Startup Gold Mine: How to Tap the Hidden Innovation Agendas of Large Companies to Fund and Grow Your Business
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The startup playbook for partnering with big business
Corporations are desperate to overhaul their culture and the perception that they are giant, bureaucratic dinosaurs too slow to react in a rapidly changing business landscape. Many are trying to be more innovative and agile, like a startup. One easy way to achieve this goal is through partnering with or acquiring a startup. Corporate venture capital (CVC) now makes up 25 percent ( $18 billion) of all venture capital dollars in North America.
The Startup Gold Mine reveals how the world's largest and most prestigious brands make innovation decisions, including new product launches, vendor-startup partnerships, and even billion-dollar acquisitions. The book also details the ways startups can leverage corporate strengths and weaknesses for mutual benefit. Readers will learn
- Why the "innovator's dilemma" is leading large companies to seek out partnerships with startups
- How to close a deal with a large company, from first connection to getting paid
- Strategies to troubleshoot common land mines that startups encounter when working with large companies
- Ways to navigate the convoluted corporate landscape without spending a fortune on conferences and consultants.
Author Neil Soni draws on his experience as an entrepreneur and as an external innovator with premier brands like Estée Lauder, MAC, and Smashbox to reveal large companies' inner workings, as well as how startup founders and employees can use this knowledge to close the biggest deals of their lives.
PRAISE FOR THE STARTUP GOLD MINE
"A really useful guide for startup founders and big company executives alike. Packed with practical steps and common mistakes, this book is one to read attentively and keep handy for future referencing."
--Maria Thomas, former Etsy CEO, SmartThings CMO
"The Startup Gold Mine is THE playbook for getting your startup-corporate deals across the finish line. Every founder needs to read this!"
--Justin Mares, founder of Kettle & Fire, coauthor of Traction
"Over the last decade, big companies have completely changed their approach to innovation, with startups at the center of those efforts. The Fortune 500 are turning to startups for innovation across every facet of their business, ranging from marketing and sales to customer service and logistics. Gone are the days when 'no one ever got fired for buying IBM.'"
--Dave Knox, author of Predicting the Turn, cofounder of The Brandery, CMO of Rockfish
"A productive relationship with the right corporate partner can unlock years of growth for a startup. On the other hand, there are numerous pitfalls along the way that can have you running in circles. The principles in The Startup Gold Mine give founders the proper framework to navigate the startup-corporate intersection to get their deal done."
--Sean Ammirati, partner at Birchmere Ventures, author of The Science of Growth
"Giftology will get you in the door. The Startup Gold Mine will help you close the deal. This is a must-read book for anyone selling into large organizations!"
--John Ruhlin, author of Giftology, founder and CEO of the Ruhlin Group
"I've been working with startups in rapidly growing and evolving industries for over a decade. The principles Neil outlines in The Startup Gold Mine are spot on and essential reading for any founder looking to grow his or her business."
--Chris Chaney, founder, president, and owner, Infinite Esports & Entertainment