In order for collaboration between Startups and Corporates to succeed, both parties need to adapt.
In many narratives, the blame for barriers to adoption to innovation is put on Corporates. And it’s true that most Corporates have work to do in updating processes to enable more flexibility and speed, as well as accepting the idea that in order to truly innovate, some failure will be necessary. But Startups also need to understand that most banks are large businesses, which entails a certain level of bureaucracy in order to safeguard the business and ensure regulatory compliance. Collaborations, where Startups and Corporates are willing to compromise, will be the ones that see the best results.
Startups and Corporates face a major hurdle to the success of their collaboration efforts, according to data gathered by pwc.
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