The Internet of Things (IoT) and several other modern trends have fuelled this concept for co-economy, co-innovation and co-development. Yet very few firms are actively creating new things together. This is true for both startups as well as established large firms. This could be due to differences in working style or due to being unable to fully understand each other though seemingly there is no dearth in valuing each other. Firms working on IoT especially require collaborative assistance as the skills required for the different tasks are wildly different. Skills are required in disparate fields such as Big Data, sensor technology, networking and business analytics. In order to foster successful collaboration, certain steps must be followed such as the alignment with each other’s business goals and values. Startups must ensure that too much of their resources are not used up over disparate set of functions. Studies have suggested that startups must avoid working on thought leadership or sales innovation projects with large vendors. Similarly, they must avoid advanced research with large sized customers. Some leeway must be given for cultural clashes. Startups must use collaboration with large corporations as a way to scale up. The start may be small, but a long-term collaboration must be agreed upon.

Source:https://www.entrepreneur.com/article/298438

Uploaded Date:16 August 2017