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Management consulting giant Kearney has bought Silicon Foundry, a “connections” firm that helps big companies build relationships with tech startups.
Technology plays an increasingly important role in large companies’ business operations. Consequently, many large companies actively invest in building relationships with startups that can support their technology goals.
A corporation can hire Silicon Foundry to make that connection building process smoother for its executives. The San Francisco-based firm offers its clients several types of assistance.
If a company is building, say, an AI cloud application product but doesn’t have the necessary AI algorithms or talent, it might decide to buy a machine learning startup that does. In such a situation, the company could hire Silicon Foundry to find a startup that meets the bill.
There are situations where a company may not wish to buy a tech firm but simply partner with one. Silicon Foundry can help in that area as well: it could, for instance, craft a technology co-development deal between an airline and a startup with software that can reduce plane maintenance costs.
Lastly, Silicon Foundry helps companies find opportunities invest in Silicon Valley startups.
The firm built up quite the client roster before its acquisition by Kearney. Silicon Foundry’s business network includes the likes of UPS, SK hynix and Southwest Airlines.
Kearney wants to expand Silicon Foundry’s business operations after absorbing the firm into its corporate structure. The plan is to expand the firm’s operations into new countries and new industries, as well as support its efforts to launch additional consulting services.