By Kevin Closson, Nerac Analyst,
Originally Published: June 8th, 2015
It starts one of several ways.
Maybe one morning your lead engineer tells you in a project status meeting that your company’s product is only going to partially solve the customer’s problem. To make it really work requires something additional. Something your company doesn’t do and doesn’t know anything about.
Or maybe you get a call from the director of new product development at a company you’re familiar with from past customer integrations. It seems her lead project manager just informed her that they need what your company does really well.
Or you get a call from your CEO who says he wants to “take the company to the next level” and thinks a strategic partnership of some kind will do it quickly.
No matter where the instigation comes from, strategic partnerships are something business leaders are bound to have to address at some point in their careers. Unfortunately, strategic partnerships are like buying a house – something most of us do only occasionally. So it’s common to feel uneasy treading this unfamiliar ground.
That’s why identifying and evaluating potential strategic partners is so critical. It is the foundation on which everything that comes after in a corporate development transaction rests. Success or failure depends on selecting the right partner.
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