The right strategic partner is like a breath of fresh air. You have to choose the right person, one who is not just in it for the money, which is what most financial backers are looking for. You should look for someone who wants to help you grow your business in the right direction.
Having a strategic partner can be blissful. They usually bring with them the right connections, especially if you are looking to launch a new company or division. Sometimes a company is not ready for a new product or they have run out of ideas for how to better the old products. Maybe you need a bigger network of suppliers or cash flow. A strategic partner can mean all these things and more.
A strategic partner brings another brain to the table compared to a checkbook that most financial backers carry. The right partner should be looking to advance your company’s future.
A strategic partner should bring with him new blood. He should be someone who can jump-start meetings with ideas. Foremost, a strategic partner should be able to do things that you can’t or are unable to do because of budget restraints. If a company feels that they need to grow and have a wealth of ideas but are lacking in application or financial areas, then that company could probably use a strategic partner. They not only bring with them financial stability but the knowledge and ideas that held to maintain financial stability.
