Startups have ideas and brands have money, says Evol8tion CEO, Joseph Jaffe
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
Welcome to Launch Marketing Council’s new 3-part series focused on unlocking the secrets of launching brands, products and service by exploring real-life examples from Australia’s marketing elite, in conjunction with the independent agency Five by Five Global.
In early 2020, I had the pleasure of staying at the newly opened Fullerton Hotel in Sydney. It was on this trip I first became aware of the Fullerton’s commitment to brand storytelling.
If you’ve been around advertising long enough, you’ve probably seen (or written) a slide which says: “They won’t remember what you say, they’ll remember how you made them feel.” But it’s wrong. Our understanding of how emotion is used in advertising has been ill informed and poorly applied.
The launch of a new brand, or indeed a rebrand, is a transformation to be greeted with fanfare. So why is it that once the brand has launched, the brand execution phase can also be the moment at which you kill its creativity?
Thanks for sharing with us. I just loved your way of presentation. I enjoyed reading this .Thanks for sharing and keep writing. It is goo...
Nisha
Cancer Council: Finding the physical-virtual engagement balance post-COVID
yes AI should be a course so many People Use AI https://g-techsolutions.com...
M Abdullah Khan
Is AI on course to take over human creativity? - Modern creative - CMO Australia
Extremely informative. One should definitely go through the blog in order to know different aspects of the top retail technology.
Pooja Gupta
Donut King takes in-store marketing to the next digital level
this is very benefit for us we can through all the thing in this and its very benefit for city personhttps://g-techsolutions.com...
M Abdullah Khan
What does the Oculus Rift launch mean for marketers?
as we all known AI is very spread and alot of companies used ai and we take alot of work from AI https://g-techsolutions.com...
M Abdullah Khan
Making sense artificial intelligence - Food for thought - CMO Australia