FEI Europe 2016 presentation by James Millar, Director of Partnerships, MassChallenge
MassChallenge is a startup accelerator programme originating from Boston, MA in the US (masschallenge.org) and claim to be 'the most startup-friendly accelerator on the planet'. This not-for-profit has their focus on impact over equity and is generating some impressive statistics: over 50k jobs created, over £ 1bn funding secured, and 83% of their accelerator clients are still active.
James is based in their London office (they have 5 locations globally) and he shared with us 8 insights for large corporates they find are important in working with startups and winning the global innovation game.
- 1 Understanding what is innovation
- 2 Setting the right objectives
- 3 Building the winning team
- 4 Winning hearts and minds
- 5 Building great structures and tearing down the bad ones
- 6 Treating risk and failure as friends
- 7 Burn the boats
- 8 Don't build an accelerator
One question during the Q&A time was how do smaller corporates work with startups. As smaller corporates have less resources to allocate in this direction, it was stressed that strategic fit is very important, and they should look to start with pilot projects and smaller commercial contracts.
ABOUT THE AUTHOR: Dr Claire McGowan is CEO for SODA Inc. (SODAinc.com), a Founder-focused incubator and Wintec company based in Hamilton, New Zealand. Claire has trained as a life scientist, worked in venture capital and investment banking, and built and sold several businesses, including IPMarket.com. @clairemcgowan @Soda_inc @IPMarket