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2022 | AYO 500FOR500
Startup-MNC Innovation Report
500 Chinese Startups Rank the Innovation of
Fortune 500s
A Report Analyzed and Surveyed by
2022 | Agility, Speed, Localize
9%
14%
16%
19%
22%
23%
27%
37%
41%
Restaurant chain
Transport
Energy and chemical
Fashion
Food and drink
Equipment and communications
Beauty and personal care
Pharmaceutical
Other
The industries they serve (multiple selection)
More about the 511 surveyed startups
AYO N=511 (2022), analyzed by Daxue Consulting
Number of employees
0-10
17%
10-50
38%
200+
19%
50-100
18%
100-200
9%
15%
23% 24% 24%
35%
49%
Event Related Creativity Consulting Marketing R&D Software &
Hardware
The main products of the respondents business
4 %
27 %
47 %
22 %
Not important
Represent some customers
Represent half customers
Represent all customers
Importance of the Fortune 500s as customers
29%
32%
21%
18%
Less than 1 day 2-3 days 3-4 days 4-5 days
Average time spent serving MNC clients per
week
The startups we surveyed value their MNC clients
AYO N=511 (2022), analyzed by Daxue Consulting
1%
8%
8%
12%
13%
28%
30%
Compliance, anti-corruption
and integrity
Market insights
Co-creation
Commercialization curve
Being professional
Good budget
Good brand
Most valued aspects by startups when working
with MNCs
Below 20% of MNC clients;
26%
51-80% of MNC clients;
33%
20-50% of MNC clients;
31%
AYO N=277 (2022), analyzed by Daxue Consulting
Startups that responded “brand”
according to their percentage of MNC
clients last year
Over 80% of MNC clients;
37%
However, startups that value the brand name of MNC clients are also more likely to have more MNC clients.
Startups value brand and budget of MNC clients
AYO N=511 (2022), analyzed by Daxue Consulting
17%
16%
12%
18%
14%
19%
13%
22%
68%
67%
66%
59%
63%
55%
60%
42%
15%
16%
20%
19%
24%
23%
25%
29%
1%
3%
4%
3%
3%
7%
Restaurant chain
Food and drink
Fashion
Beauty and personal care
Energy and Chemical
Pharmaceutical
Equipment and Communications
Others
Importance of the Fortune 500s as customers by industry
Extremely important, represent all major customers Very important, accounting for more than half of the customers
Moderately important, there are some customers Not important, not a customer at all
MNCs are regarded as important by statrups from multiple industries
Although pitches are the most popular way to connect with MNCs, innovation activities by large enterprises seem to be preferred
within science and technology-related industries and introduction by a third party within the beauty and fashion industries.
Most popular way to connect with MNCs for each industry
Investor referral
• Transport at 23%
• Food & Drink at 22%
Introduction by a third party
• Beauty & Personal care at 23%
• Fashion at 22%
Innovation event of large enterprises
• Equipment and communication at 25%
• Energy and Chemical at 24%
• Restaurant chain at 24 %
• Pharmaceutical at 19%
17%
9%
17%
18%
18%
21%
Others
Industry conference
Innovation events of large
enterprises
Introduction by a third party
Investor referral
Pitch
Top 5 most popular ways to connect with MNCs
Pitches are crucial for startups to meet MNC clients, but innovation
events are key for tech
AYO N=511 (2022), analyzed by Daxue Consulting
16% 7% 44%
No
Yes
In the past year, have you participated in any activities
related to the top 500 companies?
Only online Only offline Both
Most of respondents who participated in offline events related to MNCs were also engaged online. Surprisingly 44% of the
respondents had a supplier role during these events, meaning that they are also occasions for startups to do business.
