How to Build a Successful Partnership Between a Start-up and a Corporate?

1. How to Build a Successful Partnership Between a Start-up and a Corporate? Before understanding the ways to build a successful partnership between a start-up and a corporate, let’s understand why corporates and start-ups need each other. After corporates reach a stage of maturity, they tend to become more reactive in their approach rather than proactive. The addressed market also becomes saturated as consumers get jaded and later end up trying out new products and services in their quest for novelty. So, if companies need to survive and perform well in the market, they must find newer markets for them to grow and generate more revenue. For this, corporates should always have their eyes and ears on what’s happening in the start-up world. On the other hand, start-ups are more focused on innovation and look forward to collaborating with corporates to get access to bigger deals, lower customer acquisition costs, build a reputation, and gain exposure to bigger markets. However, not all partnerships lead to the desired outcomes. Here are a few ways to build a successful partnership between a start-up and a corporate. Ways to build a successful partnership between a start-up and a corporate 1. Define your goals clearly 2. Knowledge of strength and weakness 3. Choosing the right partner Define your Goals Clearly This is the most important aspect of planning a successful partnership. However, very few corporates define their goals clearly to their start-up partners. Most of the corporates end up in a partnership without establishing what exactly they want to do and what they expect. So, before a corporate get in touch with a start-up, they should understand the start-up’s potential and the ability to handle the scale of the given project or engagement. Thereafter, corporates must define a clear objective that they want to achieve from the engagement. Identify the strength and weakness of the start-up Before a corporate chooses a start-up for collaboration, it is important to identify its strengths and weaknesses. This helps in maintaining a long-term relationship and make things more transparent.

2. Choosing the right partner This is the most important factor to consider. Corporates should be able to find the right start-up for a partnership so that they can grow their business in a meaningful way. Corporates must look at and assess the plethora of start-ups that are available out there and then choose the right one that will fit the company’s vision and long-term business strategy. Corporates hence need to be constantly looking for the innovation happening in the start-up space and be proactive in tapping into the opportunities by forming effective partnerships.