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← Startup Partner Strategies Summary - How to Build a Startup

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Showing Revision 3 created 05/25/2016 by Udacity Robot.

  1. In summary, partnering strategies are great.
  2. But understand you're not a peer of these large companies.
  3. And all the books and literature that talks about partnerships
  4. very rarely addresses startup to large company partnerships.
  5. These are asymmetrical relationships.
  6. And so don't confuse partners that you need early on to address earlyvangelists
  7. with the ones that you might need a year or 2 from now to address mainstream customers.
  8. So remember, if you've been getting out of the building,
  9. you actually found the early passionate customer segments
  10. or people inside those segments that will buy your product
  11. even unfinished or unbuilt or buggy as it is.
  12. Understand what they need now and help them teach you what the mainstream will need later.
  13. And so don't confuse big company partnering with startup strategy.
  14. Find the partners that give you an unfair advantage.
  15. And just keep in mind--and this really requires a bit of cynicism--
  16. that you really don't matter to a large partner.
  17. They matter enormously to you, but I would keep a jaded eye out
  18. and understand what's in it for you to build your company
  19. so that one day you're bigger than them.
  20. One of the other advantages about talking to partners to keep in mind
  21. is this is almost like dating.
  22. While you're out there talking to them, understanding what resources,
  23. what activities they could provide or what supply chain they could fulfill for you,
  24. also understand that some of them might be your potential acquirer someday.
  25. And so even if the relationships don't work out or the deals don't work out,
  26. always be on your best behavior.
  27. Always in fact make them wish, "Boy, this would be a great part of our company,"
  28. because right now you might not want to be acquired,
  29. but someday someone might want to come back when you're bigger
  30. with an offer that you just couldn't refuse,
  31. and you get to buy the house and the car and the airplane at the south of France,
  32. and remember how great you were in those partnership discussions.
  33. So partnerships can be strategic, they could be fun, they could be nerve-racking.
  34. Understand they're an integral part of your business model and business model canvas.
  35. Go out and talk to a ton of them.
  36. And when you do, you'll understand how to use them
  37. to make your startup into a large company.