At our most recent Cremorne Connect event, we had the opportunity to sit down with Steve Maidment, the CTO of Australia's leading property platform REA Group. The conversation was insightful and refreshingly candid, highlighting practical guidance on what it genuinely takes for startups to partner successfully with large, established companies.
1. Ditch the Pitch, Show the Demo
Steve emphasised the benefit of direct, practical demonstrations over-elaborate, slide-heavy presentations. He shared a recent example of how a live demonstration of an AI product won him over by vividly showcasing its practical utility. For founders approaching organisations like REA, this is a clear reminder to focus less on conceptual explanations and more on tangible demonstrations of your product in action.
2. Culture Isn't Optional—It's Essential
One particularly insightful point Steve made was about the crucial role culture plays in successful partnerships and acquisitions. Technological gaps can often be bridged, he explained, but cultural alignment is significantly more challenging. Startups aspiring to partner or be acquired must, therefore, ensure their values and culture align closely with those of their potential corporate partners, as cultural mismatches can stall even the most promising collaborations.
3. Practical Innovation Trumps Pure Novelty
Introducing innovation into an established business with high operational standards, like REA, requires demonstrating practical, immediate value rather than novelty alone. Steve noted that truly successful innovations aren't just novel—they must integrate seamlessly into existing operations, clearly enhancing efficiency and effectiveness. Startups must, therefore, make a compelling case for how their innovations practically improve existing workflows, not just how innovative they are.
These insights from Steve offer valuable guidance for any startup aiming to partner successfully with larger corporates. By prioritising live demonstrations, cultural alignment, and practical integration, startups can significantly enhance their chances of forming meaningful, long-lasting partnerships. Also, stay tuned for our next Cremorne Connect event for more candid discussions and insights from industry leaders!