Episode Details

Andrew Romeo welcomes listeners to the DevReady Podcast for a deep dive into corporate innovation, open innovation strategy, and how startups and enterprises can work together more effectively. In this episode, Andrew is joined by Spiro El Khoury, Head of Growth (Australia) and founding team member at The Bakery, as well as a mentor at Startmate. Spiro shares insights from his journey into the innovation ecosystem, spanning corporate venturing, startup mentorship, and building stronger innovation pathways in Australia.

Spiro reflects on his move from Lebanon to Australia during the COVID period, explaining how unexpected circumstances shaped his career in technology consulting and innovation. From early roles as a business analyst and product owner, he remained closely connected to the fast-moving startup world while helping corporates deliver solutions. He emphasises that the most effective innovation happens when organisations collaborate with external ecosystems, including startups, universities, and research institutions, particularly in complex sectors such as mining, healthcare, and decarbonisation.

The conversation explores The Bakery’s role as a corporate innovation management firm supporting large organisations with sustainable innovation strategies. Spiro explains that innovation must go beyond branding or “innovation theatre” and instead become a structured growth engine delivering measurable outcomes. The Bakery helps corporates strengthen internal innovation teams, engage in Horizon Two and Horizon Three initiatives, and connect with scale-up startups through models such as venture client partnerships. Andrew notes that many corporate innovation efforts lose momentum over time, making execution and long-term commitment essential.

Spiro breaks down the concept of open innovation, where corporates acknowledge that the best ideas and solutions often exist outside their own walls. He shares how global organisations like Procter & Gamble use external partnerships to reduce risk, accelerate R&D, and avoid reinventing proven solutions. The Bakery applies this approach by helping corporates define major challenges, run open innovation programs, and identify the right innovators through structured processes like demo days, while avoiding the common “proof of concept graveyard” where pilots fail to scale.

The episode also offers practical guidance for startups seeking corporate customers, with Spiro stressing the importance of traction, proven value, and understanding enterprise buying cycles. Through his work with Startmate and Launch Club, he mentors founders to acquire early customers and navigate corporate complexity. Spiro also highlights Australia’s opportunity to improve innovation output through better education, stronger frameworks, and community-driven initiatives like the Corporate Innovation Series and the Corporate Innovation Summit, positioning innovation as a long-term strategy for national and business growth.

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