Last night we held the next seminar in our free 'Start-up Clinic Series.' The topic focused on partnerships and business development and why we need to pay a lot more attention to who we align ourselves with, early in the game. Presenter Doug Levin (@dalev on Twitter), the Co-Founder/Principal, Precipice Consulting Services -- again provided some solid information and great insights into a process that is daunting for many.
Given how many great business ideas I've heard over the years (and there's been a lot), and how few businesses came out of them -- I thought there might be a few key tips I glean from this event from which you might find value. So, here they are:
- Business development is like a marriage
- Partnerships/biz dev have similar components that make or break the relationship
- The agreement is just the beginning, making it great is the challenge.
- There are three types of partnerships: strategic, creative/visionary, and tactical/standard.
- The number one problem for partnerships is insufficient funds, a singular partnership can make or break you
- Goals of the partnership have to be realistic, stage dependent, mutually appropriate & based on specific needs among others