How do we find the perfect match let alone know that said match is the right one? It may sound like an opening line from a dating article, but when it comes to finding the right business to partner up with the concerns felt with dating on a personal level are magnified to huge company size proportions.
So what are the elements that matter when bringing startups and corporations together to collaborate? At FuelUp matching is what we do — Cupid of the startup/corporate collaboration world — so we’ve learnt a thing or two about what makes these partnerships tick, and noticed that the dating comparisons continue all the way through.
Corporations like local startups, and with the exception of the USA, tend to invest in and work with those closer to home. In a practical view this makes sense. There’s no language barrier, it’s easier to meet with each other regularly and the same culture and customs are shared in doing business. If we look to out dating comparison, it is clear to understand why you wouldn’t want to go chasing half-way around the world for something you can have closer to home.
Investment and mutual contacts
You’re more likely to go on a date with someone you know or that is known by some of your friends. Even dating apps now show you whether you have friends in common, so it’s obviously a crucial factor that comes into play. The same conclusions arrive in the corporate startup collaboration world. If someone you know has invested in or done business with a particular company you are more likely to see them as trustworthy. Corporations feel more comfortable working with startups who already have a track record with credible people they already know to be a success.
Knowledge is the most interesting factor being as it has to be shared by both parties, but at the same time both must hold knowledge the other doesn’t have to keep things interesting. Working in a similar space and sharing knowledge makes it easier to work together and gives both parties a draw to work together on a shared understanding. Yet, at the same time it is important that both parties have knowledge the other doesn’t to make the partnership worthwhile. Different technology and business models both contribute to making a startup corporate partnership valuable. Without this separation in knowledge the partnership would be unnecessary.
The dating world and the business collaboration world are surprisingly similar, yet at the same time both require a certain amount of passion that you can only muster for what you see as the real thing.