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

Blog Posts

3 ways customer data can increase online sales conversion

Data has been an increasingly critical factor in improving the efficiency and effectiveness of marketing and business operations.

James Bennett

Chief experience officer, Kalido

Our sharing future is both terrifying and exciting

Discussing the future in a realistic fashion is often a disappointing prospect. For all the talk of hoverboards, jetpacks and lightsabers changing the way we do things, the reality tends to end up being something as mundane as a slightly cheaper way to get around the city.

Jason Dooris

CEO and founder, Atomic 212

Queue experiences that are distinctive, memorable and shareable

Customer service that’s quick, easy and convenient has been shown to boost customer satisfaction. So it’s an odd juxtaposition that customer queues have become a sharable customer experience.

Wouldn't reconnecting with younger consumers be in direct contravention of the code on alcohol advertising?

Tim Palmer

Vodka Cruiser reconnects with younger consumers via category-first Facebook Live campaign

Read more

Thanks for the article Jennifer, you raise some interesting points. The supermarket and shopping centre examples particularly struck a c...

Jill Brennan

Why marketers should take note of social robots

Read more

Winning the retail game is really tricky at this point in time. Many retailers have declared themselves as bankrupt. But yes harnessing t...

Vanessa.M.Magers

​Bricks and clicks: Balancing digital and physical to win the retail game

Read more

Excellent article, Thank you.

Steve Beards

How Aprimo hopes to help marketers tackle distribution of content, funds and data

Read more

Thank you for a great article, Matt.

Andrey

Top tips to uncovering consumer insights for business innovation

Read more

Latest Podcast

More podcasts

Sign in