One of the biggest challenges that every startup faces is getting funding. In fact, 97% of startups never receive full funding, which is why it's important to find other ways to generate revenue. One of the most effective ways to do this is to connect with big brands and that's exactly what Joseph Jaffe's company Evol8tion was designed to do.
In a recent interview from South By South West in Austin, Texas, Jaffe talks with Murray Newlands of YourStory about the advantages of startups and brands working together, and the ways in which they can benefit from collaborating.
To find out more, watch the full interview below:
These are the key takeaways from the video:
In the interview, Joseph claims that startups and brands can really benefit from working together because, as he puts it, "startups have all the ideas and no money, and big brands have all the money and no ideas." By collaborating, startups can receive the funds that they need to continue honing their ideas and creating great products, and brands can improve their customer appeal and experience.
One of the examples he uses to demonstrate how startups and brands can work together is Kodak and Instagram. Jaffe says that if Kodak were forward thinking enough to have acquired Instagram before Facebook, they could have cornered a new market and profited from the success of an innovative startup. What's more, had Kodak acquired Instagram before Facebook, they could have eventually sold it to Facebook for a large profit. These are the types of opportunities that brands need to seize if they want to be viewed as innovative and contemporary.
For startups looking for brands to work with, Joseph advises companies to use services such as Evol8tion which is free for startups and enables them to connect with relevant brands and presents the opportunity to form a beneficial partnership.
If you have any questions after watching the video, please leave them in the comments below!