AYO N=266 (2022), analyzed by Daxue Consulting
11%
21%
24%
44%
58%
Other
Trainee
Lecturer
Supplier
Audience
The role of startups during events with
Fortune 500s (multiple selection)
33%
67%
Online events are the top way to engage startups
43%
27%
9%
6%
9%
6%
Funding round of the respondents
Seed to Angel round
Got acquired
Round D and more
Round C
Round B
Round A
13%
44%
44%
70%
73%
Plays no role
Experience
sharing and
guidance
Publicity and
Endorsement
Resources
integration
Make an
introduction
What role do investors play in startups' relationship
with big enterprises? (multiple selection)
Investors are often key for startups to reach MNC clients
AYO N=511 (2022), analyzed by Daxue
Consulting
1 %
2 %
3 %
4 %
16 %
16 %
58 %
Others
To Attract investment
To increase knowledge
To attract talent
To generate revenue
To increase industry impact
To build impressive portfolios
and open up bigger markets
Most popular reason why startups want to
collaborate with MNCs
The larger a startup is, the more eager they are to collaborate with MNCs to reach benchmarks and expand new markets.
49%
59% 60% 61%
64%
0-10 people 50-100 people More than 200
people
10-50 people 100-200 people
Importance of reaching benchmarks and open new
markets according to the size of the startup
Startups want to collaborate with MNCs to reach benchmarks & new markets
AYO N=511 (2022), analyzed by Daxue Consulting
Startups find MNCs hard to reach. Thus, startups want open communication channels and a more relaxed supplier policy. When
collaborating, startups wish they have a dedicated group to team up with, to really work with MNCs and not just be a regular supplier.
42%
21%
12%
7%
7%
6%
3%
1%
1%
Others
Don’t poach talent
VC/M&A
Pay faster
Join IP
Less red tape
Preparation training
Co-create, not just
relying on the startups
More dedication
from the MNC
on the project
51%
16%
13%
8%
7%
4%
1%
More discussion
opportunities
Better procurement
policy
Specific needs
& MNC info
Insights
Product trial
Open course Others
AYO N=266 (2022), analyzed by Daxue Consulting
When not collaborating, what support do
startups hope to get from Fortune 500s
When collaborating, what support do
startups hope to get from Fortune 500s
MNCs support before and during collaboration
When asked about their own competitive advantages, the majority of startups said it was their professionalism that attracts MNC
clients.
AYO N=266 (2022), analyzed by Daxue Consulting
45%
46%
47%
53%
58%
63%
74%
Market insights
Efficiency
Cost performance
The relevance of precedent cases
Understanding of customer needs
Leading technology
Professionalism of the team
What do you believe are your competitive advantages in
attracting Fortune 500 clients?
Startups believe their professionalism and tech attract MNC clients
When asking startups about the biggest challenge they face when collaborating with MNCs, they all pointed out the complexity
and bureaucracy linked to the big size of MNCs.
AYO N=266 (2022), analyzed by Daxue
Consulting
Biggest challenge for each industry
Too many procedures
• Energy & Chemical at 88%
• Food & Drinks at 85%
• Equipment & Communication at 85 %
• Transport at 83%
• Beauty & Personal care at 82%
• Pharmaceutical at 79%
Difficult for suppliers to enter
• Restaurant chain at 85%
• Fashion at 84%
Heavy bureaucracy is the biggest barrier for startups to collaborate with MNCs
33%
41%
47%
49%
71%
72%
77%
High MNC staff turnover
Big difference in culture
Don't know exact needs
Hard to find MNC contracts
Too long to get paid
Hard to enter as suppliers
Too many procedure
Biggest challenge faced when collaborating with Fortune
500s
Chinese startups have high hopes for digitalisation in pharma & transport
After the Internet, Chinese MNC respondents believe that the beauty and pharma industries will be the most digitalised and innovative
in the next 5 years. Pharma and transport companies have to make great leaps in digitalization and innovation in the next 5 years.
9%
3%
17%
21%
29%
3%
5%
9%
23%
43%
Transport
Food & Drink
Pharmaceutical
Beauty & personal
care
Internet
Comparation between industries that believed to be most
digitalised and innovative
Current After 5 years
AYO N=266 (2022), analyzed by Daxue
Consulting
5%
13%
62%
20%
Unsatisfied Partially satisfied Relatively satisfied Extremely satisfied
Evaluation of innovation events of large
enterprises by startups
The most important thing a MNC can do, in the eyes of startups, is launching new products.
