Enterprises struggle to keep up with innovation while new startups are exploding. SwitchPitch is addressing this issue by connecting big companies and startups to do business together – one industry at a time.
In evaluating industries that would benefit most from our startup engagement platform, we noticed particular challenges with heavily-regulated industries. These industries have specific credentials, qualifications and requirements that make enterprise / startup relationships challenging given the lack of information available about startups.
To address this challenge, SwitchPitch’s startup profiles give enterprises the information they need to qualify startups early on: industry credentials, business development history, funding information and ratings / reviews – become indispensable to large companies seeking startup partnerships.
Case Study: Aerospace & Defense
Gleaning valuable information from our startup profiles, we invited top Aerospace & Defense startups to an industry event we hosted, designed to connect large contractors with innovative startups.
The Department of Defense, under Secretary Ash Carter, has encouraged defense contractors to work with startups to speed up innovation cycles within the defense ecosystem. As government customers continue to demand more innovation from established companies, the industry is increasingly turning to non-traditional sources of technology to meet its needs.
To match these needs, SwitchPitch and our Aerospace & Defense partner, Glacier Point, hosted an event with industry-leading companies looking for startup partnerships. On Sept. 27, 2016 at 1776 Startup Campus in Crystal City, VA, BAE Systems, Harris Corporation, and Elbit Systems presented budgeted projects to an audience of startups.
More than 50 aerospace & defense startups from across the country attended the event to watch seven funded innovation projects pitched from BAE Systems, Harris Corporation and Elbit Systems. Over $500,000 of projects were presented – ready for startups to execute. After presentations, 98 SpeedMeetings were held between large contractors and startups to facilitate partnerships.
Based upon SwitchPitch’s historical success rate, we anticipate more than 40% of the projects will result in business relationships between enterprises and startups.