While TEBS solved our initial hiccups with this partnership, we found that Corporate also solve many of their inherent issues especially in
Technical challenges faced in digitisations and automation
Challenges in Agility and execution speed
External consultants who can provide strong technical solutions
This blog is about to share our learning from that partnership which probably can help few new businesses
However it is not a cakewalk to partner with a corporate and here are few tips to start and keep running it healthy
Protect both companies interest
While modifying an existing product(Our old product ) to create a new product (final product) by using domain knowledge and experience from another company (Corporate), it is very common to have a dilemma on who owns the final product.
Discussion/decision on this is very strategic and sensitive. If you try to do it in the very beginning the chances of you get stuck in the initial stage is very certain. Some times in beginning you don’t even know what will be your final product. So rather than think about ownership Try to observe and understand the problems and opportunities.
Many times corporate want a product not for reselling but for their own betterment. While you learn about business problems you will also get to know the decision makers and their vision and goals. Contact them convince them about the benefits of the product. Look for corporates constraints (budget, approval time) and tell them about how you as a start-up can find a solution for them. Sometimes it may be creating product with less profit. You as a visionary should know where you can make profit
If your product is a software try for a SAAS model. Which is a perfect fit in the above scenario. Make sure custom screens and data resides in the corporate control and you can have custom algorithms. Figure out which services you can create proprietary, believe me it is going to help you while growing.
Protect Data and business confidentiality
Make sure that you are aware and respect data privacy and business confidentiality. For a corporate most of the time there will be a problem in sharing data with a start-up company . you need to work on bringing that confidence
You may be working with operation/sales/logistic team however when it come to data privacy and confidentiality it will be monitored and reviewed by it/safety/hseq teams. Make sure that you have strategies to convince them.
Make sure that you sign an NDA from the beginning.
Find a relable service provider which corporates trusts
Fail fast and expect delays
Even though entrepreneurs think that they have solutions for every problems, one thing what we need to realize that we don’t have time for building all that solutions. Even though your are partnering with a biggie It is very important to have a vision about our company and its growth. Believe me, once you build the confidence every manger will have some thing to solve and everything will be urgent. It is all about how politely reject ideas or fail fast not worthy experiments. Make sure you provide logical ,valid reasons why you are not taking it
Define and Share success
While you are working with a team from a different company for building a product, make sure that you know how they define their success and it need not be your success. Helping them to win and makeing them more powerful help you in longrun . As an entrepreneur you should be knowing how to share the credits and make your counterparts succesful