What Does Collaboration Mean for Entrepreneurs?

Why is collaboration more important than ever before? Agile startups addressing the needs of the clients of tomorrow are entering markets that had been the exclusive realm of traditional banks, insurances and financial institutions for decades.

Financial institutions must figure out how they can reinvent their products as well as services and create completely new offers to address consumer needs quickly. It has become easier than ever before to switch providers and only companies that focus on customer experience will survive in the long run.

F10 strongly believes that traditional financial institutions should collaborate with new incumbents instead of competing. We are convinced that innovative startups and the big players need to join forces to tear down innovation hurdle.

‍Be clear on the value you bring into the partnership

‍Before reaching out to customers or partners, gain clarity on the value your startup will bring into that partnership. How does your product or service offer the finance industry new options to adapt to changing customer needs, reduce costs or make their offers available to bigger parts of the world population? Do a quick research on the people you are trying to contact and find out which topics are most relevant to them. Formulate the advantages of your idea in short, precise sentences and include some context on the industry when establishing contact.

‍Communicate your expectations clearly

‍Another important aspect is to be clear about the goals of the partnership. What does your Startup expect from the collaboration? Co-founders should discuss the possible benefits that might arise from cooperating with a certain partner and define the goals of the collaboration. Are you mainly looking for investment? Can the cooperating partner offer relevant exposure or facilitate further business? Are you eager to learn from an established player? State your expectations unmistakably from the beginning and define milestones to re-evaluate the collaboration regularly.

‍Ask for feedback – as often as you can

‍True collaboration includes offering opinions and being open for other perspectives. According to an article by the platform “Entrepreneur”, most successful entrepreneurs “are not only good at sharing information and ideas, they are often eager for the opinions and reviews of others and include the best ideas of others into their own thinking. While it may be possible to unearth a brilliant idea by yourself, getting from inspiration to implementation as a team of one is a very unlikely path.” Especially in the first stages of founding a startup, it is crucial to get feedback on your ideas from potential customers and investors. Is your product or service addressing real-life problems of the finance industry?

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Key representatives from banks, insurance companies and consulting firms are regular guests at F10. Startup entrepreneurs thus have the chance to brainstorm and get feedback on their products or services from future customers or investors and industry experts. Get feedback from tomorrow’s customers & investors – grab a coffee today, share ideas …and get ready for some serious success!