Update: This post was published earlier this year pre-COVID. While we certainly couldn’t have anticipated such a difficult turn of events, the message of these mantras still ring true. It is challenging for large corporations to navigate the complex ecosystem of startups and entrepreneurs. And arguably, in a COVID/post-COVID world, working with startups and scaling partnerships with startups you actually want to work with has become more challenging than ever. This is where The Bakery steps in. We help corporates and startups work together in a more efficient and seamless way.
The Bakery Mantras are the set of beliefs that drives our company and our approach to innovative business ideas, new opportunities, and achieving real change in large organisations.
Our many years of experience and our dedication to corporate innovation, have inspired these 10 mantras which serves to remind us of the lessons we have learned. We want to share these lessons with you and help you get started on your innovation journey!
Having discussed how to identify the right opportunities, what the key success metrics are, and how to achieve buy-in from key stakeholders, we’re now delving into the resources you need to get started. This encapsulates talent and team, elements you will need to guarantee that your corporate startup gets off its feet in the first place.
In order for your corporate startup to operate effectively, it is critical to understand your success metrics. This understanding of clear success metrics will not only help you in your day-to-day operation, but will also be crucial in helping you secure buy-in from the key budget holders and decision makers within your organisation.
Large corporations have historically been successful in carving out market share, dominating various industries and launching products and services. However, with more and more newer, smaller, more agile challengers, incumbents must re-evaluate their strategy for launching new products.
We’ve had the past couple of months to adapt to new norms, particularly in the retail and hospitality space. More so than before, retailers are expected to quickly adapt and find ways to either change the entire physical retail experience or to digitalise. Have we reached a point of no return for retail as we’ve known it?
Finding and continuously adding to our network of exciting and game-changing startups and entrepreneurs is an important part of what we do here at The Bakery. No one can deny the power of startups. Startups are typically able to build, test and launch products faster than incumbents. Leveraging this agility and expertise is a great way to help you innovate at speed.
It can often be challenging for corporations to get started in building their own startups. This is where external partners such as The Bakery come in. External venture-building partners can help corporates build new propositions without being tied down by internal red tape and processes.
With COVID-19, many of us have been thrown quite-off course and have had to scrap the plans we started the year with. This is certainly the case with businesses and markets around the world that have been severely disrupted by a global pandemic. From sudden shifts in consumer demands, reprioritisation of needs and issues within the supply-chain, if you do not quickly adapt in response to COVID, your business could be in hot water.
E se os sachês de maionese e catchup pudessem ser feitos a base de algas (seaweed) que crescem até 2 metros por dia? E se garrafas PET fossem feitas a partir de biomassa e se tornassem biodegradáveis em curto prazo? Mas será mesmo que a substituição do plástico por materiais biodegradáveis ou compostáveis é o melhor caminho em nome da sustentabilidade? Provavelmente não, e entender o porque disso e decidir pela rota mais acertada é um desafio bastante complexo.