According to a GE report collabrations with startups is the future of big businesses. Some excerpts from the report are mentioned below and may help us underst and why the Pakistani incubators are taking collaborative partneships seriously:
1)”Smart corporations are aggressively looking to engage with startups through partnerships, investments, and acquisitions.”
2)”The companies most successful at collaborating with startups are realizing that they need the right structures to make this happen. They have to get out of their own silos, cultural barriers, and corporate jargon and go to the startup community on their terms.”
3)”Partnering with accelerators and hubs can be a symbiotic relationship for everyone. Startups can get access to mentorship and industry insight from corporate partners in their formative stage. The corporations get to know a broad swath of vetted entrepreneurs for months or years prior to making an investment or acquisition decision.”
The excerpts may also help us underst and the advantages of collaborations within the startup ecosystem.
The local casestudy in this context is of LUMS Center for Entrepreneurship (LCE) as it comes into a strategic partnership with EO Lahore and GSEA Pakistan. This collaboration aims to help all the partners achieve their common goal of promoting entrepreneurship.
According to the LCE representitve, the MOU was signed between Khurram Zafar (Executive Director at LCE) and Khurram Saleem (President EO Lahore). EO Lahore and GSEA Pakistan’s representatives visited the Center and held informational and advisory sessions for LCE’s entrepreneurs.
While addressing the entrepreneurs, Omar Chughtai (Director Chughtai Lab, EO Representative) shared valuable insights and quoted
“Anything that brings convenience to the middle class has a lot of potential” He also advised “Pick one problem, find a solution, make it scalable, accessible & monetize it, don’t try to solve too many problems at one time.”
Khurram Zafar while speaking about this partnership stated, “We look forward to continue to scout and support passionate Pakistani entrepreneurs in collaboration with EO Lahore Chapter and GSEA Pakistan. The shared vision of the three organizations have to bolster entrepreneurship in Pakistan will go a long way towards strengthening this partnership over the long haul.”
What EO and GSEA are all about :
The Entrepreneurs’ Organization (EO) is a global business network of 12,000+ leading entrepreneurs in 160 chapters in more than 50 countries. Founded in 1987 by a group of young entrepreneurs, EO enables business owners to learn from each other, leading to greater business success and an enriched personal life.The EO Lahore Chapter comprises a total of 67 leading entrepreneurs with a total turnover of over USD 8.97 Billion and a combined workforce of more than 97,000 employees.
GSEA Pakistan supports student entrepreneurs who require much needed mentorship, recognition and connections to take their businesses to the next level of success. They aim to empower student entrepreneurs to become the world’s more influential change makers. They also strive to provide student entrepreneurs the opportunity to accelerate their success, challenge the status quo, connect to an instrumental peer group and make the greatest impact possible in their community.
What this collaboration means :
According to Forbes, successful startups are exposed to a bigger network where they can receive feedbacks. Startups can benefit by sharing their ideas so they can learn from other’s expereinces. The case of such collaborations is a great news for the Pakistani entrepreneurial ecosystem. In another report in Forbes, 58% of startups successfully figure out a clear market need for what they have and this may change because of the following in Pakistan :
1)The influential entrepreneurs at EO can help startups develop a better underst anding of the local and global spread. It may also give local startups access to information about global expansions .
2)Startups could use GSEA and EO offerings to develop personally and get access to tools for professional growth, as EO offers invaluable resources in the form of global events, leadership-development programs, online entrepreneur forums and executive education opportunities.
3)GSEA Pakistan supports student entrepreneurs who require much needed mentorship, recognition and connections to take their businesses to the next level of success. They aim to empower student entrepreneurs to become the world’s more influential change makers.
4) These collaborations are also important for entrepreneurs at EO who can not only mentor startups, invest in promissing ideas but also look into collaborations. Startups may also help them underst and “ignored markets”.
The important thing to highlight is that these collaborations are necessary for the ecosystem to develop. Its also important to underst and that collaborations between big companies, networks and startups will add value to the nascent structure in multiple ways. An HBR report on collaborations further validates this
“Startups and established companies would both improve their success rates if they collaborated instead of competed. Startups and established companies bring two distinct and equally integral skills to the table. Startups excel at giving birth to successful proof of concepts; larger companies are much better at successfully scaling proof of concepts.”