The reverse pitch: Enlisting startups to hone innovation

Aflac, 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?

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

To continue reading this article register now

Survey says! Share your insights in our 19th annual State of the CIO study