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Edition 5 l 11th April 2022 |
“If you want to go fast, go alone.
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Google, Microsoft, Adobe, HubSpot, Shopify – all of these companies have one thing in common – a robust partner program. Most large tech companies have mature partner programs that look to co-market and co-sell with partners. Your product and cloud partners can help you build over their platforms and create allied products. Your service partners could take care of implementations for you. The aim is to get to a stage where the sales machine of your partner positions your solutions to their customer base and vice-versa. Try to identify corporates with products and sales models that complement your own. Your offering should be packaged such that it’s useful to your partner’s customers while also generating sizable revenues for your partner. |
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Another step you can take is to partner with start-up incubators and accelerators. Incubators engage with early-stage companies and are open to a wider engagement – beyond just sales. They offer everything from software and services to mentoring, PR, and investor or customer connections. In return, most corporate incubators expect very little since their goal is often to build a community presence and encourage the adoption of their products. However, it’s also important to note that corporate accelerator selections can be a bit demanding with the hundreds of other start-ups in competition. Even if you don’t make it through, it’s time well spent. It isn’t uncommon to find start-ups hopping from one accelerator to the next, gleaning the benefits of their programs. |
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One of the things corporates love most about start-ups is the aim for scale. You’ll stand out to them only if you have lofty aspirations and realistic plans to achieve them. So, if you are in talks with any corporate, make sure you convey your strategies for scaling the business. |
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What makes a start-up stand out? Innovation! The ability to come up with creative solutions where no one else has. Corporate leaders see the need to innovate, and that’s where your start-up comes in. For corporates, start-ups are a great place to outsource innovation. The hope is that the start-up’s innovation could seed internal R&D or even merge into the business later. |
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For corporates, start-up engagements are potential future investment/acquisition targets. As Indian corporates embrace the changing start-up scene in the country, they have also launched their venture arms. Some Indian corporates have even signed up as limited partners (LPs) with prominent venture capital funds. |
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And finally, though not at all the least – Marketing and PR. One of the biggest benefits of partnering with corporates is getting access to well-established PR agencies and networks. It’s a win-win situation where you get to share your start-up’s story and package it in a way that even the corporate is benefited. With the right framing and storytelling, you are looking at an excellent partnership ahead of you. |
KEY POINTS TO REMEMBER: |
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STRAIGHT FROM AN EXPERT |
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PORTFOLIO HIGHLIGHTS |
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