Part 1: So your Corporation wants a piece of Silicon Valley?

It’s finally the weekend. You’re stretched out on the beach, the sun’s beaming, the breeze off the ocean cools your skin. Hungry, you reach out for your sandwich, peel back the paper wrapping, and hold it up to your face, expectant. Mouth open, eyes closed, like leaning in for your first kiss, it’s gonna be so deliciou — SQWAH!!! Suddenly you’re wide-eyed and empty-handed. Flapping in the distance, a seagull, mouth full of honey maple turkey on sourdough. What. The. F%^&. Also, is that weird? Poultry eating poultry?

Yes, this is a metaphor.

Startups are eating your lunch.

Yes, you absolutely need to react.

How did this happen? You’re evolved, experienced, seasoned — you’re a publicly traded corporation — And yet…

You think, okay, two can play at this game. You can play at this game. You pause and take stock, consider your options. When it comes to open innovation, you’re familiar with the traditional models of engagement between corporations and startups. You can:

• Set up an Innovation Lab in Silicon Valley. (Like these guys)
• Create a corporate accelerator hoping to attract top local talents.
• Start a corporate VC activity.
• Sharpen your M&A team.
• Order another sandwich.

Great ideas…but there’s a price. Are you overcommitting? Is your innovation division equipped to react? Do you have the budget (hello Silicon Valley cost of living!)? What’s the risk (aka the dreaded ROI/KPI question)? Time to think twice. Thrice, really. Rushing to build an accelerator or setting up your own VC fund may not be the best solution to your problem. Don’t let FOMO cloud your judgment.

Listen and learn first.

In 2013, I started the corporate accelerator of the European Telco Orange (Orange Fab). Ever since, many corporations have asked me the million-dollar question, “Should we have a presence in Silicon Valley?” followed by sister questions: “Are we missing out by not being there? What model should we follow? How should we budget? Do we build our own accelerator or white-label one (through the Techstars model)?”

Unfortunately, there is no simple answer. Every corporation is a unique snowflake with its own mode of operation, governance style, innovation/R&D division, hierarchy (read: internal politics), culture, priorities, and the list goes on. One size does not fit all. So where does that leave you?

Stay tuned to learn more. I’ll be sharing practical advice to help corporations avoid making the mistakes others, like myself, have already made. Till then, remember: if you’re not at the table, you may be on the menu!