strong internal communication. The innovative vision and its fit to the corporate strategy has to be made clear. [5]
The stakeholders approval can also be gained by small investments in startup relations, e.g. by sponsoring hackathons. Although these are only quick wins, they do convince decision-makers to invest more generously in startup cooperations. [1] Like this, long decision-making processes can be overcome. [9]
For a successful CSE, it is still crucial to build a portfolio of many startups and monitor their performance, by checking relevant KPIs. In order to overcome the lack of transparency caused by the numerous departments involved in the innovation process and their manual working methods in the form of Excel and PowerPoint, it is essential to increase the cooperation between the departments involved. From a corporate’s point of view, cultural differences, often referred to as a major hurdle, can be overcome by reducing risk aversion and giving the start-up insight into technology and customer contacts, in order to reach a value creation. For corporates it is crucial to implement a lean governance for the collaboration with startups, especially in order to counteract the aforementioned differences in processes. [5]