2. Why does Avnet work with early-stage startups?
3. What are the biggest trends you see in IIoT over the next 5-10 years?
4. What are Avnet's innovation priorities as an organization?
It's probably similar to pretty much any other organization out there, or at least the more established ones. Every organization is looking for growth. So one piece of it is growth by finding and helping these disruptive companies and then becoming part a part of them, becoming their partners, helping them grow. Then we grow with them as well.
That's a challenge because a lot of companies, their strategy is go find startups. Well, you can't just find startups. You have to find the right startups because 99 out of 100 startups fail. Maybe more than that even. Even the ones that succeed, sometimes it takes years and years and years. So that's why what we're doing with mHUB, we're filling in those gaps. We increase the chance it succeeds and we speed it up and shorten the amount of time it takes for them to succeed because if they don't have to go do all these other things that Avnet's already an expert at, it reduces the risk and makes everything much faster.
5. How does mHUB Accelerated Incubation, and accelerators in general, align with Avnet's innovation strategy?
HUB helps connect us with some pretty amazing startups. That's important because like I mentioned, since a lot of them fail, you can't spend all your resources on every single startup and even every single company. So you got to at least pick and choose.
mHUB also has many complimentary pieces to what Avnet has to make these startups successful. So it's about filling in gaps. mHUB can do that; whether it's providing some financial support at the beginning or even mentorships, and then allowing the office space and some of the mechanical equipment and so forth. It fills in gaps. Then I think with Avnet filling other gaps, it's a pretty powerful solution and really powerful partnerships for these startups, because again, it mitigates the risk and it allows the startups to truly just focus on their core competence.