Last week in our HealthTech Accelerator program, produced in partnership with Unum and Erlanger, our cohort had the opportunity to get industry insight on navigating corporate partnerships. Marco Forato, SVP of Corporate Strategy at Unum, and Ted Reed, VP of Business Development at Unum shared a wealth of insights with our cohort on finding success with corporate innovation. Three key takeaways from the session were:
- Find a Champion: Identify a business person in the Corporate that has a successful track record of navigating the politics and bureaucracy in the Corporate for you.
- Partner vs Vendor: Work be treated as a partner as opposed to a vendor, by solving the business problem together with the Corporate and creating a level of respect that each party wants the other to succeed.
- Corporate Venture Capital: Understand if the CVC is financially focused or strategically focused. Illustrate what a CVC can gain from an investment that they are not getting from a partnership.