Our latest Multicorporate Matchmaking Event gathered DTEK, Iberdrola (PERSEO) and Vattenfall to meet 16 groundbreaking startups in the field of Energy and discover potential partnerships and investment opportunities.
This Multicorporate Matchmaking Event, hosted by EurA AG, offers innovators the unique opportunity to connect with leading European companies, paving the way for significant network and deals. Participating startups can forge strategic partnerships to validate their innovations and accelerate market entry.
For the corporations, these events present a chance to uncover groundbreaking solutions crafted by innovators validated by the European Commission. This enhances their visibility and reputation as leaders in innovation.
We invited representatives from the three corporates that joined us in this Multicorporate Matchmaking to share their valuable insights, including reasons why innovators should engage in such initiatives.
Meet the representatives
Björn Bolund (Vattenfall) manages the Wind R&D portfolio. The portfolio supports Vattenfall’s Wind business area with roughly 20 R&D engineers.
Emanuele Volpe (DTEK) finds and implements new technologies, fostering a culture of open innovation, and developing new business models. His primary goal is to drive the company’s transformation by leveraging disruptive technologies and innovative solutions to drive sustainable growth and competitive advantage.
Juan Moro (Iberdrola/PERSEO) identifies promising start-ups and innovative technologies that align with Iberdrola’s strategic goals. At PERSEO, he evaluates investment opportunities, foster partnerships, and contributes to the energy transition by supporting the best sustainable solutions.
The corporates’ approaches to innovation
DTEK
Their approach towards innovation is rooted in open innovation and collaboration. As the best ideas often come from outside the organisation, they actively engage with startups, customers, suppliers, universities, and other stakeholders to source innovative solutions. They have established platforms like Innovation DTEK to facilitate this process. Additionally, they emphasise a culture of continuous learning and experimentation within the company, encouraging employees to contribute with their ideas and embrace new technologies. Their aim is to create a dynamic ecosystem where innovation thrives and brings tangible benefits to the business.
Iberdrola/PERSEO
PERSEO embraces an open innovation approach. It actively seeks collaboration with external partners, including startups, research institutions, and other corporations. By staying agile and adaptive, PERSEO aims to drive transformational change within the energy sector.
Vattenfall
Changes within the energy landscape are going faster and faster. Old technologies need to be improved and adapted to fit in, new technologies are being developed and there is a need for large companies to collaborate with smaller more agile companies to get their innovations more widely spread.
Vattenfall is an energy utility and as such it is not necessarily their role to develop new technologies, rather they use that role to engage early and collaborate with other companies creating the environment needed for innovation. They also act as early adopters of new innovation.
Leveraging the collaboration with Dealflow.eu
For DTEK, partnering with Dealflow.eu and EurA AG was driven by the commitment to fostering collaboration and accelerating innovation. In Emanuele Volpe‘s opinion, Dealflow.eu provides a unique platform that connects corporations with high-potential startups, which aligns perfectly with their open innovation strategy.
Likewise, Juan Moro believes that the collaboration with Dealflow.eu allows PERSEO to tap into a broader network of startups and investors. By co-hosting the Multicorporate Matchmaking Event, PERSEO gains exposure to innovative ventures and potential investment opportunities. It is a strategic move to expand the ecosystem and discover new cutting-edge solutions.
For Vattenfall, matchmaking events are an excellent way to scan the market for companies they can work with in new or existing areas. In their experience, the matchmakings are professionally handled making it easy and straight forward for them to participate.
Corporate Innovation: key to stay ahead
As Emanuele Volpe (DTEK) highlights, focusing on corporate innovation initiatives is crucial for staying competitive in today’s rapidly changing business environment. These initiatives enable companies to tap into external sources of innovation, which can lead to faster and more efficient problem-solving and product development. They also foster a culture of creativity and adaptability within the organisation. The advantages include access to cutting-edge technologies, improved agility, enhanced customer satisfaction through better products and services, and the potential for new revenue streams. Ultimately, these initiatives drive sustainable growth and help companies stay ahead of the curve.
