Every major city now has the desire to become a smart city and to use digital technologies to provide better services and products for its citizens. However, as anyone who reads the news understands, the majority of this innovation in digital technologies is coming from small startups, not from the larger more established companies. One of the services that KeySo Global provides is technology scouting to large companies and for exactly this reason; they are not innovating broadly or rapidly enough, and are beginning to recognize the urgent need to partner with smaller startups that have the technology capability to enhance their more traditional offerings.
So the “catch 22”, as we see it in this context, lies in the request for proposal (RFP) / request for quotation (RFQ) process that cities use when looking for new technologies and solutions to meet existing needs. In most RFP’s and RFQ’s there is a statement that says “we are open to new ideas and technologies that will provide services to enhance the process or reduce the cost of providing those services”. However, buried deep within the RFP, under terms and conditions, is a sentence that also states “any company proposing a solution must have been in existence for at least 3 years, provide a list of existing clients and show financial capability to support the project through its anticipated life.” How many startups do you know that can meet these criteria?
The real drawback of this is that true innovation is unlikely to come to a city near you at any time soon. Of course there are ways around this dilemma but most of these are not straight forward. The technology scouting service we provide at KeySo Global can help by offering new and innovative startups the hybrid solution of partnering with more established companies so that together they can leverage the digital components needed for a thriving smart city infrastructure.
The process of scouting, filtering, evaluating and on-boarding technologies is crucial to an organization’s future success but it can be challenging as well as time and resource consuming at a time of restricted budgets. The option that we offer is to partner with a team that has successfully performed similar roles and created transformational processes at Motorola, Sony Ericsson and TRW. We offer a unique blend of experience, insight and proven processes to achieve this outcome. Our strategic review process and implementation framework enables us to rapidly partner with clients to successfully find, evaluate, acquire and on-board innovative technologies. A significant aspect of our approach is to help the startup and the established company understand one another’s’ mindsets. We use the “two weeks analogy” to help frame the fundamental differences in perspective of the two: two weeks to a startup can mean life or death whereas to a large company it’s just a meeting!
Contact us for more information and to find out how we can help accelerate innovation.
Steve Bell, President, KeySo Global