Why collaboration is so important to SMEs and start-ups

MSDUK NEWS

Why collaboration is so important to SMEs and start-ups

05/03/2020

In last year’s Innovation Challenge, unlike most competitions of its kind, we tried to encourage not just competition but collaboration and shared learning between contestants.

A lot of the time, start-ups need help to reach their goals, therefore peer-to-peer learning is a fantastic way SMEs and start-ups can help each other. This reflects the importance of diversity not only in culture but in experience, viewpoints and knowledge. A problem you may not be able to solve may come naturally to another.

“What’s most amazing is that it’s a competition but at the same time everyone is helping each other” – Kennedy Mashanda, Aries VR

Last year, as a part of our Innovation Challenge we held a pitch training day for all the finalists. This pitch training day was hosted by David McQueen, an experienced speaker and business coach, gave feedback on each individual pitch. All applicants pitched in the full room of finalists, who helped each other constructively.

“You have a network of people who are open, ready and willing to support you” – David Chen, Kapsule

We believe that this atmosphere of collaboration that brought multiple perspectives together helped elevate the contestants as they learnt from each other’s strengths, weaknesses and experiences.

“(The MSDUK Innovation Challenge) has been very useful to us in terms of making new collaborations, working with other companies and learning from the experiences of other people” –Alireza Abbassi Monjezi, Waterwhelm

Our 2020 Innovation Challenge (sponsored by Cummins) will be hosted at our annual conference in September, as a part of our Innovation Festival. Applications are now open!

The featured categories for 2020 are:

  • Advanced Digital Technology – sponsored by Digital Catapult
  • Social Innovation – sponsored by EY
  • Sustainable Futures – sponsored by GSK
  • Healthcare & Wellbeing – sponsored by Eaton

For more information about our Innovation Challenge visit the page.

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