5 Steps to Forming an Effective Startup Partnership
We have compiled a small guide that will help you get trusted startup partners for your project.
Step 1: Define a list of potential partners
Think about who you would like to see as your partner. In this situation, you will have to proceed not only from the available human resources but also from the list of responsibilities that you are ready to take on, and which of them to delegate to another person. Based on these conclusions, you will be able to understand whether it makes sense to look for a partner among your former colleagues or acquaintances or to entrust this complex and responsible task to one of the third-party experts (they can be found, for example, in a startups directory) who will have the necessary knowledge, vision, and experience, which together will be able to ensure the viability of your startup.
Step 2: Present your business idea
Once you have prepared a list of partnership candidates, you will need to pitch your idea to them in as simple a way as possible (that is, without any technical jargon). This is especially important for those projects in which a partner is not looking for a technical expert, but a person who is ready to cope with all the hardships of promoting a business to the market. To help you with this, you can create a digital presentation of the project, develop its business plan, and demonstrate them to potential startup partners.
Step 3: Ensure the transparency of your collaboration
To eliminate any pitfalls during your cooperation, you will have to discuss with your partner at the very beginning of your journey the list of responsibilities and the distribution of shares (and, accordingly, potential losses and expenses) that you will encounter in the process of implementing your project. Perhaps it is at this step that you filter out those who will not accept your terms of cooperation.
Step 4: Discuss project perspectives
You will also need to discuss the prospects for the development of your startup: directions for turning a minimum viable product into a full-fledged one, opportunities for its development and optimization, plans for reaching new markets, etc. Finding out all these details will determine for your partner your personal vision of your startup partnership activity years later after the successful launch of the first version of the product.
Step 5: Make your partnership official
Finally, after you have found the ideal candidate for the role of your startup partner, you will need to sign a startup partnerships agreement, which will describe not only the distribution of roles and shares of the project but also the procedure that each of the partners will have to take in unforeseen situations. Thus, you will get the maximum of available startup benefits and reduce all possible business risks.
As you can see, on the way to entering into a trusting relationship with your startup partner, you will have to face some challenges, which, however, should not brake down your trust in the project. If you want to save yourself from all these troubles, feel free to contact us, and we will provide you with all the available expertise for the benefit of your program startup.