From the course: Strategic Partnerships

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Step 1: Know why you need a partner

Step 1: Know why you need a partner

From the course: Strategic Partnerships

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Step 1: Know why you need a partner

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- [Instructor] If you're thinking about forming a strategic partnership, Step One is to clarify for yourself what you want to achieve through the partnership. In other words, why do you need a partner in the first place? Knowing this will set the stage for all your other decisions. There could be various reasons why you want a partnership. Let's look at some of the common ones. One reason you may seek a partner is because another company has access to markets or technologies that you don't have and that you need in your business. Call it the market for technology swap. Starbucks and McDonald's have partners in foreign markets for this very reason. The local partner has connections and skills in managing local operations. In return, the American companies provide branding and technology. Another version of this strategy is when biotech startups with valuable patents need access to markets for their products. They then often tie up with big drug companies which in turn seek access to…

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