Mastering the Art of Partnering: A Roadmap for Startup Success

By Dennis Ford, Founder and CEO of Life Science Nation, Creator of the RESI Conference Series

In the competitive entrepreneurship landscape, startups often need help distinguishing themselves from the competition; they are in a race to stand out amongst the sea of meeting requests the partners receive. Investors and licensing partners continuously lament the need for startups to develop concise, cogent, and compelling messaging that nets out their value proposition and sheds some light on the team and technology.

The problem lies in the cookie-cutter, problem-solution, market-oriented pitch decks that often fail to convey a strong personal narrative and compelling story. A startup must realize it is essentially a numbers game when they embark on a global partnering initiative. They must engage in dialogue with hundreds of potential partners to find the few that will participate in the round.  To start the dialogue, you need to secure a constant flow of meetings with partners who fit your stage of development and product. Therein lies the rub, how does a startup generate a pipeline of meetings with the right players?

Crafting a Compelling Story

Startup founders must recognize that potential investors and licensing partners invest in people before they invest in products or services. Startups must recognize the immense importance of weaving a compelling story that captivates the hearts and minds of potential partners. They should build a strong personal narrative highlighting their passion and vision. This narrative should highlight the founder’s journey, the team’s expertise, and the milestones achieved, backed by validated data. A strong personal narrative resonates with investors and partners, setting the foundation for a meaningful relationship.

Knowing Your Target Audience

In the dynamic world of entrepreneurship, understanding the target audience is key to crafting an effective brand message. Entrepreneurs must identify the ten categories of investors and licensing partners that align with their stage of development and product. Tailoring the pitch and messaging to cater to potential partners’ specific needs and interests significantly increases the chances of securing valuable meetings and partnerships. A concise tagline and compelling elevator pitch enable investors to assess the startup’s value proposition swiftly, paving the way for further engagement.

Making it Easy to Say Yes

A key principle of business development is making it easy for potential partners to say yes to a meeting. Startups should proactively present the “value add” of their founder, team, and technology. Anticipating and addressing potential partner needs and concerns demonstrates professionalism and builds trust. By providing researched, relevant information, startups improve their chances of moving forward in the partnering process.

Embrace the Global Arena

Founders must recognize that staying in their geographic regions limits the number of opportunities, thus hindering the number of partners to engage with. Breaking free from geographic limitations opens the startup to wider opportunities. Expanding globally requires a strategic game plan and sufficient resources to execute a global campaign and roadshow. Adopting and understanding rudimentary sales and marketing tactics, such as identifying potential partners and establishing a meeting pipeline, is essential to achieving success on an international scale.

Patience and Persistence

Partnering is a journey that demands both patience and persistence. The partnering process is not an overnight success story. It often takes between 9 to 18 months to establish successful partnerships. Startup teams should be prepared for the ebb and flow of partner meetings while maintaining an ongoing pipeline. A dedicated staff member focused on scheduling meetings with potential partners and utilizing a Customer Relationship Management (CRM) system to track and manage the target list can help keep the process on track. LSN has just announced a Global Campaign Management product integrating the LSN partnering database with the Salesforce CRM.

Mastering the art of partnering is a critical aspect of startup success. Entrepreneurs can significantly enhance their chances of securing essential partnerships by developing a compelling storyline, understanding their target audience, expanding from regional to global, and dedicating resources to meeting engagement. Above all, patience and persistence are vital traits needed to navigate a successful global partnering campaign.