Drone market gains from new innovation concept
When trying to market their innovative solutions, small start-ups often find it difficult to break down the door to potential customers. That is why Professor Mette Præst Knudsen has developed a concept at SDU that will help small and large businesses collaborate on innovative drone solutions.
Instead of having a start-up pitch its idea in front of a large business or major investor, Mette Præst Knudsen has chosen to launch a sort of 'Dragon’s Den' turned on its head. In her concept, large businesses pitch ideas and challenges to small start-ups.
This is done by having the large businesses present 5-8 challenges that drones can help them solve. The challenges can be anything from inspecting plant sites to monitoring construction sites, or wanting to easily inspect wind turbines. Drone start-ups are then invited to submit proposals for concrete solutions.
- On ‘Dragon’s Den’, you have a start-up standing in front of a bunch of investors while pitching their idea to them. Our concept is therefore called ‘Reverse Shark Tanks’, because we’ve switched the roles. Instead, it is the start-ups that ask the critical questions. We then let the large business be the ones who pitch their challenges, says Mette Præst Knudsen.
A win-win situation for both parties
UAS Denmark, an international drone test centre and cluster for the Danish drone industry, has been responsible for the practical implementation of Reverse Shark Tanks – and the large business benefits from hosting the event. Once the companies have presented their challenges and various possible solutions have been suggested, the two parties can meet to determine if there is a basis for an innovation collaboration to engineer the best possible drone solution.
- In practical terms, the large business kicks off by presenting their challenges. Afterwards, the start-ups get to ask the large businesses and come up with fresh angles, so that the latter are challenged on the challenges they have presented, says Mette Præst Knudsen.
According to Mette Præst Knudsen, having both large and small businesses participate in a Reverse Shark Tank is a win-win situation for both parties.
- When the large businesses meet with start-ups, it gives the former knowledge about the development within drone technology and the market. In addition, the start-ups gain new perspectives on what’s in demand and in which direction they should take their innovation efforts.
The network is growing
One of the companies that has benefited greatly from Reverse Shark Tank is the drone company Upteko. The company develops a number of solutions, including package delivery from the wind turbine nacelle to the wind turbine tower and 'Search and Rescue', where drones can help find people who have fallen overboard. The company has participated in several Reverse Shark Tank courses, and this has led to subsequent partnerships with DFDS, among others.
According to Benjamin Mejnertz, partner at Upteko, Reverse Shark Tank is a great opportunity for companies to reach out to potential business partners.
- It opens the door to many companies and makes it possible to meet people who are otherwise difficult to get in touch with. In short, our network has expanded and includes not just other Danish companies working on the technology, but also potential future customers, says Benjamin Mejnertz.
In the video below Benjamin Mejnertz talks about how Upteko's drone technology can benefit the maritime sector.
Future prospects
So, what’s the next step? According to Mette Præst Knudsen, the plan is to propagate the concept to even more companies. And it’s already garnered a lot of attention.
The SDU professor and the team behind Reverse Shark Tanks have presented it in a number of countries, including the USA, Canada and Israel, and 29 industry clusters in Europe have shown interest in the concept.
- Creating new innovation opportunities and a new form of meeting is a means to a greater goal – which is to create growth and jobs in our society. Both large and small businesses are happy to get in touch with one another, because on the one hand it’s completely non-binding, while also opening a lot of doors, says Mette Præst Knudsen.
So far, eight Reverse Shark Tanks have been held, where several of the small and large businesses have subsequently met to establish concrete collaborations.
Read more about Reverse Shark Tank here.
Top photo: Benjamin Mejnertz
Meet the researcher
Mette Præst Knudsen is a Professor at the Department of Marketing & Management. In her research, she seeks to integrate market, management, and technological perspectives on innovation processes.