What should be the search for corporate partners for startups
The process of finding investments for any project is quite a difficult task. At the same time, one of the most viable models for startups is corporate collaboration. Below we will talk about how to find corporate startup partners who will help you realize your business idea.
The Three Most Effective Ways to Search
Are you a business partner finder? Let’s find out where your potential corporate mentors might be and how to establish mutually beneficial business relationships with them.
1. Conferences, forums, and business communities in social networks
This is an inexhaustible source for finding partners and investments. Industry conferences, business forums, and local business organizations can be your gold mine. Indeed, among the people involved in similar projects, it is much more likely to find a companion.
Access business groups on LinkedIn and Facebook, and search for suitable candidates on Twitter – you never know where to find the right person.
2. Register on online services to find business partners
To find a business partner with real experience, check out StartupWeekend, StartupAgents, and CoFoundersLab. There you will be able to communicate with people who have already gone through all the stages of the formation and development of their own business or are just passing through, like you. Communication in business blogs will also be useful – entrepreneurs are frequent guests there. In addition, by participating in discussions, you can learn something useful for yourself, and even notice a co-founder.
3. IT marathons
It is one of the best places for those who are looking for business partners. So-called “hackathons” are organized around the world, in which the most ambitious and talented IT workers take part. Such events attract a large number of participants who love and want to do business. In addition to specialists, you can find company owners with an established business model who will gladly take your project under their wing.
How to Ensure Mutually Beneficial Cooperation?
An honest and reliable corporate partnership is always based on a contract. In particular, such aspects should be indicated in it.
- Area of responsibility for each of the parties. Typically, responsibilities in corporate partnerships are distributed in direct proportion to the expertise of each of the startup partners: startup owners are responsible for their technical implementation, and corporate mentors are responsible for developing an effective business model and managing financial risks.
- Distribution of shares from profit. Due to the fact that usually, the owners of startups have less financial and other material resources to implement their business ideas, they rely on the fact that the responsibility for these aspects will lie on the shoulders of their partner corporation. Therefore, the percentage value of the profit of those who are looking for business partnership is often less.
- Responsibility for risks and losses. This component of the agreement describes the legal behavior of each of the parties to the partnership in the event of losses and exposure to possible risks.
- Responsibility of each of the parties in case of failure to comply with the terms of the contract. Despite the positive intentions of this cooperation at the beginning of your joint journey, at some point one of the parties may not fulfill the terms of cooperation. Your contract should include provisions that describe the further behavior of the “injured” party.
- Behavior scenarios for each of the parties in case of force majeure situations. In addition to unauthorized non-fulfillment of obligations, any of the parties may face insurmountable external situations that will prevent further cooperation. Your contract should describe the best scenario for overcoming these troubles.
A corporate partnership has a lot of benefits for startup owners from getting a source of investment to private business information that helps develop a sustainable business model. On the other hand, you, as the startup looking for partners, will have less flexibility in choosing the course of development for your project. Therefore, if you have a clear business vision and are just looking for a team of specialists who would be ready to take on the technical aspects of your project, feel free to contact us https://www.visual-craft.com/ . We have extensive experience in developing startup consulting, so we are sure that we will bring significant benefits to you.