Indian tech firms must catch up on engaging startups

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Indian tech firms must catch up on engaging startups

[ Watch the Panel session Panel Discussion: How to Innovate with Startups – Enterprises Becoming Startup Friendly at IoTNext 2019]

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Nasscom recently released a report on startups in India.
Seven of these startups reached “unicorn” status this year (a unicorn is a start-up whose private market valuation is greater than $1 billion), and 24 of these companies are already active in India.
In what is good news to a deep tech/science investor like me, the report says that the share of these startups leveraging deep tech has grown by a compounded annual rate of 40% since 2014 to over 1,600.
Outside India, large organizations are engaging startups in growing numbers.
This willingness to engage with the startup ecosystem is in part due to a general realization among senior management that their companies are not “agile” and, as a result, not organized efficiently enough to respond timely to fast-paced technological change.
Engaging with startups instead makes more sense for most large organizations, given that while startups tend to explore low-margin, high-risk and small-market propositions at first, such efforts do not support short-term company growth targets.
There are many ways for established companies to engage startups.
Other popular modes of engagement are for corporations to pitch their problems to startups, asking for solutions, and offer themselves as early customers so as to gain insights into emerging technologies and guide their product evolution processes.
There are two examples from Germany that have been in the news recently: Bayer, with its focused programme to engage digital health startups called Grants4Apps, and BMW’s Start-Up Garage programme, which offers startups an opportunity to gain BMW as an early client.
All three of these Big Tech firms actively provide credits to startups to use their colossal cloud computing environments.
For a startup focused on a business-to-business (B2B) technology value proposition, a joint go-to-market offer from a firm like Microsoft, which has an almost unassailable market share for its Windows products, can prove irresistible

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