Early Access Partners
I call this early access partners to stress that you need to focus on partnerships that will build coverage/access to the market, in contrast to other partnerships like technology licensing, product development, etc.
I find the act of building partner relations one of the toughest for an early stage company. We all want the big brand top guns as our partners, but the reality is that these large organizations often take the longest to secure (and they’re looking for stability and credibility in their partners). Worse, very often one person in these large organizations (without the authority) will encourage us to spend time pursuing them as allies which can be a huge time guzzler for us.
I’d rather opt for partners who are a little bigger than I am and hungry to build momentum. These guys may see you as a nice complement to offer their customers or a way to extend their product in to a new segment. Put yourself in your partner’s shoes and ask “what’s in it for them”. It’s got to be compelling.
You need partners who are nimble and driven to execute. You need traction to build value. And you also only need a few key partners vs. a laundry list. I often see startups put up a laundry list of logos on their slides titled “Partners/Alliances”, but when you scratch below the surface, there’s nothing there. Value comes from more than a logo.
Best to have a few key partners that you are truly developing business with and that you can showcase a deep business relationship brewing. This is VALUE.
Remember too that partners like customers take work to develop. So you need to think carefully about which early access partners give you the best ROI. I have a due diligence checklist I’ve developed to assess prospective partners that I’m happy to share with you (just pop me an email).
Hope some of these ideas help you cultivate your own winning partnerships!
Happy Trails!
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