Walmart is Outsourcing to Startups for Innovation and Inspiration

When you think of startups, it’s unlikely that you think of Walmart. In fact, Walmart has landed the title of the world’s largest retailer, and for good reason with over 11,500 locations worldwide. Yet, this major retailer is looking outside the box for help and wants startups to develop products so that customers’ next shopping experience is a success.

Walmart’s Lab 415-C, the company’s technology division, is hosting an open call in Bentonville Arkansas. The top executives of Walmart will allow 250 startups to apply and of those, 25, will be selected to pitch their ideas to Walmart’s top executives. The finalists will be invited to develop their technology and sell their products. It’s a great opportunity for startups to get a head start in developing and selling their products with the help of a major retailer, like Walmart.

Other companies are outsourcing to startups for innovation as well. Target recently developed its entrepreneur in residence program, which calls on startups to design products for shoppers so their overall shopping experience is enjoyable. Over 90% of retail sales will be made in physical stores by North American shoppers. With most purchases still happening in-store, it’s no surprise that retailers want to make your next visit as pleasing as possible. In fact, both Walmart and Target have opened up offices in Silicon Valley in order to be at the forefront of innovation and inspiration.

Do you think your startup has the potential to strike a deal with major retailers like Walmart? Tweet @StarterNoise using #startup2success to let us know!

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