Collaborative and organic growth
One of the biggest advantage of being a part of a community is collaborative and organic growth. What is means that start ups can share ideas with each other. Not only ideas, they can also share business requirements and help each other grow.
Of course one can always Google for services and find vendors. But that process takes time, effort and money. If there is a community or a mediator who is aware of what product and feature does one start up provide, what is the level of customisation possible, etc. it becomes far easier for businesses to collaborate – it is quicker. Also, there could be special offers and discounts for the community members or freebies like free trials, lower cost of plan upgrades, etc. further lowering the cost of operations.
For the business getting the revenue, the customer acquisition cost is far lower as compared to any other medium. Therefore, for them, it becomes easier to pass on some of the benefits to the buyers and give them offers like never before.
Many a times, the relations built through such interactions are not only transactional but go far deeper – sometimes even leading up to the start ups merging with each other.
RBC is one such unique community wherein startups come together not only for consultation, mentorship and coaching, fund raising but also for collaborative and organic growth. Once you are a part of the Racehorse Business Consultation ecosystem, any start up requiring services similar to what you offer, will be redirected to you. With a deep understanding of both businesses, the services and the expectations, the chances of such conversions are far higher than those one can expect through any other leads. Such invaluable benefits, one can never expect through stand alone business operations.
What do you mean by collaborative and organic growth?
Collaborative growth is an approach strategy which emphasizes the collaboration and integration with customers, partners, vendors, competitors, employee and other critical stakeholders to generate-understand-develop value. In this strategy, the customer centricity plays a vital role where feedback and expectations from customers are incorporated into product, service, solution design. The data and information from business ecosystem players are captured for better innovation. Ideas from empowered employees are taken into account during the solution design. All these changes not only help the organisation but improve the entire ecosystem.
What are the benefits of collaborating with other startups on the platform?
There is a multitude of benefits business can achieve from collaborating. Collaborative growth is inclusive, it helps in sharing complimenting factors of other business partners, vendors, service providers and stakeholder’s resources for mutual benefits. It helps in expansion both inorganically and organically. Resource sharing like office space, marketing channels, back end employees and services, fractional leaderships also helps in reduce costs and improve spend efficiencies. Opportunities for strategical joint ventures result in mutual growth, reduced competition, serving a larger customers base with lesser resources, expanding reach to new markets, etc. The impact of collaborative growth strategy helps in reducing risk. It also helps in increasing the over all business valuation to attract potential investors.