Startups is not an industry, they are kids of industries in the same way as kids are young adults. This quite simple insight provides some good guidelines for dealing with startups.
It is very valuable for kids to be with older and experienced people since they can provide a lot of experience and wisdom. The same goes for startups – being with grown up companies in the industry they target is immensely valuable. Established companies can provide feedback to plans and prototypes, advice on choice of partners and go to market approaches and so on. But they can also pay them little to provide a prototype, POC or study the same way my grandmother paid me 1$ to cut her lawn – a great combination of making some money, getting a reference and still do something useful for the customer. I believe, generally speaking, that this is a much better approach than giving the kids 1000$ to go figure out something great.
Technology develops rapidly why innovation requires very sharp focus on technology and application. Since building a large international company from scratch takes a lot of time it’s often a better way to integrate the innovation in an exist large company to create value. With large organisations having to bring in innovation from outside and startups having to get their innovation into established companies’ solutions, channels and marketing those who learn how to do that well will be successful. This is exactly what we try to learn at THINGS, together with the sharpest hardware oriented startups in IoT, wearables, 3D scanning/printing, automation, robotics and medtech, and our open-minded industry partners like Assa Abloy, Husqvarna, ABB and NCC.