The Byld startup has launched a model of startup creation called Corporate Venture Building, which is based on the construction of startups with large corporations. This is “the definitive innovation model”, says the company. Byld’s business model focuses on “taking on the risk of the creation process of startups”.
Nowadays, startups fail due to lack of clients, resources and know-how, but innovation is part of their DNA. Thus, despite their client portfolio, resources and knowledge of the sector, corporations do not have the innovative generation that starts have. Therefore, Byld oversees operating in this area via a specific formula.
According to the company’s founder, Adrián Heredia, “we are completely transparent, and, above all, we work to generate real, tangible and value-adding innovation”. This, together with the collaboration that Byld has in the projects it is in charge of, is one of the differentiating factors, “since unlike the rest of the players in the market, we do not only charge fees but we also take risks along the way”, says Heredia.
The model created by Byld, Corporate Venture Building, is a model that helps corporations innovate by creating a business or venture together with the startup. In this way, risks and benefits are shared and “we unite the resources and capacity of a large company, with the methodology and speed culture of a specialized entrepreneurial team (Byld), capable of carrying out innovation projects in a much shorter time”, points out Heredia. With all this, the strategic fit is generated by collaborating from the beginning and it is more affordable as there are no external investors.
Currently, Byld has a portfolio of collaborators that include Coca-Cola, Porsche, Carrefour, Vodafone and Hotusa, among others. The company’s headquarters are also located in Spain, however, Byld’s goal is to build new scalable businesses around the world.
From the beginning, says the founder, “we focused on partners who fundamentally had confidence and believed in the model, and therefore the usual investors do not fit with our philosophy. Therefore, the company’s partners are mainly those who have worked in corporations and have experienced the difficulty of generating real and disruptive innovation. “Due to this and other reasons, they created the model and are motivated to contribute at the intellectual and strategic level, in addition to the financial investment”, emphasizes Heredia.
The startup’s roadmap includes some objectives such as positioning Byld and the Corporate Venture Building as the best way to generate real innovation and continue to demonstrate the success of the model.