What’s the key to success in corporate-startup collaboration?

Collaborative innovation between large corporations and technology startups seeks to generate or maintain a competitive advantage. However, asymmetry can pose challenges such as cognitive distance, leading to misunderstandings and halting the smooth flow of information and knowledge. The key to success is proper preparation internally and externally and developing a culture of innovation, and creating favorable conditions to partner with startups that are relevant to the needs of the company. To achieve this, organizations must optimize the collaborative relationship with startups, develop a culture of innovation, decentralize power, and externally integrate stakeholders into the business model. Successful collaboration also depends on the partners’ local ecosystem, the community of actors, and contingency factors.