Startups are essential in our fast-moving technological world. However, innovators traditionally face the huge challenge of awareness. Even though they often create indispensable products and services, they struggle to garner excitement and investors, vital to success.
Overcoming Pandemic-Driven Fears
The pandemic undoubtedly had a negative effect on many startups during the brunt of the pandemic. Back in 2020, the head of a Silicon Valley advisory firm coined the term the “Great Unwinding.” It was the most significant reining in of funding in decades.
Regrettably, this business switch towards a more conservative investment stance happened almost overnight. Even the biggest startups furloughed employees. Initial public offerings in the technology sector also came to a grinding halt. Early-stage companies could not find funding to grow into profitable enterprises either.
Despite the easing of restrictions, many businesses remain reluctant to change. Companies that realize the importance of risk-taking, are still limiting the amount they will bet on innovation. Consequently, there’s less funding available through traditional sources and a greater need for alternatives.
Traditional Funding Route Isn’t Working
The pandemic has proven companies need agility and creative solutions to problems they’ve never faced before. Of course, this is the strength of startups.
Breakthrough technological innovations can create new opportunities, expand market share, and offer companies high returns on investment. However, it can be difficult for startups to connect with investors. Seed money, venture capital, and angel investors are harder to find, never mind reel in.
Even if a startup has risen through the ranks and created value, Series A, B and C funding rounds and an initial public offering may seem a distant dream in today’s economic climate.
Clearly, startups can’t bootstrap their company for long. They need to find alternative funding and an easy way for business to see what they offer. Fortunately, forward-thinking companies still see the value in innovation. They need startup companies to help them overcome their business challenges. The question is where do you find them?
Startups Need a New Way to Connect with Business
Startups must explore funding alternatives and more creative relationships. Luckily, they can benefit from an open innovation ecosystem.
An open innovation ecosystem is a symbiotic community that connects companies actively looking for business solutions with the innovation that like-minded startups can provide. This allows startups to promote what they offer to a global clientele.
Alternatively, startup companies can browse company postings and then offer a proposal to address the company’s specific challenges. Both methods offer greater exposure and more connections to potential funding.
Forging New Relationships
An open innovation ecosystem connects innovators with early adopters. Once connected, the business and startup form a relationship. Collaboration cross-pollinates ideas and companies share resources and test ideas. The startup company accesses funding and the business benefits from the startup company’s expertise.
This environment accelerates innovation and fosters creativity. Business can rely on the startups expertise to continually create value and new opportunities, while the startup strengthens their own company and revenues.
These relationships can expand market share and reveal new opportunities. Additionally, a good open innovation ecosystem allows a startup company to align work with their capabilities and vision. There’s no time wasted on prospective projects that don’t meet short and long-term goals.
The ecosystem offers two principal pathways to business. Either the company targets a single challenge or they’re guided by subject matter expert that establishes steps to reach a specific goal. Either way, the startup has a clear vision of what the company wants them to deliver.
EarlyBirds Open Innovation Ecosystem
Back in 2019, EarlyBirds started their open innovation ecosystem. We realised the need for a platform that could introduce the latest ideas, products, and services to companies eager to adopt new technologies into their business plan.
However, we also realised we needed to incentivize startups. Otherwise, we couldn’t offer the diverse, cutting-edge solutions that business needs.
Today, EarlyBirds Open Innovation Ecosystem offers over 4 million innovative ideas, products, and services. Your startup, Scaleup and mature company can easily add your solution or service to the platform to connect with appropriate businesses. You’ll also find many challenges posted by Early Adopters looking for solutions from innovators.
Simplicity & Efficiency
Our Open Innovation Ecosystem offers a viable way to connect with investors during these challenging times. Our mission is to help startups attract at least three early adopters within the first three weeks of being listed on the platform.
Startup companies facing challenges can also liaise with our experienced consulting team. This special program helps you identify areas of concern so you can find relevant solutions to your problems.
If you need more innovation, please visit our innovators page here. Otherwise, please register on our website to start the process. It’s simple and we offer a step-by-step guide. You can add photos, videos, and links to better describe what you’re offering. Our ecosystem includes escrow and feedback capabilities, as well as an avenue to report issues or violations.
EarlyBirds offers the best way to bring your creative ideas, products, and services to those who value what you offer. We offer opportunities for collaboration within many sectors including energy, operations and maintenance, and more.
Many startup companies are thriving during these challenging times, why not yours?