Challenges, Risks and Opportunities

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Top 5 Challenges Top 5 Risks Top 5 Opportunities
Corporates
  • Lack of innovation culture - fear of being disrupted before they can act
  • Changing priorities within corporate
  • Activating and prioritising resources - people and money
  • Defining a lean approach to activating the engagement
  • Personal risk vs career risk
  • Leap of faith needed to embrace startups without a track record
Corporates
  • Business innovation is not seen as a strategic imperative
  • Lack of urgency and speed in decision making around the ‘new’ vs ‘today’
  • Lack of internal alignment at senior level
  • Alignment of Corporate/Startup visions and values
  • Wasted opportunities - “we miss something”
  • Lack of upfront transparency to aid understanding of compliance requirements and other necessary information
Corporates
  • Sourcing talent - introducing fresh thinking and new ways of working together
  • Solving problems faster and cheaper
  • Ability to co-create common tools and processes
  • Being relevant - working on solutions to solve real problems

Grow through projects - adopt a startup ‘test and learn’ approach

Startups
  • Corporates are highly risk-averse
  • Lack of transparency as to the corporate’s strategy and objectives
  • Knowing what and who is available within the organisational innovation ecosystem
  • Speed of corporate decision-making
  • Being relevant - knowing you are working on a real problem they have
Startups
  • Lack of documentation and internal processes to meet corporates needs
  • Burning lots of money before confirmed engagement
  • Corporate’s lack of transparency around strategy and objectives
  • Alignment of Corporate/Startup visions and values
  • Personal reputation risk
Startups
  • Knowing what and who is available to connect at the right level
  • Designing a lean approach to activating the engagement
  • Creating a set of common tools and processes
  • Utilising NZ innovation ecosystem to test ideas before going global
  • Being relevant - working on solutions to solve real problem