This document provides dos and don'ts for startups when approaching big corporations. It notes that corporations have resources startups need but also myths on both sides. The document advises startups to show working prototypes, know that "maybe later" means no, have founders do initial sales, and prepare for more admin work. It warns against wasting time on "innovation theatre" and being a liability. For corporations, it says to have a real problem startups can solve, empower engagement, and have a venture strategy. Overall, it encourages entrepreneurs to pursue startups but with a safety net of skills, experience, and savings first.

1. Dos and Don’ts for Startups
When Approaching Big Corporations
Ricardo Jorge
Executive Board Member
Banco Santander Portugal

2. An entrepreneur learning to be a banker…
A point guard at heart
- professional basketball player
Two failed start-ups
3 surgeries
INSEAD, BCG
The most amazing wife
in the world… and two
“no bs” sons
Lucky enough to bounce
back every time my career
got in to trouble
Bringing the “super power”
of understanding the story,
telling the story ,
and leading teams
in delivering the story.
... it turns out that bankers
have a lot to teach you.
And lawyers.
And risk people.
And compliance people.
Photos:
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3. The best entrepreneurs are
lining up to work with us
(…because we are so great
and innovative…)
Corporate myths about startups
We have no idea what is the problem we
need to solve, but we should be partnering
with a lot of startups anyway
Startups will tell us
what’s coming next
Startups will make
us move faster
Photo:
©
HBO
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Rights
Reserved.

4. After this meeting today,
they will make a decision tomorrow,
and implement next week
Startup myths about corporates
They have hundreds of millions
in annual budget, they can easily
find 50k to buy this project from us
They did not say no,
so they must be interested
in working with us.
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5. No BS about what is the real
problem we are trying to solve
Max [Learning / Investment]
Think-do-think-do
No time wasted making slides
“Get-out-of-the-building”
“If you're not embarrassed by the first version of your product,
you've launched too late”
Reid Hoffman
Why do big corporates need startups
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6. Why do startups need big corporates
Pfizer + BioNTech
(COVID-19 Vaccine)
McKinsey + Cohere
(to help clients adopt generative AI)
Microsoft + OpenAi
Photo:
Wired.
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7. How to recognize a good corporate to engage with
• Have strategic clarity
• Have a real problem that you can help solve
• People engaging with you are empowered
• Have a clear narrative about corporate venturing / M&A
(early stage, scaling, regional focus, value chain focus)
• Have a stellar reputation as a partner for start-ups

8. DOs
Show the prototype, not “slideware”
“Maybe later” means NO
Clients pay for your output
The first salesperson is one of the
founders
A little enterprise sales experience
goes a long way
It will take 3x the admin work
you think it will
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9. DON’Ts
Don’t waste time on the corporate
innovation “theatre”
Don’t be a liability (think hard about
how to reduce the added operational,
counterparty, reputation risks)
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DON’TS
Don’t engage in “the innovation theatre”
Don’t think all corporate people are dumb
(they have just made different career choices…)
Don’t be short term focused
Don’t “marry” the wrong partner

10. “Should I go for it and build my start-up?”
Build a safety net first…
• Skills and experience that are valuable
• Build your social capital
• Save some F*** You money
…
Photo:
©
Sony
Pictures.
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Rights
Reserved.
…but you owe it to the world going for it
at least once in your career.
• Life is short
• What is your downside… really…
• Your reputation is your main asset

12. “Build Something
People Want”
Paul Graham, Y Combinator Founder
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