What is a strategic partnership?

- Let me ask you a question,…how many strategic partnerships does your organization have?…Don't worry, there is no right answer,…but whatever you might say, you can be sure…that your colleague would say a number…that's higher or lower.…Perhaps even by five or 10 fold.…That's what I found in every company I've worked with.…Why is this?…Well, the term strategic partnership…means different things to different people.…We each have a different definition of the term.…Is a particular business relationship…a strategic partnership or should it…be called something else?…The reason why it's important to agree on this definition…is because what you call a deal often shapes…how you manage it.…

So, when I say strategic partnership,…I mean a formal relationship between two…or more organizations that has three features.…First, it's intended to create value…for the organizations in some way.…For example, by raising the revenues or lowering their costs…or generating new ideas and innovation.…Second, in a strategic partnership,…the work that is done together is managed…