In today’s world, small businesses are increasing rapidly with new products and ideas being released to customers; some of those idea work and others simply die out. If you are in the process of lunching your own product and want to insure greatness, there is an easy way for you to do so; simply partner up with a local big company that has experience and capabilities that you have still not acquired. There are many benefits for this sort of partnership that would be positive to both parties. Here is how this would work.
Entrepreneur Julie Hall – owner of Women Unlimited (a resource for women in business) says: "Having a partnership or a business relationship with a larger company gives you credibility. It is an immediate tick in the box under the trust factor. Being able to put the British Library badge on my site was great, it gave us a level of trust in the marketplace that wouldn't have existed anywhere else," she explains. To add to this a new study on start-up/corporate collaboration from ‘Mass Challenge and Imagination’ shows that not only are corporates more eager to work with start-ups, 23% see it as “mission critical” and 82% said it is at least “somewhat important.” Most importantly 67% of those responded that they wanted to work with earlier stage start-ups.
Even consumer brands like Campbell’s Soup and PepsiCo are embracing developer entrepreneurs, with programs like “Hack the Kitchen” and the PepsiCo10 incubator program.
How would this all work you might ask, well for starting this sort of partnership has many benefits to both parties on many different levels. It would be of less cost to both companies, there is an increase in the chance of the product being sold at higher rates and more popularly; don’t forget the fact that you are joining in the efforts, experience, and capabilities of two companies to work as one.
Instead of starting the business on your own from scratch, head out to a bigger company and define what you want from this partnership; define the weaknesses your company has and look for this aspect in a bigger company that has your weakness as a strength. Know what each of you bring to the table; divide the work to be done, let the company you are parenting up with provide you with the technicalities, digitals, and designs while you provide the contacts, the sales, and the products. You can divide the work accordingly. The most important thing of all is that you have to be patient; this kind of work takes time to be completed, though no matter how much time it would take it would still be done in less time than if you were doing it by yourself.
The whole point of this partnership is that you do not have to do all the job on your own, getting help from another company might be the answer for your development.