Open innovation – fact or fiction?
The beautiful and ugly truth about financial sector startup-corporate collaboration
The financial services sector talks are notably about innovation needs and collaboration with startups. Is it just a talk or is the sector truly walking the walk?
As FinTech solutions get increasingly adopted, the FinTech adoption trends pose threat to the corporates and increases their hunger toward collaboration, as corporates know that startups ability to follow tech trends is more agile than their own.
The below table shows how consumers are driven towards FinTechs.
With this report, which we jointly published with our partner Match-Maker Ventures, we shed light on what is really happening behind the scenes of startup-corporate collaboration in the FinTech/financial services sector.
We reveal how deep the engagement really goes, what can be learnt from the current status quo and how startups and corporates can benefit even more from the collaboration.
Hints on generating greater gains from both startups and corporates:
- Corporates should outsource the scouting and filter to third parties that are following the landscape closely and have the expertise in the startup space. Focus on end-to- end integration of the few selected startups and dedicate your open innovation resources fully to it.
- Startups should get peace of mind and be patient with corporates. Startups measure time in days. Corporates measure it in quarters, some even in years. Waiting for weeks, or in some instances for months, for an answer is the norm in the corporate world.
Our report offers deep insights for everyone interested in open innovation in the financial sector, as it summarizes our key findings on the beautiful as well as ugly truth and gives recommendations on how to take the sector startup-corporate collaboration to a new level.
We facilitate the corporate-startup collaboration process. Reach out to us if you’re a corporate and want to run hassle-free scouting activities. We provide powerful tools to deliver effective open innovation.