Challenge: How to pick the right partner
Doyle: I’d say take your time. Have in mind what you’re looking for. Also, bear in mind that it may take a long time.
Joe: Partners are a big part of my company’s growth. I find it works better when partners are non-competitive. I partner with different tech companies and it’s a nice gap between what they do and the education piece, which I can then add value in. At the end of my training sessions, many times attendees ask for advice on which tech platform to use and it’s an easier conversation from there – a win-win.
Mandy: We are at a pivotal point and are looking out for partners to facilitate the day-to-day as well as contribute to long term strategy solutions and services for our business.
Gerry: It’s probably also a balance of what’s your desired speed of go-to-market versus the reputation of the partner you’re seeking. Working with big players means that you could possibly be less nimble compared to working with smaller brands since you might have quite a lot of hoops and red tape to jump through for legacy businesses. When working on new ideas that involve new products and lots of experimentation, we tend to go for startups (more flexible, more hunger) or where tech integration is key, partners who are more established for interoperability or to minimize the cost of backend integration.
Joe: My take is that you’ll need to understand the person first. Grab a coffee and see if you’ve chemistry because chemistry is important. But it also helps to have a checklist in terms of what you’re looking for, for example, their background and relevant experience.
// Main takeaway from this session: have more coffee //
Doyle: Also, keep in mind that when you’re assessing others for a partnership, they are also looking for a partner in you too. It goes both ways.
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