Collaborative innovation in action
- Published: Wednesday, 20 December 2017 16:52
- Written by Deloitte
Since 2011, Deloitte has been proudly working in partnership with London Business School (LBS) on a joint initiative, the ‘Incubator Programme’ - part of the Deloitte Institute of Innovation and Entrepreneurship (DIIE). Designed to fuse Deloitte’s breadth of business knowledge and experience of our people with LBS’ evidence-based insights and intellectual leadership, the ‘Incubator Programme’ recognises the magic of successful collaboration when big businesses and academic institutions come together.
Working with entrepreneurs and innovators made up of LBS alumni, the 12 month programme identifies what new businesses require and provides a comprehensive support package to those selected start-ups. Knowing that starting a new venture elicits a number of critical uncertainties and questions, Deloitte help to solve these challenges in an informal capacity through the provision of mentorship – allocating business experts to each ‘founder.’
Whether it is talking through a business model, discussing tax considerations, or sharing feedback on a minimal viable product, we have helped over 65 start-ups find their footing. Vimi Grewal-Carr, Managing Partner for Innovation, Deloitte, says: “This collaborative approach has helped equip and inspire industry pioneers to scale-up and grow the ideas that will help improve social well-being, drive growth and create prosperity within our economy. Deloitte has always been committed to supporting innovative thinkers, however, the opportunity to support a programme that could instigate the next big revolution in business highlights the importance of creating more similar alliances.”
The programme has also shown two-way value, with individuals from Deloitte benefitting greatly from this collaborative process. The ‘Incubator Programme’ has allowed our people to understand the challenges start-ups and SMEs face in today’s market, whilst discovering innovative ways to resolve them. With just 43% of businesses in 1995 remaining in the Fortune 500 in 2015, the paradigms of what the industry thought it knew has shifted on its axis, creating a world where start-ups have reshaped the marketplace.
Working closely with LBS alumni has helped Deloitte understand exactly how new businesses will continue to disrupt our clients and the wider market place for the benefit of the wider economy.
Taste of Kenya was set up to disrupt the current coffee supply chain using an online marketplace resulting in a fairer price for the farmer whilst the roaster benefits through better traceability. Its mission is impacting small-scale coffee farmers in Kenya through direct sourcing, software access and sustainable initiatives.
“Deloitte has unparalleled industry knowledge and market expertise, and the well-paced mentoring programme kept Taste of Kenya accountable for tangible progress. Deloitte was a great sparring partner and gave me guidance to make the best decision through a positive and clear approach. A crucial benefit of the engagement with my mentor, Patrick Newton, was his ease with financials and advice to focus on the bottom line. Having Deloitte as a mentor reminded me that I cannot have impact without profitability.”
Zipporah Gatiti, founder of Taste of Kenya
For more information contact Jane Khedair: firstname.lastname@example.org or visit: goo.gl/9k3gIm