Bangalore, March 1, 2018: Leader in innovation management, HackerEarth, has launched Startup Connect, a platform which connects early-stage startups with large organisations to bring the two together to co-innovate. Till date, over 500 startups have a signed up on Startup Connect and another 50 companies are expected to sign up on to the platform by the end of the year.
Startup Connect is ideal for startups which are in early-stage with a prototype, startups with a functioning product and growth-stage startups looking for co-innovation & incubation opportunities Enterprises can host innovation challenges for business problems that they are trying to solve. Startups can participate in these challenges and match their existing product/solution to the given problem statement or modify their solution accordingly. Shortlisted startups will get a chance to work with the enterprise to co-create the solutions and eventually take them to market or get incubated.
Having worked with more than 100 enterprises over the last couple of years and helping them solve critical business problems through innovation, HackerEarth realized that working with startups to co-innovate solutions is an important component of the entire enterprise innovation strategy. The key problem that this program aims to tackle is to create a structured process that will allow large enterprises to effectively engage with startups for co-innovation. HackerEarth is trying to solve the problem of discovery for both startups and large organizations. While there are enterprises who find it hard to discover relevant startups and lack an effective process to engage with them, there are also these startups who are not aware of how to connect and work with large enterprises for collaboration and co-innovation.
Startup Connect is sector-agnostic, which makes it easy for any company to get in touch with the relevant startup for their technological requirements. While large companies are equipped with financial support from banks and investors, it is not always easy to build new products or find solutions to unusual problems within the organisation. Startup Connect will make it easier for such companies to connect with startups who are working on cutting-edge technologies to build new solutions for the company’s benefit. According to the NASSCOM Startup Report 2017, India is currently the third-largest startup hub in the world with a total of 5200 technology startups. Last year alone, 1000 new startups were founded in India, creating 80,000 new jobs. This creates an opportunity for enterprises to leverage the pool of talent within these startups
In a separate announcement, HackerEarth also launched Sprint 2.0, the new edition of its Next-Gen Innovation Management Software which helps companies to solve critical business problems by crowdsourcing solutions from internal and external audiences. The new avatar of Sprint leverages the contextual intelligence that it has learned from running more than 1000 internal and open innovation campaigns. In addition to being built on top of data-based insights, the new version also boasts of features like a dedicated internal innovation portal for organizations, greater collaboration between teams, highly configurable campaign formats, customisable judging criteria and data security on the cloud through multi-tenancy.