Collaborations between Corporates and Startups key to driving unique & differentiated value propositions
There is a lot written about the need for Innovation in every sphere and corporates have been spending significant amount of time, effort and money to design, evolve and sustain such effort in order to achieve desired outcomes. Till recent past, Innovation stayed within the four walls of corporate world as it was considered to be the key differentiator, giving them the competitive edge. In the last few years, the concept of ‘Open Innovation’ has picked up pace as more and more corporates started opening their doors to working with entities outside their ‘boundaries’. Engaging with ‘Open Innovation Ecosystems’ [and T-Hub is one such entity] takes the narrative to the next orbit, which is to imagine, design and create the future through multiple ‘collaboration touch-points’, all of this made possible ‘by design’ to a large extent. Collaborations – Key to value creation!
The collaborations between corporates and startups by fostering innovation, creating dynamic ecosystems, are resulting in disruptive changes and propelling industries forward with unprecedented speed and agility. Startups, characterized by their agility and fresh perspectives, inject a spirit of exploration and risk-taking. They challenge the status quo, pushing boundaries to unveil novel solutions.
The Corporates, on the other hand, leverage their experiences and resources, bring stability, scalability, and industry insight. For the corporates, its essential to partner with startups to stay ahead of technological trend curves, both for growing their market shares and enhancing their competitive edge in an ever-evolving business landscape. Such collaborations not only enable corporates to tap into the innovative spirit and agility of startups but also facilitates the adoption of cutting-edge technologies, ultimately positioning them as industry leaders with a forward-thinking approach.
When these two forces converge a synergy unfolds that transcends the conventional realms of innovation. A case in point, one of the largest Oil & Gas majors that used to train its new employees working on under-sea maintenance and operations of pipelines and rigs, re- imagined their ways of training and engaging employees, by switching to cutting edge AR/VR solution, created by a startup which created real-time experience for these employees by using geological and refinery data, providing safe and remotely-administered training, and site inspections with real-time asset data.Another startup working closely with the Automobile Industry leaders, provides a computer vision and IoT based solution for predictive maintenance. They use digital signal processing to analyze sensor data and machine learning technologies for data inference & analysis. They offers end-to-end solutions to capture, label, process, and deliver results through Acoustic ML, Touch ML Vision ML – solving some of the critical problems in the manufacturing assembly lines.
Such examples abound across other sectords too –Aerospace, Agri, Banking, Consumer Goods, Defence, Ecommerce, FinTech, Digital Health, Logistics and Supply Chain, MedTech and Pharma. Such examples abound across other sectords too –Aerospace, Agri, Banking, Consumer Goods, Defence, Ecommerce, FinTech, Digital Health, Logistics and Supply Chain, MedTech and Pharma. Such examples abound across other sectords too –Aerospace, Agri, Banking, Consumer Goods, Defence, Ecommerce, FinTech, Digital Health, Logistics and Supply Chain, MedTech and Pharma.
Nearly 600 corporations have engaged with this ecosystem in various formats – from running hackathons to executing innovation projects across geographies and sectors. This involved identifying problems and co-creating solutions working with startups. This level of access and network integration is a distinct advantage many incubators often struggle to replicate. T-Hub has played a pivotal role in this growth, winning the “Best Incubator in India” awards at the National Startup Awards 2022 1 and in 2023. Very few Startup accelerators, with their connections to various investor networks, can offer startups a diverse range of funding options, adding to their appeal.
T-Hub has incubated and accelerated startups across sectors – Mobility, Aerospace & Defence, Healthcare & MedTech, FinTech, Digital Commerce, Manufacturing and Deep Tech. One of the foundational principles that T-Hub has operated on over the years is on enabling ‘startup – industry – academia’ collaborations. This is not about enabling connections but driving outcomes through such collaborations.
Let us look at a couple of sectors. At T-Hub, we are focused on emerging technologies, and are placing our bets on startups that are pioneering advancements in various fields. One key focus area is the mobility sector, where the global mobility-as-a-service market size reached an estimated 2 USD 189 billion in 2022 and is projected to soar to around USD 912.35 billion by 2032.
Collaborating with T-Hub 3 , the Atal Incubation Centre (AIC) has established a robust ecosystem to support startups specializing in electric vehicles, autonomous vehicles, and smart infrastructure for mobility connectivity. This partnership extends to empowering tech startups to pioneer innovative solutions in last-mile connectivity and shared mobility and other solutions.
Collaborating with T-Hub 3 , the Atal Incubation Centre (AIC) has established a robust ecosystem to support startups specializing in electric vehicles, autonomous vehicles, and smart infrastructure for mobility connectivity. This partnership extends to empowering tech startups to pioneer innovative solutions in last-mile connectivity and shared mobility and other solutions.
Our commitment doesn’t stop there; we are actively fostering startups tackling cutting-edge challenges in AI, DeepTech, Space tech, sustainability, Fintech, and Defence tech. We support entrepreneurs on the forefront of transforming these sectors with groundbreaking ideas and technologies.
Very interesting programs are currently on involving collaborations between Corporates and Startups in the areas of Energy transition, CleanTech and Renewable energy solutions involving a large sector PSU [NRL] in the NorthEast [of India], Global entities from the UK [InnovateUK] etc.
T-Hub’s commitment to open innovation has resulted in groundbreaking collaborations. For instance, its collaboration 6 with Collins Aerospace aims to drive innovation in the aerospace industry, providing world-class startups with funding and collaboration opportunities. Maruti Suzuki, Care Foundation, Apollo Tyres, Boeing, Collins Aerospace, RNTBCI, Carrier Global, Hexagon, Broadridge, and HSBC Bank are key strategic partners closely collaborating with startups at T-Hub.
Another foundational are of focus for T-Hub has been building partnerships to support startups through all phases. Cases in point, our partnerships with IIIT Hyderabad, FalconX [US] and the Association of Geospatial Industries, further highlight the success of our open innovation models. These partnerships provide startups with invaluable opportunities for mentorship, the execution of a paid Proof-of-Concept and a chance to become business partners with these entities. We are also engaged with research institutions, management institutions, and incubation centers both in India and globally Defining T-Hub’s Infinite Innovation Approach
In our pursuit of excellence at T-Hub, we give utmost importance to the concept of Infinite Innovation. It goes beyond being a mere slogan; rather, it encapsulates our commitment to nurturing an environment where innovation is boundless. We firmly believe that the intersection of startups and corporates is the catalyst for the magic of Infinite Innovation. Our steadfast focus on Infinite Innovation serves as a call to dismantle silos, harness diverse capabilities, and facilitate an unprecedented matchmaking of potential between startups and corporates. Through dedicated programs and initiatives, we bridge the gap, reconnecting startups with corporate problem statements, fostering a mutually beneficial exchange. This collaborative spirit not only transforms ideas into reality but also reshapes our perception of corporate innovation partnerships—geographical considerations are crucial in fostering growth and innovation, integral to the overarching philosophy of Infinite Innovation. We are already making serious collaboration and partnership networks across the globe North America, the UK, Australia, the Middle East, France, Japan, and other African and Southeast Asian countries.
We believe T-Hub is poised to shape the future of innovation and construct an open innovation ecosystem in not just solving industry challenges but also usher in positive transformations to the societies including creating employment opportunities to the youth.
