Start up and take off

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How an innovation competition makes market entry easier

Innovation competition as a gateway to large companies

You have successfully founded your start-up and the business plan is ready. But what happens now? The dream of many founders is to work directly with a large company and quickly gain a foothold in the market. A strong investor can play a decisive role here – in fact, it is often essential if you don’t have the necessary funds yourself. However, the key to success lies not only in capital, but above all in a strategic approach and the right network.

An innovation competition is a great opportunity for start-ups to establish themselves in the market and come into contact with the big players straight away. These competitions bring founders directly together with established companies that could be potential partners or customers. Instead of just relying on the usual channels, start-ups can really score points here and gain a real head start. Innovation competitions are therefore the perfect tool for getting into business quickly and ensuring long-term success.

Innovation competition: the turbo for your start-up

Innovation competitions are special events at which startups and companies present their latest ideas, products or technologies and compete with each other. For young start-ups, such competitions are worth their weight in gold: not only do they provide a platform to catch the eye of potential customers, investors and partners, but they also significantly increase visibility in the industry. An event like this can provide the decisive impetus to publicise a start-up.

HOW IT WORKS

Network building: Your key to lasting success

A strong network that serves as a springboard to large companies is one of the most valuable outcomes of participating in an innovation competition. Such competitions offer a first-class opportunity to establish direct contacts with key decision-makers in large companies. These connections can lay the foundation for future collaborations and help you build long-lasting business relationships.

It is important to carefully maintain and expand the contacts made during the competition. Regular dialogue and targeted networking are key here. These relationships can help to develop and expand the business sustainably in the long term.

Pilot projects and first orders: The direct route to success

An innovation competition is often revolving around highly topical issues such as sustainability, mobility, automation, AI or infrastructure. Winning such competitions often brings more than just a prize – in many cases, a pilot project with the company that sets the challenge beckons. A successfully completed pilot project can be the starting point for follow-up orders and lasting partnerships.

Siemens Energy and Infinite Foundry for example show, how successful collaborations can emerge from innovation competitions. These early successes not only strengthen the confidence of investors, but also provide valuable references that are useful when acquiring new customers.

Take a look at the succes stories:

Siemens Energy & Infinite Foundry

Banula & Decarbon1ze

Support in the start-up phase

Innovation competitions are an ideal way for young start-ups to present their ideas and gain valuable initial experience. Even in the start-up phase, these competitions offer the opportunity to test how well your own idea is received. However, the path from the initial idea to successful realisation often requires more than just a good start. This is where organisations such as Innowerft come into play, providing mentoring, financial support and access to valuable networks to help facilitate the start-up and accelerate market entry. Other important steps, such as choosing the right investor, are discussed in more detail in Innowerft’s blog post.

Innowerft: Finding the right investor

Conclusion

An innovation competition is a powerful tool for startups to enter the market quickly, secure initial orders and build long-term relationships. They not only offer the chance to make valuable contacts, but also to present your startup to a large audience and celebrate initial achievements. Combined with the right choice of investor and a strong network, they are the key to sustainable business success.

Find out more about current open challenges and take the opportunity to take your startup to the next level.

Current challenges