Corporations should partner with startups to fuel innovation, says expert » SMEInsider

Corporations should partner with startups to fuel innovation, says expert

The checks and balances that are built into larger firms aim to safeguard quality and prevent excessive risk taking – but it comes at the cost of creativity, says EY’s Rob Walker.

Walker, who is the professional services firm’s head of customer practice, advises corporations on how to develop profitable relationships with their consumers. Writing in Tech City News, he focussed in on a major problem experienced by the biggest firms: customers expect innovation, but how do you offer it when you’re mired in bureaucracy?

His key takeaway? Rather than “buying in” creative minds or grappling with an embedded corporate structure that will always slow down new ideas, pair up with “fluid and dynamic startups” in order to reap the benefits of their energy, agility and ability to innovate.

Walker points to his experiences of the EY Startup Challenge, which has been running for the past six weeks. The programme brought together new companies with EY’s more established clients and tasked them with coming up with ways to cope with the new European rules on the “Right to be Forgotten”. This, he says, gave him insight into how fresh ideas from newcomers can be used to tackle complex problems faced by multinationals, many of whom are unable to respond to issues quickly.

Personally I have seen first-hand the value startups can bring to larger businesses. Their potential to revolutionise the ways in which we operate today and the advantages their agility and ingenuity can deliver,” he said.

We are already seeing the results of the past six weeks of hard work, with several proofs of concept and pilot opportunities for the startups with our clients as well as ourselves, which confirms my earlier statement that we can both learn and benefit from each other.”