Techstars, the worldwide network that helps entrepreneurs succeed, announced today two new ways that will help Fortune 500 companies engage faster with the Techstars Network to drive innovation and disruption in their industries: Techstars Network Engagement Program and Techstars Innovation Bootcamp.
Long known for its worldwide mentorship-driven accelerator programs, Techstars created the new programs to help large corporations confront the threat of disruption to their businesses faster. Techstars has more than 1,600 startups in its accelerator portfolio with a market cap of more than $16 billion. By connecting early-stage companies with larger corporations looking for innovative solutions, Techstars is helping startups in our network succeed, while also helping large corporations stay closer and engage earlier and more effectively with disruptive innovations.
How? Through two way mentorship. Startup founders provide insights and technology solutions that represent the disruption that large corporations are seeking. Corporations are able to offer startups business development opportunities, market insights, proof of concepts and potentially investments. It’s a win-win partnership.
Take Amazon’s acquisition of PillPack (a Techstars company). PillPack, a tiny start up, moved the entire global pharmaceutical market, putting companies like Walgreens and CVS in danger of losing enormous portions of their core business because they weren’t thinking ahead or outside of the box. Techstars’ new programs puts disruptors in direct contact with large corporates so that they can work together to solve business challenges before they’re in competition with each other.
About Techstars Network Engagement Program
Techstars Network Engagement Program provides corporate partners with unparalleled access to the Techstars worldwide network of entrepreneurs. Techstars Network Engagement Program helps partners identify internal challenges, implement proof-of-concept solutions, scale new technologies and expand their portfolios.
“By partnering with Techstars, we’re able to take advantage of their proven ability to source and support the world’s most promising startup founders and help them achieve lift-off through initial investment, business development and mentoring. Through local engagement with QBE subject-matter expertise and leaders, we hope to provide a strong network of mentors and supporters to help Techstars entrepreneurs succeed – at every stage of their journey,” Ted Stuckey, Managing Director of QBE Ventures.
About Techstars Innovation Bootcamp
Techstars Innovation Bootcamp is a 54-hour internal innovation event that empowers employees at large corporations with an intense, yet fun, process to help identify and rapidly advance new business concepts. Cross-functional teams pitch business innovations to a panel of judges at the end of the 3-days with a goal of further advancing their ideas. Techstars Innovation Bootcamp creates a culture for advancing entrepreneurial ideas, learning startup methodologies, and rapidly advancing new business concepts.
“Equinor piloted our first Techstars Innovation Bootcamp in London earlier this year and, after a successful program, we rolled out additional programs in Stavanger, Oslo, and Houston.
The Techstars Innovation Bootcamps have had three benefits: (1) Exposing Equinor employees to the startup business culture (i.e. toolkit, mentors, pace of delivery), (2) Rapidly assembling a meaningful portfolio of investible innovations and (3) Strengthening the engagement between the Corporate Innovation Function and the Business Lines.
The co-ownership with Techstars on bootcamp outcomes and the ability to create a healthy tension between startup business practices and corporate expectations have been keys to our success.” Laurent Poncet, Head of Business Model Innovation at Equinor.