MAPFRE uses FounderNest to automate innovation scouting & get ahead of the competition

Company

MAPFRE, a global insurance leader founded in 1933, is renowned for its stability and constant innovation. As the benchmark insurer in Spain and a major player worldwide, staying ahead of the curve is paramount. This is why they established MAPFRE Open Innovation (MOi), a dedicated team tasked with driving breakthroughs and solidifying their position as a global innovation leader.

Challenge

🌊 A never-ending stream of startups

Leading MOi's scouting efforts is Carlos Cendra. Over the past few years, Carlos and his team have meticulously evaluated a staggering 2,500+ startups, integrating nearly 40 into fast-track programs. This relentless pursuit of top-tier partnerships fueled MAPFRE's innovation engine. However, a new obstacle emerged: the ever-growing number of competitors and startups vying for attention.

The MOi team faced a time crunch. Dedicating 10+ hours per week to research new markets and companies often left them juggling multiple scouting requests simultaneously. Existing tools, while useful for analyzing known startups, lacked the power to comprehensively map markets and unearth hidden gems.

Keyword searches and traditional databases yielded overwhelming results – often inaccurate and irrelevant, leading to frustration and a growing fear of missing out on crucial opportunities. Identifying the perfect company for a specific business need, especially in niche areas, remained a daunting task.

“Manually researching unfamiliar industries is incredibly time-consuming
—the error rate is simply too high.”

Solution

🔓 An AI-powered scouting revolution

Enter FounderNest, a game-changer for MAPFRE's scouting endeavors. As Carlos and his team interact with FounderNest, the AI engine learns their preferences, evolving into a personalized scout. This intelligent assistant tirelessly explores all relevant topics, no matter how broad or specific, utilizing advanced algorithms to scan millions of credible sources. FounderNest eliminates the time-consuming context switching that often plagues manual research.

Here's how it empowers MAPFRE's Open Innovation team:

• Comprehensively map markets: FounderNest's platform uses AI to analyze vast amounts of data and map entire markets, uncovering hidden gems that traditional methods might miss.
• Personalize company discovery: The platform learns from user preferences and refines searches to identify the most relevant startups for specific needs.
• Time-saving automation: FounderNest automates the scouting process, freeing up human experts to focus on analysis and relationship building.

“The beauty of FounderNest is that it understands my search intent and identifies all the relevant startups we need.”

Results

⌛ Time saved, innovation amplified

With FounderNest, Carlos and his team can now focus on what truly matters – fostering innovation and securing partnerships with the most promising startups. The initial trial period proved to be a turning point, providing the clarity and confidence they needed to embark on a long-term partnership with FounderNest. This powerful alliance ensures MAPFRE remains an innovation leader in a competitive landscape.

Since adopting FounderNest, MAPFRE's team has witnessed a dramatic shift:

• Increased productivity: By reducing manual research time across databases and legacy platforms, FounderNest allows MAPFRE's team to dedicate more time to core tasks like partnership development.
• Improved decision-making: Faster access to a wider range of relevant data allows MAPFRE to make more informed decisions about potential partnerships.
• Maintained competitive edge: FounderNest helps MAPFRE stay ahead of the curve by ensuring they discover promising new startups before competitors.

“FounderNest gives me 10x the market intelligence power I had before.
I can now research 100 spaces in minutes.”