Wave of the Future: Partner with a Start-Up

Harnessing the power of start-up entrepreneurs is already a strategic financial maneuver of venture capitalists. Everyday, investors provide early-stage seed money to emerging companies in exchange for equity. That early stake in the incubator company will pay off in huge returns if/when the product or service skyrockets. In the news recently, Target Corporation shared how it has set apart one of its San Francisco stores to act as an “Open House” concept store to tap into the emerging smart products that are developed in the surrounding Silicon Valley technological think tank.

One product is a Bluetooth tracker called Tile, which is able to locate everyday objects you’ve lost around the house. A novel idea; by sticking a small Tile on those things you lose sight of most often, you will quickly find them within a one hundred foot radius with the click of your smart phone app. The product was an instant success and is now available at all Target locations and has become a top seller. So what lessons can the average business owner learn from big business capitalizing on smaller innovative start-ups?

Taking a chance on incorporating a start-up product or service into your business has its risks, but consider that start-ups are usually leaders in innovation. BusinessNewsDaily reports that 82% of large corporate executives believe they can learn from entrepreneurs, especially when it comes to emerging digital technology. There is no reason why this same concept can’t be applied to other product lines. To prevent your business from falling into slumping profits or lagging technology, take a look at start-ups in vertical market sectors of your industry. It may be worth the time and investment.

Want to take part but not sure technology is the route for you? An apparel boutique can establish a rack or two allocated for local designers; a small bookstore can add a display showcasing beautiful, hand-crafted cards. As a retailer, look into becoming a distributor for a new product that has become a regional or online sensation, and is looking to expand to brick-and-mortar stores.

Contact us to provide your business with a one-stop shopping experience for all your packaging needs; from boxes and bags to labels, tissue and gift wrap, we can custom coordinate everything to fit your store brand.