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Effective partnerships drive innovation

What makes a great partnership?

The business world today is in a state of flux. New companies enter the ecosystem every day, bringing with them new technologies and business models, any one of which could transform an entire industry from the ground up. Most companies want to use this current of change to drive innovation. But the magic bullet is elusive as ever — the question is how best to drive innovation. For many, acquisition seems the only path to take through these disruptive forces of change. But I’d argue there is a different and more flexible way forward: PARTNERSHIP…

…True partnerships depend on trust and faith, not just carefully worded contracts. You and your partner will be engaging with each other at a deeper level than a simple vendor/customer relationship, and that means you won’t just share goals and objectives but common values, too. Don’t hold back that deeper bond with too much red tape. As a 2016 Imaginatik/MassChallenge report on the state of startup/corporate collaboration puts it: “Lengthy up-front negotiations over IP concerns, access to talent, and expected time commitments may protect against exposure, but almost always lead to gridlock and failure.” Though it is important to define the terms of the relationship up front, a great partnership shouldn’t be micromanaged. Mutual understanding and trust should be your guide.

September 18, 2017

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