INNOSPOT helps its customers to find the most innovative solutions on the market – using Startup Scouting. Startups are pioneers in new technologies and innovation. It is therefore essential for our customers to identify the Startups that can support or accelerate their business and help them to stay informed about the most recent solutions and products.
We consider Startups as companies which are innovative, aim to scale and are up to 10 years old. Regardless whether the Startup just registered their domain, recently founded the company as legal entity (e.g. GmbH or Limited) or already have a few hundreds or thousands of employees – all of them are in our database, ready to be found.
With thousands of potentially relevant Startups being established every week, it is nearly impossible to get to know and monitor all of them using a manual scouting approach. Typically, traditional Startup Scouting includes desk research, networking and event participations. However, scouting this way is often the most time consuming and therefore the most cost-intensive way and has a very high chance of missing the important Startups. However , scouting this way is often the most time consuming and therefore the most cost-intensive way and has a very high chance of missing the important Startups.
Read more about the INNOSPOT Technology: Data and Technology
The Solution and Cooperation
The cooperation with AVL’s Startup Initiative Creators Expedition started with six Startup Scouting Projects. Creators Expedition worked as a connector and facilitator to the internal business units at AVL and supported them to identify the most relevant Startup topics.
Creators Expedition then connected INNOSPOT to the respective business units at AVL. For each individual project, an INNOSPOT Analyst with respective knowledge in the field was assigned. The Analyst’s job was to manage the project directly with the Business Unit, challenge the requirements and deeply understand the focus field in which the Business Unit was looking for solutions.
The process with INNOSPOT is well defined and easy to handle. Especially the definition of the search interest works very well. INNOSPOT quickly understands what we are looking for and helps us define the search fields very well.
– Viktoria Ilger, responsible for the facilitation at AVL’S Creators Expedition.
To induce implicit knowledge during the projects, there were constant iterations between the INNOSPOT Analyst and the respective Business Unit at AVL. This was crucial for the success of the projects, since it led to clear communication between both parties and first-hand information of the experts who might later on work with the Startups at AVL.
The INNOSPOT analysts have a good technical understanding and gave us the chance to discuss the first results. So we had the possibility to iterate our search fields in order to get the best results. Moreover, we particularly liked the way the results were processed, because it was easy to work with it after the project.
– Viktoria Ilger, AVL Creators Expedition
After the best and most relevant Startups in each search field were identified, they are presented in a portfolio which an overview of each candidate including the most important information on the each Startup.
The Project in Numbers
|Analyzed and filtered through over 470.000 global Startups using the INNOSPOT search technology|
|Roughly 2,500 candidates got through the manual evaluation process of an INNOSPOT Analyst|
|Delivered 92 specifically relevant Startups to the Customer (combined in all six search fields)|
Conclusion and Outlook
Looking at the global Startup landscape, we see Startups in abundance, offering technology-driven solutions suited for nearly all businesses. But because of the huge number of existing Startups, the challenge is to see the complete picture and find the most relevant Startups for solving one’s own business challenges.
INNOSPOT helps to solve these challenges by using its AI-based Startup Scouting technology to filter the noise and to help making meaningful business decisions based on facts and analytics instead of gut feeling. This is a crucial step because choosing the wrong Startup partners early in the process can be very expensive later on and significantly decreases the likelihood of a successful collaboration. Companies like AVL use INNOSPOT to make sure the time and money they invest in Corporate-Startup-Collaboration is worthwhile.
The communication was great and vital for the success of the projects. During the collaboration, the INNOSPOT analysts were responsive, always reachable and asked the critical questions to get the best results for us
– Viktoria Ilger, AVL Creators Expedition