Start-up scouting, partnership and investment program of domestic card operator through competition
When: 2018. Client: Dedicated team to Open Innovation of domestic card operator with about 18 million customers.
Open Innovation is the most active in the financial business such as card companies and banks. The existing business model has reached its limit as the payment settlement solutions launched competitively by IT companies became popular
Traditional financial businesses need to collaborate with and invest in players with new business models
Operated open program of external recruitment and selection, selected 9 start-ups in the life commerce sector every year
Partnered with nine startups of various sectors and sizes, developing joint business models, and investing
The Company C has been running the program for three years with The Invention Lab. The company has identified and promoted a total of 82 collaboration tasks from 20 business departments, since the final selection of the second term. The meetings and workshops are active and partnerships are held at various levels, from marketing alliances to new business launches.
In particular, it was unusual for a large corporation to have an executive in the business department work in a partnership start-up office, creating a structure that could cut down to the plan-report-decision making system and execute it quickly.
The four start-ups, which were actively engaged by the executives, also showed a unique demonstration, with the final demo-day pitched jointly by the start-up and the Company C’s representative.
Developing and operating joint business model is very difficult to succeed in a short period of time. It is crucial for the selected start-ups to be able to keep developing partnership business model through investment afterwards.
The company C and the Invention Lab have seeded together three start-ups, which were relatively at early stages. Start-ups above series A attracted follow-up investments from the Company C’s financial affiliates.