“Most big banks have the tools and advantages to push the boundaries of their existing business models. And they’re certainly motivated. What hampers their progress is uncertainty about how best to build on core strengths to create sustainable outcomes.”McKinsey
Financial institutions know they need to change. They need to keep up with the digital growth. And they need to keep up with the evolving market that startups are disrupting. Their HR departments feel the urgency and know they need to drive the change. But what often remains blurry is what they need to do in reality to make things happen.
Yes, we need to steer this organization into the new direction – but what is the direction? What does the future of financial institutions look like in practise? And what does it require from people to actually get there?
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We tend to think of corporations and startups as being on opposite ends of the same continuum. That corporations are the more evolved form of startups, and they are what every startup hopes to eventually become.
And while this is true to some extent, it doesn’t mean the relationship is one-way. Just like startups can learn lots from corporations, they also can teach corporations how to think in new ways and embrace new possibilities.
Company culture is one of these areas where startups can offer some real insight to corporations. Most business leaders agree that a strong and appropriate company culture is a real competitive edge, but organizational change is a daunting task that sometimes seems too great to undertake.
If you’re skeptical that startups can teach business leaders about company culture, then consider the following.
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The rapidly changing world requires corporations to re-think all aspects of their organizations. They need to renew their strategies, operations and the way they organize their resources. Some of the most successful companies have realized startups are a good tool for fostering organizational renewal. They understand that in today’s world, they cannot only rely on their in-house resources.
By building relationships within a broader ecosystem of organizations, corporations can mobilize relevant expertise and talent to address unexpected challenges whenever they arise. Bill Joy, the co-founder and Chief Scientist of Sun Microsystems once Read more »
Most corporate accelerators fail in giving tangible results. Many corporations don’t even have a clear vision of what they’re trying to do with it! Some succeed in bringing only a few innovations to the market. Rarely the ones that can create real change. And most fail at changing the corporation in any meaningful way at all. This is entirely predictable. If that’s you, you’re probably doing it wrong.
Innovation is messy: you don’t know much at the beginning of the process, of what you’re going to get. Unfortunately, many people feel like they can’t prepare because of this. When it comes to corporate transformation, it’s exactly the opposite. Both sides (the startups and the corporation) must do their homework. Before and after the accelerator.
In fact, the accelerator should be no different than normal business Read more »
A whitepaper by Nestholma
Corporations need to renew themselves, and one of the best ways to do that is by working with startups. But that’s easier said than done. Corporations need to understand what they want to get out of the collaboration. They need to understand what they’re getting into. And they need to understand what their options are.
At Nestholma we discuss with many people from corporations. And very often we end up in the same discussions. Those are great conversations: we get to understand the concerns that people have. We also get to see what gaps they have, when it comes to working with startups.
That’s why we decided to put together this whitepaper. In it
- I dive into what makes working with startups worthwhile for corporations.
- Take a look beyond the flashy surface: corporations can benefit in branding, innovation and learning.
- I also explore different ways that corporations engage with startups.
- I finally dwell into what makes some accelerators more successful, for a particular corporation.
The whitepaper is packed with insights. You can skim through it quickly, and discover new angles for your collaborations. Or you can peruse it. In that case, prepare for a lot of content. You’ll understand what makes some collaborations successful. You’ll also understand why others end up a mere stunt.
Download the Nestholma whitepaper
Corporations need to renew themselves. One of the best ways to do it is by working with startups. This white paper explores the benefits of branding, innovation and learning. It also reviews alternatives and best practices on collaboration.
Click here to download the whitepaper.
This text is born of many discussion. Many of them within Nestholma, and many with our customers and potential customers. But publishing a whitepaper is not the end of a discussion, but the beginning of many others. I would love to hear from you! Feel free to drop me a line at [email protected] and let’s talk!