Friday, March 29, 2024

5 Key Tips To Startup Partnerships With Big Companies

There are quite a number of startups especially here in Nairobi seeking to partner with large established companies in the country. However, most of them are not quite aware of appropriate means to make this happen. The following tips will be helping for startup-preneurs seeking to partner with bigger companies:

  1. Demonstrate your value.To join forces with a major technology player, you must demonstrate how your product or service will help them gain more customers and revenue, enhance a current solution or device, etc.
  2. Be flexible.Larger companies often have a robust infrastructure of approval points and displaced ownership of key decision-making. It is important to be flexible. Identify how to effectively work within the organizational structure of the larger partner, rather than asking them to bend their rules to work with you. Develop multiple layers of contact in their organization. Know that initiatives will not be developed and executed overnight, and it will take time to reach goals you have set for the partnership. The key is to be patient.

3. Be patient.  Big business moves slowly. Things take time. We have seen deals take from three to 18 months to happen. We have seen startups quit just before the finish line. Be patient. Keep going. Closing a large corporate deal can change the game.

4. Jump through the hoops. Finance, procurement, executive signoff, board decisions, agreements, risk, legal – there will be lots of administration. Get your house in order and jump through the administration hoops. Expect a lot of paperwork. This is just a ticket to the game.

5. Develop relationships. I am always surprised at the amount of change happening in large organizations. People leave, roles change and organizations get restructured. We have seen deals die when a point of contact leaves or changes roles. If there is a real opportunity take the time to develop multiple relationships to ensure people moving doesn’t don’t kill the deal.

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