Video Details

In this Whiteboard Friday, Andrew looks at partnerships, and how to avoid the “Partner-ship Trap”.

Types of Partnerships

  • An integration of product and services

  • An extension of brand of product

  • An endorsement or exchange

Benefits of Partnerships

  • Shared networks or userbases

  • Industry or brand validation

  • Outsourcing of non-core competence

Partnership Checklist

  • It must be mutually beneficial to both partners

  • Inline with vision of the company, especially for small businesses

  • Output exceeds input

  • The companies cultures are aligned

Some tips

  • Pilot when possible – have a test run if you can.

  • Don’t heighten legal – don’t place too much importance on the legalities. Ensure your security, but remember it’s for worst case scenario.

  • Think long-term