Brands need to seek startup soul mates

Startups have ideas and brands have money, says Evol8tion CEO, Joseph Jaffe

Evol8tion CEO Joseph Jaffe consulted with Mondelēz International on its Mobile Futures initiative.
Evol8tion CEO Joseph Jaffe consulted with Mondelēz International on its Mobile Futures initiative.

Kodak might be thriving today if the camera business had made an early purchase of Instagram, according to Evol8tion CEO, Joseph Jaffe.

Speaking at the ADMA Forum in Sydney this week, Jaffe said the best way for a brand to survive disruption is to invest in technology startups.

“Every brand has a startup soul mate,” he claimed.

Startups are looking to solve the same problems as brands but their lean business model means they can be more innovative and move faster, he said.

Jaffe recently advised Mondelēz International on an initiative to partner the company’s food brands including Cadbury and belVita with startups to innovate its mobile marketing.

“You should be carving out your innovation funds and your innovation budgets. You should be thinking about these connections and the earlier you do it, the better,” he said.

Related: Marketing innovation depends on cultural transformation: Cadbury, Oreo media chief

Startups are full of ideas but have no money, while brands have are full of money but have no ideas, Jaffe said. “Can startups help solve brand problems? The answer is unequivocally yes.”

The arrangement must, however, be a win-win partnership. “This is not about big brands taking advantage of startups and it’s not about startups taking advantage of big brands because [they’ve] got money,” he said.

Investing in startup companies is not as expensive as it might sound, Jaffe continued.

“For less than the cost of a Super Bowl commercial, you could have your own startup. You could start your own startup. You could invest in your own startup.”

Refusing to innovate will cost a brand a lot more, he said.

“How do you kill a dinosaur? The answer is you don’t. Evol8tion does.”

Adam Bender covers digital marketing and emerging technology for CMO and is the author of dystopian sci-fi novels We, The Watched and Divided We Fall. Follow him on Twitter: @WatchAdam

Follow CMO on Twitter: @CMOAustralia, take part in the CMO Australia conversation on LinkedIn: CMO Australia, join us on Facebook: https://www.facebook.com/CMOAustralia, or check us out on Google+: google.com/+CmoAu

Signup to CMO’s email newsletter to receive your weekly dose of targeted content for the modern marketing chief.

Join the CMO newsletter!

Error: Please check your email address.
Show Comments

Supporting Association

Blog Posts

Disruption Down Under – What’s Amazon’s real competitive advantage?

Savvy shoppers wait in anticipation, while Australian retailers are gearing up for the onslaught. Amazon’s arrival is imminent.

Change across the board: Why boards need to digitally evolve

Traditionally the non-executive board of a company acts in an advisory capacity - attending monthly board meetings to offer overarching advice and guidance typically focusing on:

Jodie Sangster

CEO, ADMA

The most desirable customers you’ve overlooked

“What will really move the needle?” This is a question that keeps leaders awake at night. And at the intersection of some of their top priorities – finding pockets of growth, redefining the customer experience, and making an emotional impact – lies a latent market: Their diverse customers.

Really inspiring !

Goldenboy Media

Jaywing sets sights on Australian growth with digital and data-driven agency model

Read more

Being aware of regulations or guidlines is just the start. As our CEO Emma Lo Russo stated exactly two weeks ago at an event we supported...

Alan Smith

​Are the Wild West days of influencer collaboration over?

Read more

Rebranding is always nice solution to get better organisation. Businessman may apply certain special services (for example, https://www.l...

David Hill

CMO interview: Spearheading the global rebranding of OFX

Read more

Thank you so much for sharing this article.Top Digital Marketing company in Bangalore

Way To DM

Predictions: 17 digital marketing trends for 2017

Read more

Thanks for the great article Jodie, agree many boards and senior execs are operating in outdated modes, just as we need some reverse soci...

sharyn

Change across the board: Why boards need to digitally evolve - Data-driven marketing - CMO Australia

Read more

Latest Podcast

More podcasts

Sign in