Corporates are changing the way they innovate. While in the past, innovation was mostly an internal R&D play, nowadays it follows an open approach. New technologies are so pervasive and fast evolving that no company in the world - whatever its size, market or industry - can innovate alone. The only way forward is to join forces with special innovation vehicles also known as startups and scaleups.
To do so, companies have to scout the startup landscape for innovative solutions with the proper level of maturity (also known as TRL, Technology Readiness Level, ranging from 1 to 9) that allows them to be deployed. And they must run a global search since it is unlikely that the best solutions might be found in their neighborhood.
That means that companies have to look at thousands of startups per year to funnel them down and identify the few ones to co-innovate with. The graph below provides data about the scouting funnel of the, i.e. the top 100 companies ranked annually by Mind the Bridge and the International Chamber of Commerce. This process is typically supported by specialized third parties.