Startups are often portrayed as Davids to the corporate world’s Goliaths. But it turns out Goliath needs to work with David because squeezing efficiencies from existing businesses often results in single-digit growth. David brings a low-cost innovation boost to marketing strategy, operations and even product. KITE’s analysis of the US Fortune 100 found 77% — and eight of top 10 — are already tapping the nation’s startup ecosystem, whether it’s a corporate venture arm, an innovation center in Silicon Valley or outside it, an in-house corporate accelerator/incubator program, or work with startups through a partner (e.g., Techstars, VC firm). [ Included in that 77% are three of our current customers: GE, PepsiCo and Mondelez. ] Here’s a quick summary of our discoveries:
- 77% of the US Fortune 100 companies are tapping the startup ecosystem to drive innovation.
- More of the F100 have a corporate venture arm (46%) than an innovation center in Silicon Valley (32%) or an in-house incubator or accelerator program (32%).
- 15% of the F100 are active in all five areas we tracked. This group spans industries and includes Disney, Wells Fargo, Microsoft, Verizon, IBM, Lockheed Martin and Johnson & Johnson.
- Healthcare companies are overrepresented in the 77% compared to the F100 overall.