With traditional funding sources such as venture capital and hedge funds reportedly on the wane, startups have never been more likely to be the acquisition target of brands operating in more traditional industry verticals, as they seek to transition with the times, and consumers’ lifestyles.
However, while there is not a shadow of a doubt that digital is at the core of the contemporary society, many brands, agencies and media owners are still uncertain over how best to engage, satisfy and maintain audience attention, especially as media consumption becomes fragmented across any number of screens.
Hence the eagerness to seek the assistance of relatively minor outfits, many of whom provide them with the agility and fresh thinking their established methods of working cannot afford.
The Advertising Club of New York sought to interrogate the thoughts of leading members from each of these sectors by hosting a Shark Tank-style event. Taking place earlier this week, the event – dubbed AdThink – saw representatives of startup outfits AdBrain, Clinch, Crowdly and Social Rank present their vision(s) in five-minute slots with senior executives from brands and the agency sector all on hand to interrogate.