Written by Sashreka Pillay
Collaboration with any tech firm can be a tricky business – fintech firms can’t claim this glory for all for themselves. There are specific overarching principles one would need to take into account when partnering, white-labelling or licensing with any technology firm. Addressing these could reduce some of the angst (and, in some more entertaining cases, insurance claims) provoked by the process.
At Matchi, we have found 3 important themes to keep in mind when collaborating with any tech firm:
- It’s a Clash of Cultures
Tech firms move faster than you can and are specialized in what they do. That’s part of the reason they can help you meet your strategic goals quicker than an in-house build. Unfortunately, this also means that working with them can be a bit of a shock for your less flexible employees. One of the ways to help ease the introduction is through the staggered supply of information on each technology firms and how they work. Overloading anyone with information never helps, least of all here.
- Harmonize your Stakeholders
If you work in a corporate organisation, chances are you aren’t making a decision in a vacuum. Multiple people at multiple levels need to review sign-off or be involved in the process – even if it’s just to say they were there. Co-ordinating this in a timely manner brings to mind the term “like herding cats”. It’s messy, drawn out and can drive you a bit around the bend. Best to find quick and easy ways to involve the right people in the right way at the right time. Yes, this involves a lot of planning beforehand, but it will save you a lot in sedatives later.
- Know what you don’t know
The world may be flat but you can’t say you’ve seen it all until you’ve explored it. Making a selection after looking at just 2 or 3 firms is, frankly, irresponsible. You need a wide view of multiple firms to make sure that the one you choose is offering you the solution that works best for you, given what’s available. It’s also important to make sure that the firm you choose is offering you the combination of features which shows their commitment to growth and makes your choice a sustainable one. You can’t do quickly this without looking at a curated collection technology firms first.
To find out more about running your own Global Innovation Challenge with Matchi contact