The Danish Startup Ecosystem Guide 2024 - Magazine - Page 67
Big muscles meeting fast
innovation can be a win-win
ups for resources and support to grow
their business. Through these programs,
startups can access mentorship, training
and resources to help them grow and
scale their businesses.
Companies looking to engage more
with the ecosystem often do so through
corporate venture capital funds (CVC
funds). These funds are set up by companies to invest in startups working
on innovative technologies or business
models that are relevant to the company’s strategic goals.
Corporate ventures are on the rise.
Access to resources, market share,
and industry knowledge is invaluable
for startups, while corporates, on
the other hand, gain access to new
innovation.
Novo Nordisk, Lego and Maersk also
started as small startups before becoming the giants they are today. While
their white collars and billion-dollar
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revenues are a far cry from startup life,
established companies such as Jyske
Bank, Deloitte and Norlys are playing an
increasingly important and active role
in the Danish startup ecosystem.
Many large corporations are using
innovation programs, accelerators and
dedicated internal startup units to initiate their engagement with startups and
the ecosystem. These programs are designed to connect corporates with start-
Strategic funding from a potential customer
For startups, partnering with large, established companies has several bene昀椀ts. First and foremost, it gives them access to resources and market share that
they don’t have on their own. A collaboration where an established company
becomes a customer can be crucial to a
startup’s liquidity and brand. If the collaboration is more strategic in nature,
the right collaboration can support the
entire growth journey.
For established companies, there are
also a number of different reasons to
engage in the startup ecosystem.
The most compelling is access to
rapid innovation and new ideas and
technologies that can help improve
competitiveness. Startups and scaleups often operate with a more agile
approach to innovation, which enables
them to develop and implement new
ideas and technologies faster than
corporates, who typically have slower
decision-making processes and are
bound by existing structures.
Working with startups can also
inspire corporates and their employees
to embrace a more entrepreneurial and
risk-taking culture, which can be crucial
for innovation and adaptability in an
ever-changing marketplace.
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