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Over 500,000 startups are born in the UK each year, and it’s fair to say that these startups have access to plenty of support during the early days of their business. However one area where support is still perhaps patchy is in how later stage startups can make the shift from selling to SME’s to acquiring corporate clients.
Step forward Momentum London, a 3 month growth programme set up to help later stage B2B or B2B2C startups learn how to build relationships with corporate clients and validate targeted markets through corporate engagement.
The 3-month programme recognises the challenges many startups face when looking to acquire corporate clients during their growth stage. Some of these challenges are because of the lack of enterprise experience within a team but much of it comes down to the inherent nature of the corporate world.
Long sales cycles, navigating corporate complexity, lack of insight re internal processes, lack of access to key stakeholders, the list goes on. Enterprise engagement done poorly can have a huge impact on cashflow and ultimately be the demise of your startup, but the reward when done correctly is huge growth.
These challenges have shaped how the Momentum London programme was developed.
“After talking with hundreds of startups and large enterprise leaders, we’ve realised it’s difficult for startups to validate different market opportunities and decide where to focus. At Momentum we bring startups and large enterprises together with the aim to bridge this gap to ensure a stronger business ecosystem is in place,” says Programme Director, Ricardo Simard
Last week saw the launch of the Spring 2017 cohort – 10 later stage startups have been selected to join the Momentum London programme and develop market validation with some of the world’s largest corporates:
Applied Blockchain – a full stack blockchain applications development and consulting firm. Using their Mantle technical framework, the company develops cross-industry blockchain solutions for both startup and corporate clients.
Avvoka – a contract creation, workflow and analytics tool, transforming sales agreements in the cloud, enabling businesses to close deals in record time.
Avora – a business performance platform for everyone. It improves a business’s focus on commercial excellence and reduces cost of data storage, hosting and reporting.
Device Pilot – provides live status dashboards, operational analytics and the ability to automatically remedy problems in live IoT device estates, allowing organisations to strengthen customer service reputation and reduce operational service time and costs.
Digitteria – provides users and enterprises with easy to use, personal information management solutions that decentralise and equitably distribute the power of users’ personal information.
Divido – a ‘Finance as a Service’ provider; a platform for merchants, lenders and intermediaries that want to offer instant instalments as a payment option. Retailers that start to offer instant finance increase footfall, basket size and conversation rates.
NuCypher – a security and encryption platform for organisation’s big data platforms (namely Hadoop, Kafka, and Spark), whether on-premise or in the cloud. Unlike existing security and encryption tools, NuCypher doesn’t require tradeoffs between security, performance, and functionality.
Sentisum – a technology startup which is leveraging Artificial Intelligence and Big Data to help enterprises gain competitive advantage. Our current focus is to help our clients reduce customer churn, improve user engagement and brand monitoring.
Waymark Tech – The future of regulation and compliance demands a shift in the way we operate. Waymark Tech offers a platform that breaks regulations down by turning the complex into prescriptive actions, leveraging the latest in natural language processing to deliver at a speed, scale and cost not currently possible using manual methods.
We Love Work – a hiring app that predicts culture fit and measures values alignment between individuals and teams. It can be used to benchmark the values and motivations of top-performing employees and predict candidates who are the best fit for the company culture.
I am going to sound really biased, but I don’t care, I am over the moon for We Love Work being selected, I have advised and mentored the founders for some time and I know how hard they work and are dedicated to revolutionising and improving the hiring process. The co-founders are two of the most capable and genuine founders I know, they are perfect role models for not just female founders and entrepreneurs, but those of all genders. Well done Paris and Becca!
Over the course of 12 weeks the teams will take part in several sessions that will help validate their proposition with industry verticals, understand corporate pain points and start conversations around commercial opportunities.
This ensures startups identify opportunities or roadblocks within industries, shape future product iterations and accelerate relationships with key stakeholders. The Spring cohort started on 13th March 2017 and concludes with Demo Day on 8th June 2017.
Best of luck to all involved
Applications for the Summer cohort will open in mid April for the fee only, zero equity programme. For more information click here
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