Why collaborations with large companies can be a path to the success of a start-up | The Transcontinental
Small Australian start-ups should not be afraid to seek collaborations with large companies and international partners to realize their full potential.
In our medical technology business, we put the collaborative nature at the forefront of everything we do – both internally and in our attempts to develop partnerships across the globe.
Participation in discussion and problem solving is encouraged by management in an environment where everyone can ask questions and suggest solutions without feeling judged by others in the room.
Our journey from a Singaporean start-up to a listed company in Australia with global partnerships provides lessons for other emerging companies.
Collaboration for us includes working directly with companies or finding compatible uses for their products and technologies.
Our goal is to deliver maximum value to patients, surgeons and hospital systems with our 3D printed bone healing implants, but we recognize that we cannot do it alone.
So what’s the key to a successful collaboration when you’re a relatively small fish in a large pond?
- Mutual benefit – working with a bigger company doesn’t mean turning around and being swallowed up. The partnership must bring value to both parties, regardless of their size and history.
- Improved delivery – companies rarely have all the answers and solutions. One business or organization may own one piece of the puzzle, while another has a corresponding piece. Together, they can fill in the gaps and create better products or services.
The important thing for small businesses is to support each other and be ready to talk to big businesses about collaboration.
For us, this means actively seeking opportunities to work with – and alongside – world-class companies, complementing their specialized products and equipment with our technology.
Our company’s collaborative approach doesn’t stop at large companies – it extends to working with research institutes and universities.
Sharing collective knowledge and skills allows us to continue to develop world-class medical products that improve the lives of thousands of people around the world.
Many start-up teams are reluctant to collaborate with other companies.
Some feel pressured to go it alone to succeed on their own terms or fear a takeover.
But establishing a strong culture of collaboration internally and externally can lead to continued growth and success.
Carl Runde is Chief Financial Officer of Osteopore.