Collaborating with Startups for Success: Insights from FTI SuperNova
At the recent FTI SuperNova event in Antwerp, Koenraad Dumont, Boortmalt's Chief Commercial and Innovation Officer, shared captivating insights during a panel discussion titled "Beyond Investment: The New Wave of Corporate-Startup Partnerships."
With BoortmaltX participating in innovative collaborations with startups over the last two years, Koenraad shared his insights for setting up successful collaborations. Here's a recap of the insightful questions posed to Koenraad and his illuminating responses:
1. How do we determine if startups will be a strategic fit?
Koenraad highlighted the importance of aligning startup partnerships with the corporate's clear strategic objectives.
By translating these strategic goals into measurable objectives, Boortmalt can effectively evaluate startups based on various criteria, such as their fit within specific segments, speed of reaching goals, potential uncertainties in concept development, and the driving forces behind the startup team.
This strategic approach ensures that startups selected for collaboration align closely with Boortmalt's mission and capabilities.
2. What collaboration models is BoortmaltX testing with its startup partners?
Koenraad emphasized the need for balanced partnerships, even between a large corporation like Boortmalt and smaller startups.
The initial step is defining a common interest with the startups. For BoortmaltX, this is often centered around delivering a proof of concept for new superfoods based on malted ingredients inspired by the startups' ideas or concepts.
Once the proof of concept is there, discussions on intellectual property and investments will follow. BoortmaltX will leverage its strengths while allowing startups to contribute their expertise.
4. What are some valuable lessons you learned in working with startups?
First, defining common objectives is crucial for a successful startup and corporate collaboration. With a mutual understanding of what you want to achieve, setting up a partnership for success will be easier.
Koenraad also highlighted the importance of understanding each startup's starting point. Is the startup working on an idea without substantiation? Have they already validated their idea, or is it based on experience? How unique are their ideas in the market?
With BoortmaltX, we have learned that there are differences in how startups evaluate themselves. Some are convinced they are the next big thing but are in a very early stage. Other ones have more or less stumbled on innovations based on actual experience and more 'coincidental' innovation. This second category of startups is often much more robust and offers better prospects for the collaboration pipeline of BoortmaltX. The first category is often more financially driven, making negotiating more difficult.
5. From a day-to-day partnership perspective, what are the success factors?
BoortmaltX's dedicated innovation team plays a vital role in ensuring the success of our startup partnerships. The team has set up short-term stage gates so we can assess the startups' progress and ensure they are on track to reach our common goal.
To succeed, you also need to be willing to stop projects when they don't work and take risks where necessary. With BoortmaltX, for example, we offer convertible loans to startups we work with, even though we know some are high-risk. If you're not willing to accept this pain as a corporate, it is hard to get the gain of real product innovation.
Looking to the Future
The panel discussion at FTI SuperNova was an excellent opportunity to share ideas and learn from each other. At BoortmaltX, we're excited to keep working with startups to create new and exciting things. Who knows what we'll come up with next?
If you are a startup interested in working with BoortmaltX? Make sure to contact us via this page.