73% of startups expect Fortune 500 companies to
launch more new products
What kind of innovations do startups expect from Fortune 500s
27% of startups said that Fortune 500 should
focus on innovation on the business model of
existing product
Startups believe MNCs have room to improve when it comes to innovating
AYO N=213 (2022), analyzed by Daxue Consulting
AYO N=213 (2022), analyzed by Daxue Consulting
1. Sanofi (赛诺菲)
2. L’Oréal (欧莱雅)
3. Huawei (华为)
Chosen by 5% of all respondents
Chosen by 4% of all respondents
Chosen by 3% of all respondents
4. BMW (宝马)
Chosen by 2% of all respondents
5. AstraZeneca (阿斯利康)
Chosen by 2% of all respondents
中国银行
特斯拉
联合利华
药明康德
Nike
施耐德
上海飞机制造有限公司
美的
金茂地产
拜尔斯道夫
三安光电
中国电子科技集团
青松
1. Sanofi (赛诺菲)
2. L’Oréal (欧莱
雅)
3. Huawei (华为)
Chosen by 7% of all respondents
Chosen by 6% of all respondents
Chosen by 6% of all respondents
4. AstraZeneca (阿斯利康)
Chosen by 5% of all respondents
Chosen by 4% of all respondents
5. Pfizer (辉瑞)
AYO N=213 (2022), analyzed by Daxue Consulting
联合利华
强生
水羊国际
1. Huawei (华为)
3. Sanofi (赛诺菲)
2. L’Oréal (欧莱
雅)
Chosen by 13% of all respondents
Chosen by 12% of all respondents
Chosen by 10% of all respondents
4. AstraZeneca (阿斯利康)
Chosen by 7% of all respondents
5. Unilever (联合利华)
Chosen by 5% of all respondents
AYO N=213 (2022), analyzed by Daxue Consulting
1. L’Oréal (欧莱雅)
2. Sanofi (赛诺菲)
3. Huawei (华为)
Chosen by 10% of all respondents
Chosen by 9% of all respondents
Chosen by 5% of all respondents
4. Takeda (武田制药)
Chosen by 4% of all respondents
5. Microsoft (微软)
Chosen by 4% of all respondents
AYO N=213 (2022), analyzed by Daxue Consulting
中国银行
We asked startups if they were to change jobs tomorrow, which MNC they would like to go to
AYO N=155 (2022), analyzed by Daxue Consulting
中国烟草
1. L’Oréal (欧莱雅)
3. Sanofi (赛诺菲)
2. Huawei (华为)
Chosen by 6% of all respondents
Chosen by 4% of all respondents
Chosen by 4% of all respondents
4. Microsoft (微软)
Chosen by 3% of all respondents
5. LVMH
Chosen by 3% of all respondents
500for500 Most Innovative MNC Award by daxue consulting and AYO
MIDEA
HAIER
GREE
DYSON
PANASONIC
TESLA
BYD
PORSCHE
VOLKSWAGEN
AUDI
3M
SINOPEC
BASF
DOW CHEMICAL
DUPONT
NIKE
LVMH
KERING
ADIDAS
RICHEMONT
L'ORÉAL
ESTEE LAUDER
UNILEVER
SHISEIDO
LVMH
WALMART
IKEA
DECATHLON
BAILIAN
SUNING
NESTLÉ
PEPSI
ABINBEV
COCA-COLA
MARS
PFIZER
SANOFI
ROCHE
NOVARTIS
TAKEDA
STARBUCKS
MCDONALD’S
HAIDILAO
PIZZA HUT
DOMINO’S
© 2022 daxue consulting
ALL RIGHTS RESERVED
dx@daxueconsulting.com +86 (21) 5386 0380
We guide businesses to holistic growth in China and beyond
© 2022 daxue consulting
ALL RIGHTS RESERVED
Our services & methodologies
A few of our many methods which make up our four pillars of services to guide brands to growth in China
31
BRANDING
Brand Naming
Co-Branding Strategy
Brand creation
MARKETING CONSULTING
Consumer persona
definition
Brand messaging
strategy
Brand (re)positioning
Scaling-up Plan
Marketing expenses
optimization
MANAGEMENT CONSULTING
Sales playbook
MARKET RESEARCH
Concept dev. & testing
Brand awareness &
sentiment analysis
Sensory Research
Brand book development
Market Sizing
Market Entry Strategy
Open innovation
© 2022 daxue consulting
ALL RIGHTS RESERVED
400+ clients for the past 10 years
Examples of references
© 2022 daxue consulting
ALL RIGHTS RESERVED
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500for500 Most Innovative MNC Award by daxue consulting and AYO

  • 1. 2022 | AYO 500FOR500 Startup-MNC Innovation Report 500 Chinese Startups Rank the Innovation of Fortune 500s A Report Analyzed and Surveyed by 2022 | Agility, Speed, Localize
