Some companies have entrepreneurialism and a risk taking nature instilled inside their culture and have done from the start. It would be unwise to uproot an established firm and pivot to a startup innovation ethic casting aside all efforts towards efficiency, so how can innovation and development ever be achieved?
Large established companies focus on the execution of a repeatable and scalable business model, while on the way acquiring efficiency, assets and a long list of company procedures. The greater the number of procedures and the more efficient a company becomes the harder it is to innovate.
Startups are agile and focus on working out their repeatable and scalable business model that will lead them to long term success. However, startups can often lack the assets and efficiency to develop success effectively. Startups by nature also take risks. Finding a business model is inherently risky and can take a lot of endless trial and error to find the right fit – something already established firms understandably shy away from.
Combined, the efficiency and assets of large companies and the agile, risk taking traits of startups can lead to a fantastic partnership. Together both startups and corporations can come up with new innovative solutions to old troubling problems. One example of just this comes in the form of a partnership between UK based biotechnology firm Horizon Discovery and startup Desktop Genetics.
Desktop Genetics aim to make research more productive through their core platform AutoClone, a DNA search engine. Through a collaboration agreement with Desktop Genetics, Horizon Discovery can provide their customers with a new and improved version of their product providing the best gene editing technology for their users research needs.
Victor Dillard, COO of Desktop Genetics spoke of the benefits to working with a large company like Horizon Discovery: “For us the brand name and reputation of a large company really builds investor and customer confidence, as well as internal team confidence.”
And he gave some crucial advice to startups looking to work with large companies: “Plan ahead. Decisions take longer to make, there are more variables involved and longer processes to go through.”
By tapping into the startup fountain of innovation Horizon Discovery have been able to innovate and develop their existing product. Not only that, but Desktop Genetics have experienced a great boost to their startup.
Learn more about Desktop Genetics