Interested in an industry partnership for your emerging tech company? Before you start your next conversation, read on for tips about how to approach an industry partnership.
Understand who manages industry partnerships on the industry side
Most often, startups work with technology scouts to forge a partnership.
Technology scouts are the drivers of open innovation for their companies. Many companies seek to increase R&D productivity, and tech scouts help them do so by building relationships outside the company.
A tech scout may have a straightforward title like “Corporate Technology Scout” or something less straightforward like “Director of Corporate Research.” At some firms, a technology scout may have another role as well, dividing their time between business development and tech scouting, or tech scouting and internal R&D.
For smaller enterprise, open innovation may be entirely new, and the title “tech scout” may not be used at all.
Decide what you need from a partnership
For an industry partnership to really pay off, it needs to work for both sides. The first step is deciding what you need from a partner.
First, you need to work out the broad areas of your development plan and what type of partnership can help you achieve your goals. Joint development, contract manufacturing, and licensing are some common partnership types, though each partnership is unique. (Learn more about partnership types and the technology scouting process).
Next, draft out your development tasks. Do you need to do more testing? Get your technology into a product? Produce a product at scale? Industry tech scouts want to know what goals they can help you achieve with resources like equipment, consultants, or a lease. Remember to think about intangibles that you need for growth, not just physical equipment or services. These include customer relationships, regulatory knowledge, scale-up insights and so forth.
Learn about what potential industry partnerships can offer
You don’t want to put in time and effort courting a partner who doesn’t have the right resources to offer.
Many startups can produce a long list of potential industry partners in twenty minutes. The trick is to reach out in the right way – by focusing on companies that are a match for your specific needs.
Many companies have open innovation pages on their websites. Companies that are interested in partnering with startups are usually open about their areas of interests, target markets, and key innovation resources. If you don’t want to go from site to site all day, you can also log into seedsprint to see all these resources in one place.
Network with potential partners
For more information about how to connect with tech scouts, check out our post on the subject. Ready for a conversation? Make sure you know the right lingo and then search for and message tech scouts on seedsprint that are looking for startup partners.