Why corporations need a startup mind-setTomorrow Street
Director and Senior Partner of Tomorrow Street, Neil Cocker discusses how Tomorrow Street can help bridge the gap by linking together the mind-sets and strengths of established corporations and innovative startups.
There is so much hype about digital, but away from all the noise, the simple fact remains that we are living through an industrial revolution. Tech companies have created a new dynamic for everyone, and the traditional boxes and silos used to characterise businesses and the people within them are losing relevance. Now it is the ability to be flexible and adapt to change rapidly that gives a company a real edge. For corporates, collaborating with startups to implement new products is a powerful way of learning how to think differently and transform business functions.
According to Neil Cocker, Director and Senior Partner, “Organisations that don’t move fast to adapt to this new world won’t survive” which has always been the case in any industrial revolution. Speed is at the heart of digital transformation, but traditional companies have much longer cycles of change. The major change involves navigating through multiple layers of complexity ‒ through quarterly and annual business cycles, linked to strategies with a three to five-year lifespan while synchronising multiple business units and thousands of employees a sort of 3-D chess game with the pieces changing all the time. In addition, ingrained habits, risk aversion and fear of change slow down or often kill off positive initiatives. Tomorrow Street is at a crossroads where the entrepreneur culture meets the corporate world. “We are in an ideal position to help both sides empower each other by doing what they do best.” Established corporations are strong in aspects such as global scale, risk management, strategic planning, drawing on extensive networks of experts or training. Meanwhile, startups excel at getting things have done overnight, changing direction almost in real-time, being fearless, learning from mistakes and being creative. “Our mission is to connect the two to share best practice from both worlds, and ultimately deliver new products to the corporate’s customers and in turn generate revenue for the startup. In the end, success relies on a very simple dynamic ‒ having very honest conversations about how you can help each other, and staying true to your word”, adds Cocker “organisations that don’t move fast to adapt to this new world won’t survive.”
Written by Jerome Bloch - CEO, 360Crossmedia