The influx of startups has accelerated innovation and is inspiring us to do the same. We track the startups in our space, get inspired from them, also look for the ones we think might be a threat, and we try to learn their ways of working. Startup activity helps us understand the market needs, and we actively look at opportunities to either partner with (so that we can connect them to our platform) or acquire new products.
Niel Nickolaisen, Senior Vice President, Chief Technology Officer, O. C. Tanner
Startups can create innovation at levels nobody else can. Bigger companies, on the other hand, can provide scalability and operational excellence which start- ups can’t. Established players are ready to pay a big premium to startups and acquire startups because it is a way for them to outsource innovation. I think startups eventually have to be acquired and we will see further consolidation in the market because the pie isn’t big enough for everybody to have a piece.
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