  • 2. 9% 14% 16% 19% 22% 23% 27% 37% 41% Restaurant chain Transport Energy and chemical Fashion Food and drink Equipment and communications Beauty and personal care Pharmaceutical Other The industries they serve (multiple selection) More about the 511 surveyed startups AYO N=511 (2022), analyzed by Daxue Consulting Number of employees 0-10 17% 10-50 38% 200+ 19% 50-100 18% 100-200 9% 15% 23% 24% 24% 35% 49% Event Related Creativity Consulting Marketing R&D Software & Hardware The main products of the respondents business
  • 3. 4 % 27 % 47 % 22 % Not important Represent some customers Represent half customers Represent all customers Importance of the Fortune 500s as customers 29% 32% 21% 18% Less than 1 day 2-3 days 3-4 days 4-5 days Average time spent serving MNC clients per week The startups we surveyed value their MNC clients AYO N=511 (2022), analyzed by Daxue Consulting
  • 4. 1% 8% 8% 12% 13% 28% 30% Compliance, anti-corruption and integrity Market insights Co-creation Commercialization curve Being professional Good budget Good brand Most valued aspects by startups when working with MNCs Below 20% of MNC clients; 26% 51-80% of MNC clients; 33% 20-50% of MNC clients; 31% AYO N=277 (2022), analyzed by Daxue Consulting Startups that responded “brand” according to their percentage of MNC clients last year Over 80% of MNC clients; 37% However, startups that value the brand name of MNC clients are also more likely to have more MNC clients. Startups value brand and budget of MNC clients
  • 5. AYO N=511 (2022), analyzed by Daxue Consulting 17% 16% 12% 18% 14% 19% 13% 22% 68% 67% 66% 59% 63% 55% 60% 42% 15% 16% 20% 19% 24% 23% 25% 29% 1% 3% 4% 3% 3% 7% Restaurant chain Food and drink Fashion Beauty and personal care Energy and Chemical Pharmaceutical Equipment and Communications Others Importance of the Fortune 500s as customers by industry Extremely important, represent all major customers Very important, accounting for more than half of the customers Moderately important, there are some customers Not important, not a customer at all MNCs are regarded as important by statrups from multiple industries
  • 6. Although pitches are the most popular way to connect with MNCs, innovation activities by large enterprises seem to be preferred within science and technology-related industries and introduction by a third party within the beauty and fashion industries. Most popular way to connect with MNCs for each industry Investor referral • Transport at 23% • Food & Drink at 22% Introduction by a third party • Beauty & Personal care at 23% • Fashion at 22% Innovation event of large enterprises • Equipment and communication at 25% • Energy and Chemical at 24% • Restaurant chain at 24 % • Pharmaceutical at 19% 17% 9% 17% 18% 18% 21% Others Industry conference Innovation events of large enterprises Introduction by a third party Investor referral Pitch Top 5 most popular ways to connect with MNCs Pitches are crucial for startups to meet MNC clients, but innovation events are key for tech AYO N=511 (2022), analyzed by Daxue Consulting
  • 7. 16% 7% 44% No Yes In the past year, have you participated in any activities related to the top 500 companies? Only online Only offline Both Most of respondents who participated in offline events related to MNCs were also engaged online. Surprisingly 44% of the respondents had a supplier role during these events, meaning that they are also occasions for startups to do business. AYO N=266 (2022), analyzed by Daxue Consulting 11% 21% 24% 44% 58% Other Trainee Lecturer Supplier Audience The role of startups during events with Fortune 500s (multiple selection) 33% 67% Online events are the top way to engage startups
