SwitchPitch is excited to announce our new Innovation Readiness Level score to uniformly capture how ready a startup is for corporate partnerships! The score aggregates corporate interactions with startups by leveraging the following proprietary SwitchPitch data:
1. Number of enterprises tracking startups
2. Startup interaction level with enterprises
3. Type of engagement
4. Startup profile views
Scores range from 1-10, with a 10 indicating the highest level of engagement between startups and enterprises.
Why is an innovation score needed?
Enterprises looking for startup partnerships have their work cut out for them. They need to:
1. Scope out their business need
2. Identify startups capable of addressing the need
3. Gather details of the startup’s solution
4. Determine if the solution solves the corporate problem
5. Assess whether the startup can handle the scale of the enterprise implementation
The task can be daunting with so many startups solving similar problems and promoting the advantages of their startup solutions. Are the startups really capable of solving the problem?
What does this mean for corporates and VCs?
For those tasked with evaluating startups, the new IRL score simplifies the startup assessment process. Once a list of startups is determined to be a potential match based on capabilities, sorting by IRL score will rank startups based on corporate engagement. IRL de-risks startup engagements and makes the selection process much more efficient.
To learn more and start utilizing the IRL score, schedule a demo here.