As an innovation agency, HYVE has been maintaining a cross-industry network with most DAX companies, many medium-sized companies and renowned universities worldwide. Startups can also benefit from this innovation ecosystem. Dr. Michael Bartl, CEO of HYVE, explains how:
Please introduce yourselves briefly!
Founded in 2000, HYVE A one-stop shop for innovation. Around 90 employees pursue the goal of developing and revolutionizing products, services, and business models together with users and customers. Innovation consulting, product design & engineering, market research & data models, and managing digital transformation are the core innovation disciplines with which we provide DAX-listed companies. Startups can also benefit from the experience of hundreds of innovation projects across all industries when it comes to inventing, developing, and marketing new solutions.
“We are developers at heart”
What do you focus on when working with startups?
For all digital solutions, but also for all everyday products, the benefit to the user is always our top priority. That's why we actively involve them in the development process. This is something that needs to be worked on repeatedly; this applies to startups in their early stages as well as to established companies with a long history. When working with startups, we don't pursue a portfolio strategy, nor do we focus on business ideas like brokerage platforms or arbitrage transactions. We are developers at heart and want to bring meaningful applications and customer experiences for new technologies like virtual reality or artificial intelligence into the world. Or simply create the best eggnog in the world. When working with startups, we therefore examine whether the user really needs and can learn to love the idea, what feedback on its potential we get from our networks in the corporate world, and, of course, whether we as a team can contribute to the vision.
To be successful, a startup must…
...master a decathlon! Building a startup and turning it into an established company is like a decathlon. You have to excel in all disciplines: product development, creativity, customer focus, team building, generating enthusiasm, processes, etc. The formula for success is a certain balance across all disciplines. You can't win a decathlon with too many failed attempts or weak individual disciplines. You'll also have to change your strategy frequently. This is simply due to the long course of the competition with its many uncertainties and changing conditions.
Extremely important: self-assessment
Why does a good startup need an incubator behind it?
Especially in the initial phase, experienced mentors are incredibly helpful, whether through groundbreaking advice or a good infrastructure. You get the opportunity to better understand your business idea and yourself as a team, even in comparison to other startups. The importance of this phase of self-assessment cannot be overemphasized. We, in turn, support startups, as well as investors and corporate ventures, in the critical areas of innovation and development work with a guided implementation process in lab formats. We also apply this approach to our own startups.
What is the biggest mistake a startup can make?
To stick with the decathlon metaphor, startups often make the mistake of neglecting individual disciplines they are less proficient in. You have to recognize where you need to improve and strengthen as quickly as possible to avoid falling out of the rankings. Furthermore, the holistic approach to building a company forces founders to think long-term, i.e., in terms of decades. This is something successful German SMEs have always done, but which many representatives of a fast-moving and exit-optimized startup scene fail to do.
The trend of the year is…!
Affective Computing.
What characteristics make the Munich startup scene so special?
The triad of industry, research, and university education combined with capital is definitely unique in Munich. Compared to other regions, startup hype and excessive euphoria aren't Munich's thing, and that's a good thing, even if a little more self-promotion would certainly do the Isar Valley some good compared to other locations. This is precisely why I value the Munich Startup Platform so much.
Last but not least: Who do startups approach when they want to talk to you?
The best way to contact us is info@hyve.net
