Startups and Corporates: Teammates, Not Rivals (Part 2)

Written by Tyler Jung, Partnership Events and Operations Intern
 

As we mentioned in part one, startups and corporates have a mutually beneficial relationship.

When you think about it, startups grow incredibly quickly – they easily adapt and introduce new and innovative solutions in industries like high tech, healthcare, clean energy, and more. On the other hand, large corporations are well-established and tend to be incredibly effective. The problem is that corporates have difficulties adapting to changes in the industry, facing bureaucracy that will often inhibit innovation.

Startups and Corporates Need Each Other
According to our report, The State of Startup/Corporate Collaboration, both parties are working together in fundamentally new ways – closer than ever before.

Having spent my summer as a partnerships intern, I’ve seen first-hand how powerful this symbiotic relationship can be, offing startups the mentorship and capital of an experienced company, while enabling corporates to gain access to the most-innovative technology available. Both startups and corporates can remain competitive when they’re on the same team.

Take on-demand transportation apps like Lyft, for example. Kara Cronin, a Boston partnerships account manager notes that “if taxi companies had been able to predict the effect that services like Lyft would have had on the transportation industry, they likely would have altered their own business models to account for this new technology.”

Making the Connection
Accelerators help filter and match the most-promising startups with the world’s top corporates. Over the past few months, I’ve seen just how committed MassChallenge is to providing the best possible experience for our startups and corporate partners alike. Our goal is to create a Ritz Carlton experience in which expectations are not only met, but exceeded.

With the support of partnerships, startups are able to scale – and fast. In fact, I caught up with the founders of MakerHealth, one of our 2017 startups, who said: “you always hear that launching a startup is like firing up a rocket ship. The energy and enthusiasm from the MassChallenge team has been like the fuel for our rocket ship. We are so excited to be along for the ride as part of the 2017 cohort."

By engaging with an accelerator like MassChallenge, startups and corporates can take on the world’s biggest challenges and create massive impact – together!