While many start-ups aspire to disrupt an industry, they often view their peers as competitors rather than prospective collaborators. Yes, start-ups are challengers to the way industries operate and aspects of our lives function, but competing is not always the best path to achieving success.
Now, an increasing number of start-ups and established companies are realising the benefits of collaboration.
Challenging, rather than collaborating, leads to the demise of many start-ups, which fail to understand how their industry operates and how best they can maximise their place within it. Having a great idea is essential but, if we can combine this with buy-in from organisations who already possess power, we’re really cooking with fire.
It’s a simple concept: if a start-up shares the same goals as its more-established counterparts, it should seek to work collaboratively in order to drive real change. We are achieving this by collaborating with relevant industry bodies in health, progressing our mission to change the way the world views health and wellness, and this same approach can be adopted by entrepreneurs across many different industries.
It’s a two-way street
Forging relationships between big businesses and start-ups, requires a trusting relationship. Just as we’re constantly working to maintain Tictrac’s credibility amongst industry and public bodies, we put faith in how strategic partners engage their customers with our platform.
When Tictrac was first conceived, the team had a great idea we passionately wanted to pursue but we lacked experience in the industry which was crucial for success. Instead of going directly to the consumer, we formed relationships with the parties who shared our vision and had existing, well-established customer networks, namely insurance companies and government bodies.
With the endorsement of healthcare providers and insurers, the consumers we’re reaching have trust in our product. In turn, by sharing insightful data from various consumer touch points, we are helping these bodies better understand and engage with their customers.
Collaborating with industry leaders
Our vision is to change the way people approach health and wellness, empowering them to live healthier lives through AI and the thoughtful use of data. By engaging with organisations that share this same goal, we are able to drive what we ultimately want to achieve by supporting each other in a variety of ways.
We successfully partner with insurers and industry bodies engaging them in a way that gives them greater influence over the development of our platform. When they offer our product to their customers it fully reflects their company’s branding and becomes their own proposition. We also conduct in-depth research to understand customer requirements and implement the necessary tools and features to meet these needs.
For example, this year, we teamed up with Munich Re, one of the world’s leading reinsurers, to launch Wellgage, an intuitive health engagement platform which enables people to keep a tight handle on their health and wellness. Wellgage combines a user’s lifestyle signals, from their apps and wearables, with contextual information about their surroundings, guiding them to achieve their health objectives, such as preventing diabetes or reducing stress levels. Munich Re is offering Wellgage to its insurance partners across the globe so they can engage customers and use the analytics to further support their core business in the areas of product development, pricing and underwriting – ultimately reducing the cost of care provision.
This is an example of a harmonious collaboration that is beneficial to both parties, as well as the end-user, who is able to grasp a detailed and accurate understanding of their health.
Innovating by collaborating
We’re increasingly observing established companies and big corporations working more closely with startups, implementing new technologies and acquiring businesses, so they can continue to innovate and remain at the vanguard of their industries.
Combining existing knowledge and expertise of an industry with innovative ideas empowers us to make a bigger impact on the world, further expanding influence and driving our visions forward. It would be fair to say there is no better endorsement than that of the industry we operate in; by winning approval, consumer adoption is stronger and we are on a better path to changing the way people live their lives.