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When you’re passionate about your product idea it’s tempting to do as much as you can yourself to get it off the ground. Learn how to source the right strategic partners and you’ll be able to get your product to market faster and give yourself more time to focus on the big picture. This presentation explores: - How to source strategic partners to help you launch your digital product - Pros and cons of alternative funding models - Using strategic partners to establish process and grow your team
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Building Your Product: Alternative Funding Models for Digital Success
Partner, The Working Group Startup Weekend Organizer / Facilitator
@ceben
@twg
CHRIS EBEN
Strategy EngineeringDesign
ABOUT TWG
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What is a strategic technology partnership?
Benefits of strategic partnerships
How to pick a strategic partner
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IN THIS PRESENTATION
BUILDING A BUSINESS IS TOUGH…
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44% of new businesses are dead within three years,
rising to 50% by year four.
Usually due to incompetency: Nonpayment of taxes,
insufficient pricing knowledge, lack of planning, poor
record keeping.
More than 565,000 startups launch each month in the
US alone
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BUILDING A BUSINESS IS TOUGH…
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FAILURE RATE
Year 1 Year 2 Year 3
47%45%
37%
Speed is a critical factor in today’s market. To give
yourself the greatest chance of success, you need
to find and build a high-quality team and get your
product to market fast.
!
For many startups, who are racing to raise capital,
develop their product and scout for talent all at the
same time, the demands of trying to do it all are
simply too high.
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Farhan Thanwar from Xtreme Labs / Pivotal Labs says:
!“MYTH: You can build your mobile app internally as
fast as an outside firm.
REALITY: Building your app yourself will take 4x the
time.”
!
When they decide to go internal, they’re essentially
choosing to pay with time instead of money.
Why does it take startups so much longer to do it on
their own? They don’t anticipate their most critical
need: Hiring.
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ENTER THE STRATEGIC PARTNER….
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“Our success has really been based on
partnerships from the very beginning.”
!
– Bill Gates
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Joint ventures
Buying shares
Co-operation on R&D
Channel partnerships
Technology partnerships
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TYPES OF STRATEGIC PARTNERSHIPS
THE BENEFITS
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CAPITAL
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EXPOSURE
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KNOWLEDGE
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Quote
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RESOURCES
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THE STRATEGIC TECHNOLOGY PARTNER
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A strategic technology partner supports
you whilst you validate your product
idea, find product-market fit and get
traction.
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Support can include product strategy, design or
development as well as ongoing support and
refinement once your product hits the market.
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The goal is to learn from them, get to market fast and then shift to building out those capabilities within your
own team.
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Speed to market
Experience building products
Onboarding talent
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KEY BENEFITS OF A STRATEGIC TECHNOLOGY PARTNERSHIP
SO WHAT’S IN IT FOR THEM?
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RETURN ON INVESTMENT
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ACCESS TO DISRUPTIVE TECHNOLOGY
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TAKING THEIR BUSINESS INTO A NEW MARKET
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HOW TO FIND THE RIGHT STRATEGIC PARTNER FOR YOU
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LOOK FOR INVESTORS THAT UNDERSTAND YOUR SPACE AND
ADD VALUE
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THE RIGHT CULTURE FIT
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AND OF COURSE, A GOOD TRACK RECORD
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Finding the right technology partner is
no different than finding your
employees or co-founders.
!
You need a strong connection and there
needs to be a shared vision and belief in
what you’re building.
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Building Your Product: Alternative Funding Models for Digital Success