Björn Bolund (Vattenfall) also points out that for big companies it is sometimes difficult to work with very small companies or inventors. The type of corporative innovation initiatives Dealflow.eu offers are on a level where the innovations and companies have already reached a size/level that is manageable for large companies making it a much better fit for them.
For Juan Moro (Iberdrola/PERSEO), these initiatives keep companies ahead by adopting new technologies and business models, reducing reliance on traditional approaches and addressing evolving customer needs. Additionally, collaborating with startups attracts top talent seeking dynamic environments.
The innovators’ checklist
Instead of looking for the best innovation, Vattenfall looks at the approach the company has taken to arrive at the product/innovation: have they done the necessary steps? Are they able to scale up the product? How their product/innovation fits in the current landscape?
Both DTEK and Iberdrola/PERSEO highlight that creativity and adaptability are fundamental, but also strategic thinking, thinking outside the box, storytelling, empathy, strong communication, resilience and collaboration skills are essential for working effectively with diverse teams and stakeholders.
Corporates look for those that understand market dynamics and customer demands, demonstrate a clear vision, innovative potential, and a strong alignment with their strategic objectives. A proven track record of success and a commitment to creating impactful solutions are also valued.
Tips for innovators
Ensure your innovation or product has a clear place in the market by understanding the specific needs and challenges of the industry.
Be prepared to show how your innovation can create tangible benefits for the corporate.
Build strong relationships and maintain open communication.
Have a clear and concise Value Proposition, aligning your solution with the corporate’s goals.
Demonstrate impact, show how your innovation contributes to sustainability and energy transition.
Be patient and persistent. Building relationships takes time, but the outcomes are well worth the effort.
Brace yourself for the challenges
Our interviewees identified the more common challenges faced by innovators when working with corporates:
- Usually, big corporations are governed by various purchase claims which can be difficult for a small innovator or company to fulfill, such as guarantees, security of supply, insurance, etc.
- Big companies investments follow a budget cycle which can be challenging for a small company to cope with.
- Navigating the bureaucratic and often slow decision-making processes within large corporations. Balancing the need for due diligence with the urgency of market demands is crucial.
- Aligning the goals and expectations of both parties can be difficult, as startups often prioritise speed and innovation, whereas corporations may focus more on stability and scalability.
- Cultural differences pose another obstacle. Start-ups thrive on flexibility, risk-taking, and experimentation, while corporate structures tend to be more hierarchical and risk-averse. Aligning these contrasting approaches requires effective communication and adaptation.
- Securing buy-in from key stakeholders within the corporation and integrating new solutions into existing systems can be complex and time-consuming.
- Resource constraints extend beyond funding. Start-ups need mentorship, access to networks, and guidance on navigating complex markets. Corporates can bridge this gap by providing holistic support beyond financial investment.
Looking ahead
All interviewees agree that collaboration between small and large companies should be increased and held in a closer and more seamless manner. Both Emanuele Volpe (DTEK) and Juan Moro (Iberdrola/PERSEO) expect to see more integrated ecosystems with agile and efficient partnerships and co-creation, which requires improving mutual understanding of each other’s processes and cultures, enhancing mechanisms for faster decision-making, and creating more flexible collaboration frameworks. Agile partnerships will prioritise flexibility, adapting to changing market dynamics and technological shifts. Increasing investment in joint innovation initiatives and establishing more robust support structures for startups within corporates will be crucial for fostering sustainable and impactful partnerships.
Lastly but not the least, Juan Moro also foresees the development of Innovation Hubs, whether physical or virtual, that will serve as spaces for co-creation and experimentation. These will facilitate cross-pollination of ideas, enabling breakthrough innovations that drive sustainable growth.
Article published by EurA AG.
More about Dealflow.eu
Supported by the European Commission, Dealflow.eu discovers and supports the most promising EU-funded innovators and connects them with relevant investors and corporates. The initiative was launched to help groundbreaking innovations secure the funding needed for their future commercialisation by offering them tailored support and matchmaking services.
To learn more about Dealflow.eu, visit https://dealflow.eu/
Disclaimer: Funded by the European Union. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union or the Directorate-General for Communications Networks, Content and Technology. Neither the European Union nor the granting authority can be held responsible for them.
