Throughout my career, and especially over the last two decades running Emergent Technologies, I have learned a few things about partner selection. During this time, my team and I have developed a partnering model through numerous deals (some winners and some not) with large pharmaceutical companies, start-ups, universities, and entrepreneurs. Successful partnering played a key part in helping us get important technological discoveries commercialized — and without good partners, Emergent wouldn’t be where it is today – 25 years strong. I’ve learned many things through experience – sometimes the hard way.
Always follow your gut. If something doesn’t feel right, it probably isn’t. If you question the honesty and integrity of the person or company you are considering working with, think of it as a red flag. Realize that these represent fundamental flaws that will probably not change and will ultimately cause the partnership to fall apart, or worse, to blow-up in your face.
Be selective. Similar to my first rule, don’t think you have to pursue every potential partnership that comes your way. Do you have a champion within the organization who understands and believes in your technology, product or service? Does this potential partner company have the resources and talent to take your offering to the next level? Remember, this relationship could last for months or even years, so choose your partners wisely.
Call for some skin in the game. It’s tempting to give a potential partner “something for nothing” with the thought that this will turn into some kind of paying deal in the future. In my experience, this does not work. If a potential partner is serious about working with you, this company or person will harbor no qualms about making an investment (whether monetary, in-kind, or other) and taking some risk. If not, it may mean you’ll have an uphill battle as you try to develop a mutually beneficial deal because you have, in effect, devalued your technology, product, or service by giving it away.
Give each potential project its due diligence. Look closely at the other partnerships and the types of deals this person or organization has accepted and completed previously. Learn as much as you can about the problem that your partnership will solve and fully understand what your technology, product or service can do to help. Knowing as much as you can about your partner and his or her needs on the front end will increase your credibility and heighten the odds of securing a deal that will ultimately bring success to all involved.
At Emergent, we have been extremely fortunate to work with many great partners. If you have a groundbreaking idea or need to develop a technology that solves a major problem, we would love to hear from you. Whether you want to explore a new partnership or develop a new or improved product; what do YOU want to build today?
– See more at: https://emergenttechnologies.com/blog/the-abcs-and-d-of-selecting-the-right-partner#sthash.XpU6KwFr.dpuf