Collaborations between start-ups and large companies in the food and beverage industry will continue to grow, according to a report from Unilever.
Called The State of Innovation and produced by the Unilever Foundry, the report predicts corporates and start-ups will form the ‘ultimate partnership’, working side by side in the same physical space by 2025.
With 90% of corporates already working with a start-up expecting to continue to do so, Unilever Foundry predicts physical shared working spaces will become commonplace to facilitate growth and break down barriers to collaboration.
The research reveals the three most important reasons for working together: learning something new (start-ups 88%/corporates 85%), improving efficiency (start-ups 81%/corporates 81%) and solving business problems in new ways that can scale (start-ups 89%/corporates 80%).
After an initial rise in tech tourism – shorter-term activity ranging from trips to tech HQs to less formal partnerships – a longer-term model will win out, according to the report.
While 83% of start-ups value the publicity from these short-term models, 80% of corporates believe that start-ups can have a positive impact on large companies’ approaches to innovation.
As a result, Unilever Foundry predicts that large businesses will become more willing to invest in structured programmes as companies choose meaningful partnerships over PR-driven quick fixes.
In order to keep up with the accelerating rate of innovation in business, Unilever Foundry also predicts that start-ups collaboration will become a necessity for corporates over the next five years, with around four out of five corporates (79%) and start-ups (78%) anticipating more collaborative work in the future.
Start-ups believe they are up to the task, with almost nine in ten (89%) claiming they’re able to deliver business solutions which can scale.
Unilever executive vice president of global marketing Aline Santos said: “Collaboration can no longer be viewed as an optional extra, it’s a strategic imperative. Startups are now widely recognised as invaluable sources of innovation, fuelling growth and providing pioneering business solutions.
“The State of Innovation report reveals the appetite for collaboration between corporates and start-ups and signals a shift in the models adopted for future partnerships. As the Unilever Foundry continues its journey looking for exciting new partnerships, we are continually learning to ensure our future collaborations are effective as possible.”
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