Placeholder Banner

Tips for Your Partnering Strategy

April 20, 2012
As you start to send meeting requests and focus on the BIO Business Forum, you're probably thinking of the strategic ways to approach your partnering activities. We've asked some partnering veterans to provide answers to the questions below, and thought they'd be of use! Read on below to get the most out of the BIO Business Forum.

How do you size up a potential partner? Partnering remains one of the most important activities for an emerging company seeking to build and grow its business. Finding a good partner does not have to be an arduous process. With the proper steps, a good partner will emerge from the opportunities that exist.
Keep your eyes and ears open. Always be on the lookout for potential partners. Talk to your colleagues and read industry trade publications. Networking also plays a vital role in uncovering potential opportunities that await you and your company.

Conduct appropriate due diligence. Your best asset is knowledge; conduct appropriate due diligence may prevent either party from experiencing unnecessary harm. Examples of areas of due diligence include financial, legal, labor, tax, IP, labor and the market or commercial position of the company.

Assess the potential. Conduct a risk/reward analysis to determine the potential of a proposed partnership. Analyze every angle of a potential partnership, as well as the investment and/or contributions your company will need to make in order for the partnership to be effective.

Look for opportunities to interact. Ensure that all the relevant players have an opportunity to meet and discuss the potential partnership. Remember that asking the right questions and listening closely to the answers is critical. Check your assumptions at the door and keep an open mind. Multiple meetings will be necessary to assess whether or not the partnership is a fit.

Monitor the company closely. Track news coverage of the company and its spokespeople. Find out if the company or its spokespeople are active in social media groups and monitor their activities.

Trust your instincts. Intuition plays a significant role in helping us make the right decisions at the right time. Regardless of how much time and energy has been invested in exploring the potential partnership, making the right decision to pursue the opportunity is paramount for success. Remember that it is never too late to cut your losses and move on.