GTEC’s Managing Director, Benjamin Rohé, has published a series of articles on Entrepreneurship 3.0; a topic he lectures on in entrepreneurship centers, accelerators, universities, and large corporations around the world. For him, Entrepreneurship 3.0 is a new era of entrepreneurship, merging startups, large corporations, and research universities in symbiotic partnerships – where startups benefit from research and resources, while corporations profit from the work of innovators rather than competing against them. His most recent article, published in the Huffington Post on 5th November 2015, discusses examples of where this type of entrepreneurship is already happening. Read the full article here.
Developing Cutting Edge Technology – “Beyond Verbal”
Beyond Verbal – a startup studying the science of emotion – has developed a proprietary technology that identifies a person’s moods, attitudes, and emotions through speech analytics. Market research consultancy Lieberman Research Worldwide (LRW), partnered with Beyond Verbal in 2014 and integrated the startup into their suite of services. Beyond Verbal, no longer needing to worry about monetizing their product, could focus all of their energy on optimizing their technology. LRW have turned a potential competitor into an asset and can position themselves as a market leader with a wide array of unique tools at their disposal.
Revolutionizing the Customer Experience – “Aisle411”
Walgreen’s work with Aisle411 is a case study in how a large corporation can partner with a startup to develop game-changing products together. Walgreens, the largest drug retail chain in the US, began working with Aisle411, an indoor location services platform, in 2012 to create an indoor GPS for shoppers, pinpointing the exact location of products and providing targeted deals for users. With Walgreen’s support, Aisle411 could fast-track the development of their product and ensure immediate application. Walgreens gets to revolutionize their consumers shopping experience and open new avenues for consumer engagement.
3 Companies Reinventing Businesses for the Modern Age
Aisle411 is just one in a portfolio of startup partnerships for Walgreens, who also teamed up with digital health startup MDLive in 2014, with diagnostic biotech startup Theranos to provide, needle-free-in-store blood tests in 2013, and with tech startup Loopback Analytics to assist customers in taking medications on-time and refilling prescriptions when appropriate. The result: Walgreens is transitioning from simple pharmacy to innovative digital health platform; a traditional bricks and mortar business kept relevant in today’s digitizing world.
Implications: Innovate or Die
From these examples, it is clear that the resources of large companies help the development and application of startup products and, at the same time, corporations benefit from their innovative partners. In short, it is better to adopt startups as allies than to compete with them. It is not a matter of whether Entrepreneurship 3.0 is the way of the future, but how quickly businesses embrace it.