From the course: Strategic Partnerships
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Step 1: Know why you need a partner
From the course: Strategic Partnerships
Step 1: Know why you need a partner
- [Instructor] If you're thinking about forming a strategic partnership, Step One is to clarify for yourself what you want to achieve through the partnership. In other words, why do you need a partner in the first place? Knowing this will set the stage for all your other decisions. There could be various reasons why you want a partnership. Let's look at some of the common ones. One reason you may seek a partner is because another company has access to markets or technologies that you don't have and that you need in your business. Call it the market for technology swap. Starbucks and McDonald's have partners in foreign markets for this very reason. The local partner has connections and skills in managing local operations. In return, the American companies provide branding and technology. Another version of this strategy is when biotech startups with valuable patents need access to markets for their products. They then often tie up with big drug companies which in turn seek access to…
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Contents
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Five steps to a good partnership2m 21s
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(Locked)
Step 1: Know why you need a partner3m 21s
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How many partners do you need?2m 52s
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Step 2: Choose your partner wisely3m 54s
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(Locked)
Why chemistry is not enough3m 35s
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Step 3: Set partnership terms3m 25s
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The partnership spectrum2m 50s
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Step 4: Manage partnership life3m 53s
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Alliance management as a job3m 20s
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Step 5: Earn your share3m 48s
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(Locked)
Be the MVP2m 50s
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