Apple, Google and other titans are snatching up start-ups to fuel innovation. Here's the secret behind a successful corporate coupling
For more on iconic global companies and executives embracing change and transforming for the future,, a summit for business decision makers seeking to innovate.
But for a partnership to truly work, it has to be a win-win for both players in the game. In a recent study by OgilvyRED, called the Global Partnership Study, 100 older companies and 101 start-ups from around the globe that recently had been involved in partnerships were surveyed. The study also revealed why start-up companies enter into partnerships. Their goals are usually fairly tangible, such as gaining access to resources , obtaining funding , driving sales or getting entry to new customers or markets . These partnerships often delivered expected pluses, such as stimulating growth or making money , but they also helped in other ways, such as giving them credibility and teaching them new ways of thinking and working .
Failure, despite the rhetoric that failure is endemic to innovation, is off-limits at most companies because it suggests weakness, fallibility. Not at Procter & Gamble . P&G harnessed the knowledge of Bionic, a firm that installs a start-up ecosystem in large corporations. Bionic's Growth OS model drove down the cost of failure and encouraged P&G to run its R&D and partnership investments with a venture capitalist mindset.
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