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Startups are inherently flexible, able to make quick decisions and question the rules, so it's no wonder they can innovate much more efficiently. In contrast, large companies need more time to make decisions which makes the innovation process difficult to proceed with. We believe that companies and startups need each other as the company can help startups with resources, infrastructure, partners and also with capital. This way startups have the chance to work on solutions that are inevitable for companies.
Design Terminal’s mentoring program is an accelerator program. Accelerators provide fixed-term intense programs (usually 3-6 months long) for young entrepreneurs, that include mentorship, as well as workshop opportunities and coworking space. For-profit accelerators also invest capital in startup companies. The Design Terminal mentoring program is a nonprofit accelerator program that does not take equity in change for participating in the program. For the best teams, however, it offers a fast lane for venture capital investment, and for large companies it opens doors to innovative, fast-growing startups.
If your company wants to establish an accelerator you need to think about the followings: appropriate professionals and an experienced, trusted mentor network who know exactly how to build a business model and develop products for a revolutionary innovation. In addition, it needs to develop a well-structured process for a large company to make the most of its accelerator program, as startups and large companies have a very different organizational culture.
A successful corporate accelerator can combine the benefits of in-house and outsourced innovation, but only if the large company has a well-trained, dedicated team. In addition to the know-how, it’s worthwhile to count on your own coworking office and, on demand, the amount put aside for investing and the establishment of the equity investment process within the company (what’s happening with the equity holdings , how will the startup acquire newer and newer venture capital, what's the exit strategy, etc.)
It is one of the most useful tools of innovation management, which requires significant knowledge and resources if the large company wants to solve everything in-house. Before you start, consider other options as well.
Having your own company accelerator could mean a huge investment as you don’t have an elaborated program yet and direct access to startups and mentors. Their design requires a lot of resources and capital.
A professional partner on the other hand have access to all these and a joint accelerator is cost-effective and less risky.
Design Terminal could be a good choice as the team have the right experience, know-how and international connections. This way companies can get access to the local and international ecosystem while startups work on your challenges. The best ones could be part of the company’s daily operation.
Design Terminal has years of experience and is part of the local and international ecosystem. We have access to an international talentpool and our partners include the key Hungarian universities. Moreover we have a special team working on finding the best international teams 24/7.
Large corporations and startups have different organizational culture and structure, and decision-making processes. Startups are flexible, make decisions faster and don’t follow. Thanks to their capital strength and experience, big companies can quickly scale the results of startups.
Indeed, there are many best practices. International examples show that companies need professional partners to start a successful program. Good examples are the Wayra Uk - Telefonica accelerator; the Barclays Accelerator, powered by Techstars; the Axel Springer Plug and Play or the Hub:Raum by Deutsche Telekom.
Design Terminal has lots of programs that can be interesting for a large company, such as international hackathons, bootcamps and other events, meetups. We create tailor-made programs for every partner, both in duration and volume.
Our partners include BlackRock, the world's largest investment management corporation; the Google Launchpad development team, the Slovenian ABC Accelerator; the most successful Portuguese incubator, the Beta-i, MOL Group the most prominent energy giant of Central Europe and major university partners such as the Corvinus University of Budapest, Budapest University of Technology and Economics and Semmelweis University.