Wondering how the Venture Client Approach works? Lauri, Head of Combient Foundry, has written about how startups can grow with a venture client. Read on!
Startups dealing with large corporations often run into the same challenges
As a startup, you might have the perfect solution for industrial companies. However, it’s hard to identify who you should be contacting. Even if you do, you don’t know if and when they have the bandwidth, budget, and resources to work with a startup such as yourself. You might end up in the corporate vortex.
This vortex is the endless circle of meetings, free demos, more meetings, more legal work, and lengthy procurement that takes forever. Everyone loses here; you lose time and money, your investors lose their patience, and the corporates lose the opportunity to work with you.
We established Combient Foundry to serve as a Joint Venture Client Unit for Combient companies. Spoiler alert: its a collective of 28 companies with +€160bn combined revenue and over 500,000 employees around the world – a sizeable group, wouldn’t you say?
Alright, let’s talk about the Venture Client Cycle
Foundry aims to make it a win-win-win deal for everyone. How does that happen? Let’s elaborate:
Startups win: Want to avoid the corporate vortex and get a Combient company as your Venture Client? Have a look at the business opportunities here on our site and submit your solution by March 17th.
Corporates win: Combient companies are looking to be your Venture Client. They want solve-real business development cases with the most promising venture-backed startups that are building new technology and have a great team.
Investors win: We provide an expedited procurement process for their portfolio startups. This means time is saved and business gets scaled more rapidly.
And there are multiple chances to keep winning: we promote our successful cases and promising startups within the Combient network. One cycle with Foundry opens doors for further collaboration with the remaining 27 companies. So far, 95 solutions created by startups have been sold to Combient companies.
Sound good? So what makes the Venture Client Approach unique?
Combient Foundry companies want to become your early-adopter clients. Here’s how it happens:
Real projects: We’ve done the homework for you. First, we start by identifying real business development cases that we want to solve with startups and list them on our website
Real revenue, cash, and resources: Each case has resources and bandwidth to work with startups that have a solution that fits
Expedited procurement: We use joint Purchase Order templates that are fair and easy to understand and fast track to close that deal. We are not after your IP or equity. We are not trying to lock you in and restrict your growth. Need convincing? Browse through our site to hear what founders we’ve worked with say about us.
Finally, and most importantly: do note that we are not an accelerator. We don’t offer you general mentorship, a co-working space to crash in, or just a ‘fun’ task. We believe you already have those. Instead, we provide you with technical expertise and industry from Foundry companies, in case you need it.
Still on board? What about the current venture client opportunities?
Check out what our companies have laid out for you on our Opportunities page here.
If you think there’s something on this list you could definitely solve, submit your solution by March 17th here. We’ll let you know by the end of April if we think your solution has a shot at landing a deal. In this case, we’ll invite you to have a one-on-one discussion with our companies. One discussion, that’s it. If at the end you and the Foundry companies are convinced, we’ll start drafting the purchase order.
You’ve made it this far? Great! Here’s how to make your submission stand out
We’ve clocked our application form filling time at about 15 mins. But here’s a pro-tip: take an hour with a colleague. That’s 2 hours time spent but a good time investment if you land an industry leader as your next client.
Spend 15 mins providing us your at-hand-information. Use the other (2x) 45 mins to read and think about the case e.g. from Scania or Stora Enso. This is your opportunity to impress. Throw your inside knowledge at the companies and go into how your solution adds value for the particular case.
An example: many applications come from startups describing themselves as working with “unique AI & machine learning-powered platforms” that can take in “any data” and give “exceptional BI insight”, along with manufacturing “IoT sensors that track anything”. Thes are impressive descriptions of what the company does but does not give any hint about how the tech adds value to a case. The best applications convey the real value that is being offered.
Those of you who’ve read this far, thank you and kudos. Hopefully, I’ve provided some insight into how we operate and what we are looking for. Check out our ongoing opportunities here.