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 newsletter!

Or
Error: Please check your email address.
Show Comments

Blog Posts

Social purpose: Oxygen for your brand health vitals

If trust is the new currency, then we’re in deep trouble. Here's why.

Carolyn Butler-Madden

Founder and CEO, Sunday Lunch

Customer experience disruption: Healthcare faces a bitter pill

Over the past decade, disruptors such as Amazon, Apple and Australia’s Atlassian have delivered technology enhanced customer experiences, which for the most part, have improved customers’ lives and delivered unparalleled growth. Can they do the same for healthcare?

Alex Allwood

Principal, All Work Together

How can a brand remain human in a digital world?

Some commentators estimate that by 2020, 85 per cent of buyer-seller interactions will happen online through social media and video*. That’s only two years away, and pertinent for any marketer.

James Kyd

Global head of brand strategy and marketing, Xero

https://bit.ly/2qLgzmR Transform your life a proven digital blueprint

Okitoi Steven

How this banking group tackled a digital marketing transformation

Read more

Its great to hear that companies including JCDecaux, oOh!media, Omnicom and Posterscope Australia have all partnered with Seedooh inorder...

Blue Mushroom Infozone Pvt Ltd

Out of home advertising companies strive for greater metrics and transparency

Read more

Much ado about nothingAnother fluff piece around what it could possibly do rather than what it is doing

gve

How AMP is using AI to create effortless ‘experiences’

Read more

is it true that Consumer expectations are also changing as a result. If we trust someone with our data there is also an expectation that ...

Sunita Madan

Society will decide where digital marketing takes us next: Oracle

Read more

This Blog is Very interesting to read and thank you for sharing the valuable information about Machine Learning. The information you prov...

johny blaze

What machine learning has done for the Virgin Velocity program

Read more

Latest Podcast

More podcasts

Sign in