Fireside Chat — Corporate Partnerships and Strategic M&A

The final session explored how startups can position themselves for strategic partnerships or acquisitions. Leaders discussed how corporations evaluate startups, what early actions build credibility, and how founders can maintain alignment through potential M&A opportunities.

Moderated by Toph Day of Elevate Ventures, the fireside chat featured Uchenna Ugeh of Cummins and Mike Foster of Allison Transmission. Both speakers brought corporate development experience from Indiana’s most established advanced manufacturing and technology organizations, giving founders a rare inside look at what makes a company attractive for acquisition.

Session Overview

The conversation began with the reality that acquisition readiness starts well before a buyer shows interest. Ugeh and Foster explained how large corporations monitor startups long before any formal engagement, tracking technology trends, leadership teams, and cultural alignment. “Corporates are always looking for companies that complement their innovation pipelines,” Ugeh shared. “But we need to see traction, discipline, and a clear value proposition before a partnership makes sense.”

Day guided the discussion through what early stage founders can do to prepare for these opportunities. The group emphasized the importance of clarity—knowing your differentiator, documenting your progress, and communicating consistently. Foster noted that credibility comes from transparency: “Corporates are used to diligence. The more you can show your readiness through data, operations, and team alignment, the easier it is for us to envision working together.”

The chat also explored how founders can maintain strategic alignment while growing independently. Both panelists encouraged startups to remain mission driven and not chase acquisitions. “Build something valuable enough that people want to partner with you,” said Ugeh. “Acquisition should be an outcome of strength, not survival.”

Finally, the discussion covered post acquisition dynamics—how startups can prepare culturally and operationally for integration. Foster emphasized that successful acquisitions come down to shared values and communication. “The technology might bring us together,” he said, “but it’s the people who make it work.”

Key Takeaways

• Build visibility early. Corporates monitor promising startups long before formal talks. Maintain consistent communication through events, PR, and milestones.
• Establish operational readiness. Keep financials, IP, and governance clean. It shows you can scale responsibly and survive diligence.
• Understand mutual value. Know how your product or technology fits a corporate’s strategy. Frame collaboration in terms of their growth goals.
• Stay independent while open to partnership. Founders who build strong businesses attract better acquisition opportunities.
• Culture matters. Corporates look for teams that will integrate well, not just technology that works.
• Relationships drive deals. Trust and long term engagement create the foundation for strategic transactions.

Why It Matters

Indiana’s hardtech sector thrives when startups and corporations collaborate. Strategic acquisitions and partnerships inject capital, talent, and global access into local innovation. For founders, this conversation revealed how preparation and professionalism can turn those collaborations into transformative outcomes.

Elevate Ventures plays a key role in bridging that gap, connecting startups with corporate leaders and investors who share their vision for Indiana’s economic future. By helping founders understand what corporates value, Elevate ensures Indiana companies are prepared for both growth and acquisition.

Closing Reflection

The HardTech and Product Workshop ended on a note of collaboration and possibility. With insights from Ugeh, Foster, and Day, founders left with a clearer picture of how to build companies that corporates want to work with—and how to stay true to their mission while doing it. In Indiana, innovation is not only built, it’s built to last.

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