The sharing economy is no longer just for Airbnb rentals or cars. It's a philosophy that's playing out increasingly inside large companies and small startups. To win in innovation, enterprise companies must move at lightning speed with the best ideas and the best tech. Meanwhile, cash-strapped young startups must move fast to win the next client and perform in order to survive. To get win, both small and large companies are now sharing sales, ideas and apps more than ever before.
Collaboration is nothing new in business. Chambers of Commerce encourage networking. Big businesses form partnerships. Industries swap war stories, ideas and resources. But that transparency has blossomed even more when it comes to technology and innovation.
FindMine — a fast-growing startup that makes AI software that helps retailers generate automated outfits for shoppers — actually resells other retail software to its clients.
FindMine founder Michelle Harrison Bacharach that big companies must deal with so many technologies and so many startups. It can take months to get a trial, a contract and legal procurement through a large company these days. If she can resell other software, send one invoice and have one point of contact, it makes it easier for both the retailer and the startups.
Why the generosity? FindMine founder Michelle Harrison Bacharach believes in the familiar saying that a rising tide lifts all boats. Plus, partner startups do the same for FindMine with their own clients. "More of us are doing this now," she says.
Ulta Beauty is taking a similar approach on the enterprise scale, because the innovation war will be won with speed, proven tech and smart strategy. The beauty retailer banned together with other non-competitive retailers to start CoDE, or Center for Digital Experience, a new kind of lab in Silicon Valley, which uniquely leverages the network effect of select, non-competitive companies in retail — ranging from groceries and lifestyle to beauty and apparel. The companies work to share ideas, technology and insights and speed up their innovation. They now that Amazon dominates in the innovation and tech realm, and they must move fast to survive and win.
In its effort to help large companies innovate faster with expertise, software and connections to proven startups, Iterate.ai built a new software tool called Interplay that has this same kind of collaborative nature in mind.
A large company like Jockey or Ulta Beauty can drag and drop pre-wrapped software APIs from multiple startups into their website or their enterprise software system. They can mix and match a bunch of these different companies.
Iterate believes wholeheartedly that innovation doesn't come from one simple solution. It takes collaboration, teams and partnerships to make it happen.