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T5. Time for decisions.

You have already created a list of 40 potential partners that could be of real interest. Realistically your project needs 4 complementary partners.

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So together with your team you decide to…

study the project in detail to make sure that we know as well as possible what kind of partners, skills, and resources we need. Competencies and resources are critical! Then we will contact the preferred partners and schedule the meetings to discuss a possible collaboration, verify that our information regarding their competence and resources is up to date, and see if we can reach an agreement in which our objectives and strategies could be aligned.

study the project in detail to make sure that we know as well as possible what kind of partners, skills, and resources we need. We need to well understand potential partners’ capacities, market position, the technology used, but also their patterns of behaviour. We wouldn’t like a partner that would give up in face of the first difficulties or didn’t share our growth and collaborative orientation. We need to ensure that not only either the competencies or the resources will bring additional value, but that we have similar ambitions, time horizons and attitudes to risk and investment. After all, you never know if we won’t unexpectedly need to look for further financing or make radical changes to our project!

send a project draft to a consulting firm to define our needs for external expertise and resources and match us with the right partners. We have no time to waste! We must focus right now on the new product development rather than analysing and running meetings with potential partners and negotiating agreements!