09 COLLABORATION TIPS FOR STARTUPS 1 Research the company 2 Understand the and where they are in corporate’s objectives. their innovation cycle. Are they looking to invest Is this the first time or acquire in the future they have worked with or are they just looking a startup? If so, be for a new solution?? prepared for things to go slow. Understand the Be aware know who 3 company structure. 4 you’re talking to and Where does the budget understand their come from for the procurement policy. partnership? Who does that department report to? Recognise your stage 6 Ensure your objectives 5 and get involved in the are aligned and your right programme to solution / product solves support through your a genuine problem for development. the corporate. Don’t skip on legal Don’t expect to get 7 support. Lawyers may 8 paid - at least at first. be expensive but when Most initial corporate it comes to corporate partnerships are for partnership negotiations pilots and PoCs that and legals it’s worth won’t lead to immediate getting a good one. revenues. 9 Be realistic. Even 10 Look at the bigger the most innovative picture. Lots of corporates will work corporates look to make at a slower pace than exclusive relationships a startup is used to. or deals; make sure you Chasing them every day think about your market. will just annoy them.