Vedanta, a mining giant, has seen success by partnering with a startup to implement predictive maintenance solutions. The solution has improved production by reducing unplanned downtime, and Vedanta is now scaling it across its business units. The company’s chairman, Anil Agarwal, has pushed for a culture of working with startups, following a model of open innovation and co-creation. The Union ministry of electronics and IT, along with nasscom, is promoting this model through the MeitY nasscom CoE, which matches enterprises with startups.
Other companies, such as biopharma company AstraZeneca and technology firm Mitsubishi Electric, have also seen success by partnering with startups. AstraZeneca has worked with startups on various projects, including early diagnostics and managing conditions. Mitsubishi Electric has co-innovated with startups on robotics, predictive maintenance, and material properties. However, there will be challenges, such as the need for startups to understand the enterprise’s business context and for patience. Enterprises will need to be open to working with startups and willing to adapt to their agile approach. The potential benefits, however, include increased innovation, cost savings, and improved production levels.