The ruhr:HUB, an initiative of six cities of ruhr area (the “Ruhrgebiet”) and the ministry of economics and digitization is keen to initiate collaboration between startups and existing corporates throughout different programs and activities. Like in its acceleration programs (i.e. Universal Home, Starbuzz) the ruhr:HUB connects the two worlds to create value on both sides and leave an impact.
What is a Challenge Pitch?
In a challenge pitch (also known as reverse pitch), the roles of a normal investor pitch are simply reversed. Instead of startups pitching, established companies are seeking the favor and attention of startups. Sounds great, doesn’t it?
Besides, in our opinion it is one of the best, if not the best way of collaboration between a corporate and a startup. Often time we hear by corporates AND startups, we don’t get clear value out of our collaboration or it takes way too much time (due to many reasons ;-)). Doing a challenge pitch, you won’t hear this argument, that is for sure.
How does it work?
Corporates present real problems and challenges that they have to face in everyday life and for which they are looking for a solution. These challenges have one thing in common: they have all become a reality through digital transformation, or can finally be solved through it and its technical developments!
It all starts with presenting the challenges by the corporates and then startups have the opportunity to apply for it. The challenge owner will discuss the challenge with the applicants to make sure that everyone is on the same page. The process then ends with a pitch event in which the applicants present their solution and the challenge owner selects the lucky winner. And then it really starts: Solving the problem!
Why do corporates do such a thing and how can a startup benefit from such a challenge pitch?
Corporates get their real life problem solved, which saves them a lot of headaches. Also, they get connected with fresh and innovative startups, something, every company should be these days.
Startups on the other hand get the opportunity to verify their business model or product, they get connected with potential clients (and even investors, which will also be present at the RuhrSummit Challenge Pitch) and eventually get the opportunity to win a pilot project.
And that is what we call a win-win! 🙂
As a startup have a look for the challenges by Siemens, Kolumbus (DEW21, Gelsenwasser, Stadtwerke Bochum), Rockhard, Grip, Meta Regalsysteme and stegenwaller digital. Apply for the ones you expect to prepare a solution for and wait for the exchange with the challenge owner! Apply here.
As a corporate interested in participating in a challenge pitch please contact us throughout the contact form. The ruhr:HUB organizes Challenge pitches for SME and big corporates in a continuous rhythm.