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Companies & Startups: the innovations of tomorrow are being co-constructed today

24 July 2017

In a changing world, large groups must regularly adopt new uses to improve customer experience and develop new offers. In their quest for innovation, they find valuable allies on the road: startups! Agile and creative, they accelerate the development of major groups by bringing new ideas and technologies. These young leading companies receive many benefits from this support, such as expertise and financing; And new joint ventures are gaining ground in many sectors such as housing, real estate, banking, and insurance. This phenomenon is similar to the Open Innovation Project organized by the insurance company BNP Paribas Cardif, which supports startups through the investment fund C. Entrepreneurs. Here is an overview of some of the collaborations that are creating the world of tomorrow.

 

And what if companies have everything to gain by collaborating with startups? The exploration of new technological paths is essential as companies find new needs and use among their customers. The creation of innovative offers broadens their services while improving customer relationship, which is a crucial concern for them. But adapting to new techniques also reduces costs and delays in service. Associating with startups leads to more agility, responsiveness, and the opportunity to rethink internal methods. It can also help when it comes to attracting new talents; "millennials or Generation Y" are more interested in joining flexible and dynamic structures.

 

The number of fintechs is skyrocketing around the world; the facts speak for themselves

Are startups and large companies made to get along? According to the figures, yes. Between 2013 and 2016, financing for financial and banking startups, known as fintechs, increased seven-fold; Reaching about $ 20 billion in investment! Of the world's top 100 fintechs, 40 are American, 22 are Asian, and 18 are British. But the phenomenon tends to develop beyond these innovative poles. The Forbes ranking of the 30 most attractive countries for entrepreneurs includes no fewer than 20 European countries, with Denmark in the lead. The French Tech is also booming. In France, 92% of the largest companies support at least one startup. Also, meetings between expert groups and adventurous startups usually take the form of an exchange of ideas and advice. Commitments are very diverse, and 62.3% of collaborations include some of form of equity investment. In addition to technical support (provision of equipment, infrastructure, know-how), startups expect to benefit from the reputation and network of customers of their partners. It’s a win-win collaboration.

 

Innovative startups: concrete applications for companies and their customers

Collaborative adventures are promising for all sectors of activity. They are nonetheless being applied today, which justifies the confidence of large corporations in future structures. The automotive industry is seeing the rise of several innovations such as Wizmi, a driver assistance technology that has been co-developed by BNP Paribas Cardif with Altran. It is based on facial recognition and biometric data to prevent driving incidents such as signs of fatigue. Many young companies develop artificial intelligence and machine learning to assist individuals, such as DataSine, a powerful program capable of analyzing customer needs and responding to them in a personalized way. Data and smart objects are already operational technologies, as BNP Paribas Cardif supports innovative startups in Italy such as Spiixi, a chatbox ("chatbox") that assists the insured, or Amyco, a system for centralizing medical information. Innovation has already significantly improved services: all insured persons can now carry out an electrocardiogram before consulting a specialist thanks to D-Heart.

 

BNP Paribas Cardif, a player in innovation that provides support for startups

Through its global Open Innovation project, BNP Paribas Cardif aims to advance and democratize technologies by supporting startups through its expertise, reputation, and dedicated investment fund. Last year, BNP Paribas Cardif participated in the first fundraising campaign the start-up PayCar, including €1.3 million, alongside the BNP Paribas Group, Retail Banking in France and BNP Paribas Personal Finance. The insurer of a changing world is also committed to innovators through the Cardif Lab', a research and development laboratory of innovative projects. Through a playful and educational approach, the lab aims to disseminate digital culture to the insurer's commercial partners. Its innovations are presented at trade shows, such as at Viva Technology, which will be held at the Parc des Expositions in Paris from 15th to the 17th of June 2017. The trade show is an opportunity for everyone to discover the virtual reality experience with the "Mobile Protect VR" or the features of the "Santé 24" application, a personalized prevention service that makes it possible to monitor the elderly at home.