The Innovation Exchange

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The Innovation Exchange

What is it?

It’s a platform where corporates can issue innovation challenges to the start up community. Any start up that can deliver a product or service to solve the challenge will have the opportunity to secure a commercial contract by the issuing corporate, permission to publicly reference the contract and receive an introduction to funders (should you need one). Some challenges will be prize based. These challenges may still lead to a commercial contract with the corporate at a future date. This will be outlined in each challenge that we publish.

How does it work?

The corporate, working with Battenberg Inc will create a brief (known as The Corporate Challenge). This is issued via email to all the start ups registered in our Innovation Exchange. Anyone wishing to respond will be given a set time period to do so via a pre-defined online template. The responses are then reviewed by the corporate and a short list of start ups are then notified via Battenberg Inc. Should the corporate not wish to take your proposal any further at this stage you will also be notified. Where possible feedback will be provided as to why this was the case. The corporate has the right to close the challenge at this stage if no suitable responses have been gathered.

At the short list phase each start up will be required to meet the corporate and pitch their solution via a Pitch Day(s). Battenberg Inc can provide coaching to any start up requiring help to validate / fine tune their pitch. This phase will be completed over a 1 – 2 week period.

Following The Pitch Day(s) there are three possible outcomes. (1) The corporate selects a start up(s) to carry out a pilot. (2) The discussion moves straight to the commercial contract stage (3) The challenge is closed if no suitable solutions have been found.

What is the Pilot Phase?

This phase is for the start ups to show their solution working in the corporates environment. The corporates are looking to evaluate how the solution co-exists in their environment, how it scales and how post sales support is provided amongst other criteria. The pilots will be run over varying durations dependent on what needs to take place. This phase may take place at the corporates offices.

Is the Exchange exclusive to Start Ups?

No.  Any company or individual can join. We are looking to discover innovation for our corporate partners. If you can provide this we are keen to hear from you regardless if you are an established business, start up or someone with a great idea that you would like the world to see.

How is a winner selected?

This is at the discretion of the corporate and their decision committee. Battenberg Inc plays no part in the decision making criteria of each challenge. However we aim to get feedback from the corporate about their decisions which we will share with you where possible. Should a winner be selected a commercial contract will be negotiated directly between the corporate and the start up. The corporate is under no obligation to award a contract at any point during this process. However, they are likely do so for any company or individual who can solve their challenge.

Can I partner with other Start Ups to submit my solution?

Yes, on certain challenges the corporate will allow collaboration via multiple respondents. This will be made clear when the challenge is issued.

How many challenges can I respond to?

Providing you are a “Freemium” member of our Innovation Exchange you will get to view all the challenges issued and this is free of charge. Register here.

We do ask that you provide as much information as possible about your business. This helps the corporates with their selection process should you respond to their challenges.

In order to respond to any challenges you will need to have a Responder Membership. This allows you to respond to all the challanges we issue throughout the year for an annual membership costs of £99.  Or as we like to tell people, that’s approximately 27p per day!! You will be prompted to become a Responder Member prior to actively taking part in your first challenge.