More corporations are teaming with startups to boost their own research and development. This in turn can help the new businesses prove and grow their concepts. Here’s what leaders of Chicago and Illinois organizations told us in earlier interviews about the benefits of their incubator programs.
Mark G. Fields, CME Group’s managing director-strategic investment group, on how its venture fund called Liquidity Ventures 1 enables investments in tech startups:
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In recent years, CME has acquired a number of companies, both large and small. One thing we had to build through forming our strategic investment group is adding the capability to take minority stakes. This gives us the opportunity to build connective tissue with new and emerging firms that don’t necessarily make sense to acquire. It improves our partnering skills, gets us exposure to innovations that are applicable but extend beyond our core business, and helps the entrepreneur build a successful company.
Leslie Wainwright, chief strategy officer of health-care member network Avia, on how its role with its network of hospitals and health systems and startups creates incentives for partnership:
Go back 10 years in health care where some provider systems were very early pilot sites. They’re scratching their heads over “How come we didn’t get the economic value when we were earlier adopters?” When we play that middle role, some entrepreneurs are willing to put preferred pricing or performance incentives in place to ensure all who do want to be earlier in bringing new things on board have some aligned incentive as well.
B. Bonin Bough, VP of global media and consumer engagement at Mondelez International, on the cultural benefit of its Mobile Futures incubator program to collaborate with startups:
We wanted cultural transference. How do we transfer the startup culture into our thinking? It was one of the best things I’ve ever done in my career. When everybody came back after his or her one-week immersion, every single person was excited and raring to go. Then after Phase 2, every one of those marketers was forever changed. Now, every time somebody comes in with a mobile idea, they’ll have an interest to buy it. That’s long-term cultural impact.
Caralynn Nowinski, executive director and chief operating officer of University of Illinois’ Chicago-based UI Labs, on the advantages of corporate and startup collaboration:
Things change so quickly with startups. Exposing corporate folks to that culture can ultimately lead to more “intrapreneurship” and innovation. You can develop relationships with teams within startup companies where you’re getting more than just products. You’re getting that DNA of the startup the opportunity to infuse with a larger company.
Mike Latiner, president of Treehouse Adventures, the investment arm of design-build firm Clayco, on how it will invest in construction-related startups:
We’re looking at things like mobile technology and smart building products, which can be both more cost effective and energy efficient. When you combine that with some of these technologies that can make that building smarter, that allows the user of the building to have a better experience. Their iPhone becomes their security badge. Smart window technology tints the window based on the where the sun is and the weather outside. Getting back to core construction, we’re looking at technologies that can make that (construction) guy more efficient in the field with new tools and mobile devices that tell him where he needs to be and when.