Securing partnerships should represent a priority for startups aspiring to rapid growth because it can help them improve the quality of their products or services, enjoy greater business visibility, modernize operations, increase sales and consequently, profits. The search for the right partner should start in the first year of existence as a company. Overlooking this aspect is like voluntarily impeding your startup from achieving ultimate success and driving big revenue. The most renowned partnerships refer to Uber and Google, Yahoo and Netscape but also Microsoft and IBM.
Thus, the following question inevitably arises: how did those startups manage to captivate the interest of mega-operators? What do you need to do in order to ensure a productive collaboration with a corporation?
Well, before taking any action you have to find the most suitable partner for your startup. Feel free to create a list containing unique attributes brought by each potential partner to the table. You do not necessarily need to focus on established brands but also businesses that managed to earn the respect of numerous entrepreneurs.
Step 1: identifying the strengths and weaknesses of the startup and corporation
Obviously, apart from acknowledging the benefits brought by every potential partner, you also have to consider the strengths and weaknesses of your business. There might be something dragging your business down, you just probably have not discovered it yet. Generally, the strengths of a startup include less process, dynamic talents, flexibility and freedom of movement. In what concerns weaknesses, these refer to the lack of financial history, fragility, higher risk and struggle to build a reputation. On the other hand, the strengths of a corporation refer to larger influence and bigger history, established reputation and less threat. When it comes to weaknesses, these involve political games, lots of meetings, the lack of agility and shared ideas.
Step 2: ensuring fast communication and smooth data exchange
Once you build a partnership you have to use it for eliminating bottlenecks and establishing a risk mitigation strategy, which represents a vital component of organizational survival. Another vital aspect that you should not overlook refers to Partner Data Exchange Manager, which can help you make the process fast and smooth. Your partner must be able to connect with your cloud without any problem in order to promote communication and data exchange. Remember, finding a suitable corporation for a long-term collaboration is important, but you have to know how to nourish that partnership.
Step 3: making sure that both sides share the same goals
Returning to the main steps that you need to take in order to make such a collaboration possible, you have to write down your goals that you can achieve due to the corporate-startup partnership and determine what you can offer in return. Speaking of goals, after contacting the respective corporation, you have to find out if your objectives match. Otherwise, this seemingly productive collaboration might alienate you and your team from the core values of your business. Even more, the partnership will prove to be a big failure. When it comes to your resources, there is no point in trying to hide the truth.