Modern Logic collaborated with Lighter Capital on their latest webinar series, “Scaling and Accelerating SaaS startups”. This article is part of the series on the topic, “Accelerating Sales and Leveraging Technology to Build Engaged Communities.”
Partnerships can be a growth multiplier – but how do you know you’ve found the right partnership? Check out these tips – hard-won knowledge from Anna Talerico at Arthur Ventures, Derek Baird at Sensyne Health, Brian Loar at GoCheck Kids, and Dustin Bruzenak, our CEO.
Don’t Wait: Partnerships are helpful throughout your timeline. If you begin a partnership early, they may help get you into a market and provide a lot of learning along the way, which you can use to update your playbook before you scale. In a later stage, you may find a partnership that aligns with your solution that can be a growth engine on smaller growth opportunities as you shift into an enterprise space.
A Word of Caution: avoid engaging in a partnership because it looks good on a white board. You might think, “This will impact our growth by X percentage in 2 years,” but it won’t work out if your values don’t match. You’re going to find yourself, 6-9 months into it, and your whiteboard will be erased and just pain remains.
Alignment, Alignment, Alignment: Ask yourself – how do I get these partners aligned with me? You want to make sure they are not pulling against you- friction stops growth.
Pick Your Best Fit: Once you have a great product and your marketing is working, many partnership options will make themselves available to you. The test is to understand which ones are mutually beneficial – with whom 1+1 can equal more than 2.
Don’t Get Intimidated: Make sure you are getting a good deal even if you might be the smaller one in the partnership. Be your best advocate.