  • 8. 43% 27% 9% 6% 9% 6% Funding round of the respondents Seed to Angel round Got acquired Round D and more Round C Round B Round A 13% 44% 44% 70% 73% Plays no role Experience sharing and guidance Publicity and Endorsement Resources integration Make an introduction What role do investors play in startups' relationship with big enterprises? (multiple selection) Investors are often key for startups to reach MNC clients AYO N=511 (2022), analyzed by Daxue Consulting
  • 9. 1 % 2 % 3 % 4 % 16 % 16 % 58 % Others To Attract investment To increase knowledge To attract talent To generate revenue To increase industry impact To build impressive portfolios and open up bigger markets Most popular reason why startups want to collaborate with MNCs The larger a startup is, the more eager they are to collaborate with MNCs to reach benchmarks and expand new markets. 49% 59% 60% 61% 64% 0-10 people 50-100 people More than 200 people 10-50 people 100-200 people Importance of reaching benchmarks and open new markets according to the size of the startup Startups want to collaborate with MNCs to reach benchmarks & new markets AYO N=511 (2022), analyzed by Daxue Consulting
  • 10. Startups find MNCs hard to reach. Thus, startups want open communication channels and a more relaxed supplier policy. When collaborating, startups wish they have a dedicated group to team up with, to really work with MNCs and not just be a regular supplier. 42% 21% 12% 7% 7% 6% 3% 1% 1% Others Don’t poach talent VC/M&A Pay faster Join IP Less red tape Preparation training Co-create, not just relying on the startups More dedication from the MNC on the project 51% 16% 13% 8% 7% 4% 1% More discussion opportunities Better procurement policy Specific needs & MNC info Insights Product trial Open course Others AYO N=266 (2022), analyzed by Daxue Consulting When not collaborating, what support do startups hope to get from Fortune 500s When collaborating, what support do startups hope to get from Fortune 500s MNCs support before and during collaboration
  • 11. When asked about their own competitive advantages, the majority of startups said it was their professionalism that attracts MNC clients. AYO N=266 (2022), analyzed by Daxue Consulting 45% 46% 47% 53% 58% 63% 74% Market insights Efficiency Cost performance The relevance of precedent cases Understanding of customer needs Leading technology Professionalism of the team What do you believe are your competitive advantages in attracting Fortune 500 clients? Startups believe their professionalism and tech attract MNC clients
  • 12. When asking startups about the biggest challenge they face when collaborating with MNCs, they all pointed out the complexity and bureaucracy linked to the big size of MNCs. AYO N=266 (2022), analyzed by Daxue Consulting Biggest challenge for each industry Too many procedures • Energy & Chemical at 88% • Food & Drinks at 85% • Equipment & Communication at 85 % • Transport at 83% • Beauty & Personal care at 82% • Pharmaceutical at 79% Difficult for suppliers to enter • Restaurant chain at 85% • Fashion at 84% Heavy bureaucracy is the biggest barrier for startups to collaborate with MNCs 33% 41% 47% 49% 71% 72% 77% High MNC staff turnover Big difference in culture Don't know exact needs Hard to find MNC contracts Too long to get paid Hard to enter as suppliers Too many procedure Biggest challenge faced when collaborating with Fortune 500s
  • 13. Chinese startups have high hopes for digitalisation in pharma & transport After the Internet, Chinese MNC respondents believe that the beauty and pharma industries will be the most digitalised and innovative in the next 5 years. Pharma and transport companies have to make great leaps in digitalization and innovation in the next 5 years. 9% 3% 17% 21% 29% 3% 5% 9% 23% 43% Transport Food & Drink Pharmaceutical Beauty & personal care Internet Comparation between industries that believed to be most digitalised and innovative Current After 5 years AYO N=266 (2022), analyzed by Daxue Consulting
