Startups have generated a lot of noise lately. All industries should care about these newcomers because, in one way or another, they will inevitably affect the way that we all do business. Here are three reasons why you should monitor and partner with the players in your startup ecosystem:
Startup monitoring drives your competitive advantage by identifying cutting-edge startups and technologies at the forefront of digitalization and disruption. Who or what could disrupt your business? Which innovative technologies are at their tipping point and ready to deliver real business value? Knowing the answers to these questions helps you to adjust your strategy and be prepared for the future.
Though many startups have the potential to disrupt your industry by delivering completely new value to your customers or serving customer needs in a different way, there are more opportunities for partnering with and investing in startups. By collaborating with these new businesses, you can improve your business while taking advantage of access to innovative tools, competencies, and workarounds created by startups.
Oftentimes, startups take up a customer-centric perspective. Understanding why certain startups are successful and how they are serving their customers can greatly stimulate your own innovation process. Other newcomers experiment with new technologies, e.g. artificial intelligence, robots or cryptocurrencies, and come up with completely new ways of delivering business value. Understanding these insights can add magic to your own innovation activities.
The market environment for many industries has changed massively in all areas of value creation as a result of the startup boom in recent years. The newcomers experiment with new technologies and come up with completely new ways of delivering business value. But how do you learn as a big company from the small ones and manage new trends and cutting-edge technologies that create competitive advantage?