Companies Make Mad Dash to Partner With Startups

Nike has sponsored the LAUNCH Systems Innovation Challenge, which is an open-call competition for innovative ideas and processes to transform the way fabrics are made. The challenge will result in 10 product innovations which will be matched up with a team of investors and marketers to aid in the manufacturing process.

“The Nike challenge will result in 10 product innovations which will be matched up with a team of investors and marketers.”

And Domino’s Pizza last year sponsored a “Pizzavestment” promotion that tapped  crowdsourcing of innovative ideas and awarded $500 pizza gift cards to about 30 startup companies around the country.

Are these efforts working? The ROI can be hard to calculate, since there’s no way to predict exactly when a product will reach the customer tipping point. However, it’s not hard to see that all it would take to make a project worthwhile is finding one golden nugget. And in this exciting digital revolutionary age, it’s clear that there are golden nuggets to be had if companies are willing to look.

Is your company involved in an innovation startup or partnership? Share your story in the comment section below.