  • 14. 5% 13% 62% 20% Unsatisfied Partially satisfied Relatively satisfied Extremely satisfied Evaluation of innovation events of large enterprises by startups The most important thing a MNC can do, in the eyes of startups, is launching new products. 73% of startups expect Fortune 500 companies to launch more new products What kind of innovations do startups expect from Fortune 500s 27% of startups said that Fortune 500 should focus on innovation on the business model of existing product Startups believe MNCs have room to improve when it comes to innovating AYO N=213 (2022), analyzed by Daxue Consulting
  • 15. AYO N=213 (2022), analyzed by Daxue Consulting 1. Sanofi (赛诺菲) 2. L’Oréal (欧莱雅) 3. Huawei (华为) Chosen by 5% of all respondents Chosen by 4% of all respondents Chosen by 3% of all respondents 4. BMW (宝马) Chosen by 2% of all respondents 5. AstraZeneca (阿斯利康) Chosen by 2% of all respondents
  • 16. 中国银行 特斯拉 联合利华 药明康德 Nike 施耐德 上海飞机制造有限公司 美的 金茂地产 拜尔斯道夫 三安光电 中国电子科技集团 青松 1. Sanofi (赛诺菲) 2. L’Oréal (欧莱 雅) 3. Huawei (华为) Chosen by 7% of all respondents Chosen by 6% of all respondents Chosen by 6% of all respondents 4. AstraZeneca (阿斯利康) Chosen by 5% of all respondents Chosen by 4% of all respondents 5. Pfizer (辉瑞) AYO N=213 (2022), analyzed by Daxue Consulting
  • 17. 联合利华 强生 水羊国际 1. Huawei (华为) 3. Sanofi (赛诺菲) 2. L’Oréal (欧莱 雅) Chosen by 13% of all respondents Chosen by 12% of all respondents Chosen by 10% of all respondents 4. AstraZeneca (阿斯利康) Chosen by 7% of all respondents 5. Unilever (联合利华) Chosen by 5% of all respondents AYO N=213 (2022), analyzed by Daxue Consulting
  • 18. 1. L’Oréal (欧莱雅) 2. Sanofi (赛诺菲) 3. Huawei (华为) Chosen by 10% of all respondents Chosen by 9% of all respondents Chosen by 5% of all respondents 4. Takeda (武田制药) Chosen by 4% of all respondents 5. Microsoft (微软) Chosen by 4% of all respondents AYO N=213 (2022), analyzed by Daxue Consulting
  • 19. 中国银行 We asked startups if they were to change jobs tomorrow, which MNC they would like to go to AYO N=155 (2022), analyzed by Daxue Consulting 中国烟草 1. L’Oréal (欧莱雅) 3. Sanofi (赛诺菲) 2. Huawei (华为) Chosen by 6% of all respondents Chosen by 4% of all respondents Chosen by 4% of all respondents 4. Microsoft (微软) Chosen by 3% of all respondents 5. LVMH Chosen by 3% of all respondents
  • 30. © 2022 daxue consulting ALL RIGHTS RESERVED dx@daxueconsulting.com +86 (21) 5386 0380 We guide businesses to holistic growth in China and beyond
  • 31. © 2022 daxue consulting ALL RIGHTS RESERVED Our services & methodologies A few of our many methods which make up our four pillars of services to guide brands to growth in China 31 BRANDING Brand Naming Co-Branding Strategy Brand creation MARKETING CONSULTING Consumer persona definition Brand messaging strategy Brand (re)positioning Scaling-up Plan Marketing expenses optimization MANAGEMENT CONSULTING Sales playbook MARKET RESEARCH Concept dev. & testing Brand awareness & sentiment analysis Sensory Research Brand book development Market Sizing Market Entry Strategy Open innovation
  • 32. © 2022 daxue consulting ALL RIGHTS RESERVED 400+ clients for the past 10 years Examples of references
  • 33. © 2022 daxue consulting ALL RIGHTS RESERVED https://www.linkedin.com/company/daxue-consulting https://daxueconsulting.com/newsletter/ WeChat LinkedIn Newsletter STAY UPDATED ON CHINA MARKET INSIGHTS @daxue_consulting_china Instagram https://daxueconsulting.com/press-enquiries/ Press release