Life as a start-up founder can be tough, especially when it comes to gaining credibility and influential contacts in your industry. I’ve discovered that the best way of gaining both is through a partnership.
Adepto is an Australian company, born in Brisbane, and in many ways, our technology is ahead of the market. To grow the company globally, I needed to gain contacts across the world. Unfortunately, in Australia, I found that there weren’t many opportunities to rapidly scale and grow Adepto with the global brands who need it.
Why partnerships are important
That’s why partnerships are so important to Adepto. It offers a way for a smaller business to team up with larger, related (but not competitor) organisations to leverage their distribution and scale. For example, Adepto recently partnered with UK-based managed services company Capita PLC. It’s a vital step in growing our European presence and it was critical that Adepto partnered with a services-based organisation so that they could expand our thinking and provide unique insights into Adepto’s product. In other words, partnerships can offer a different perspective on your product and market – plus they can promote your company to their own customers.
How to partner with global businesses
As for the practical steps in securing a partnership, I’d advise that you first consider your market. Look for large companies that have contacts within your target market so that they can provide your product in their own offering. Your partner needs to be a globally recognised brand, ideally with thousands of customers. Access to funding and finance is also vital.
Finally, I’d advise that you look for a partnership where the CEO is 100% on-board and endorses your product. They need to be interested in the longterm success of your company. With Capita, I didn’t want to deal with a small team within a big business. We needed board-level support and that’s why our partnership works so well. Without senior stakeholders engaged with a company, you’re missing opportunities to access the perspectives of senior executives, their networks and influence. Especially if your product is aimed at the C-Suite.
A great opportunity
Partnerships are a great opportunity for any business looking for longterm, worldwide growth. Choose them wisely, as the right partnership can work wonders for your company and partner. Make sure that they are a good fit for your business, your growth plans and target market. If they don’t line up with your goals then they won’t provide value to your company.
By: Chris Milligan, CEO & Founder
(Republished with permissions by Inside Small Business)