The reverse pitch: Enlisting startups to hone innovation

Bayer and Bosch are among a growing number of enterprises leveraging the “reverse pitch,” in which companies pose business challenges they will pay winning startups to solve.

Pilgrimages to Silicon Valley have long been a rite of passage for IT leaders seeking game-changing innovation. During those jaunts, venture capital firms host "speed-dating" sessions, trying to match their tech startups with CIOs.

But as digital disruption regularly challenges enterprises' ability to stay current, companies are courting innovation with a more targeted practice: The reverse pitch.

What is a reverse pitch? Flipping the innovation script

In a reverse pitch, companies host startups, explain business challenges they’d like to see addressed via technology and send them off to iterate. After a few months, the companies reconnect with the startups to assess results and decide whether to pay the startup to bring their idea to life.

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