How can you find a trustable technology partner? In the modern world, little can be achieved without mutually beneficial cooperation. This applies both to people and to the activities of companies.
There are several dozen forms of cooperation. But for IT companies, collaborations, and technological partnerships come to the fore. Collaboration is a joint project of two or more organizations. It’s a useful thing, but now let’s talk about another interaction.
To successfully promote high-tech solutions, vendors need not just a sales channel, but a whole ecosystem of partners. One of the key roles in such an ecosystem belongs to companies of a special type – technology partners who not only integrate solutions into the information system of customers but can also expand the functionality of products. A technological partnership is the interaction of two or more companies that help each other by using their IT products on special terms. From these aspects, this is more than important to know, how to find a trustable technology partner.
What are the goals of such a partnership?
The global goal is to coordinate the strategy and tactics of work on both integration processes and joint developments. The result of this should be the commercialization of ideas and technological solutions of partners, increasing competitiveness and meeting the requirements of the time. In some cases, it is necessary to create a legal and economic basis for the development of partnerships.
Find a trustable technology partner
When you sign a contract and are ready to start your collaboration, go over these points to ensure that you are dealing with the correct specialists. Here are some considerations about what such a partnership implies.
Partner reputation
You must conduct a comprehensive background investigation on everyone with whom you are collaborating, just as you would with any other commercial transaction. Remember that you are creating your startup network, so select your partners carefully.
A partner business can be quite successful in its industry, but it may not be as adept at collaborating with other firms. Examine their previous collaborations to discover if there are any potential issues.
It is usually a good idea to contact people they’ve previously cooperated with. You must verify that your partner will uphold their half of the bargain and keep your firm protected.
Contracts and documentation
Never sign any document without first reading it. Take extra measures before signing any partnership agreement. It is preferable to have a qualified attorney check through legal papers carefully to filter out any potential difficulties.
In the hands of a professional, you may be confident that you are getting a decent deal. A qualified lawyer can also alter the contract to make it more equitable and advantageous to all parties concerned.
Mutual agreement
If your collaboration includes more than one individual with an ownership stake in the business, be certain they all agree to the conditions of your business deal.
This is frequently the case if your business partner has a wife or husband who could inherit their asset in the future. This is crucial about the way of evaluating the business when you intend to buy out in the future.
Risk evaluation
You and your companion should have a concentrated talk about any potential concerns (regarding finance, logistic and supply issues, sales performance, etc.). You must both determine the types of problems that may arise and how to react in case they occur.
When does a company require the assistance of a technical partner?
Big corporations as well as startups seek assistance from technology partners to decrease development expenses while maintaining product quality.
There are cases of nameless enterprises becoming well-known brands with the assistance of skilled technology partners. Skype’s popularity would not have been possible without the Estonian programmers who created the program’s server. As a result, the app first drew 50 million users. Without MetaLab, Slack, a business messaging platform employed by 65% of Fortune 100 companies, would not have grown into a successful startup.
Technological collaborations assist young enterprises in developing robust businesses. Startups, particularly those founded on novel technologies and unique business ideas, may lack full-time expertise to tackle complex problems and carry out projects. Consider the following scenarios in which it is preferable to transfer some relevant activities to a technology partner.
- The desire to launch your company as soon as possible
The difficulty of speedy market entry is solved by the technology partner.
According to McKinsey & Co., releasing a product half a year later than intended results in 33% less revenue over the following five years.
- Rapid business expansion without sacrificing quality
At the outset, you must consider how your business will develop and establish all of the required conditions for future expansion. New services will emerge, the number of clients will increase, and goods will need to be updated to meet new demands.
- Limited budget
Startups frequently face the issue of a small budget. They only profit, though, from delegating procedures to a technological partner. First, the salaries of offshore professionals may be much lower than those of full-time employees. Secondly, by entering into a contract with such a partner, you will be able to select the best price model. In a resource-constrained context, this guarantees that you only pay for the services you require.
To summarize
This was the answer to the question – of how to find a trustable technology partner. As you can see, selecting the perfect technology partner for your company can be difficult. Because it is a significant, long-term investment, you should take the time to investigate and assure that your choice is the best for your company. And in case you make the correct decision, this will be a perfect step for your growth and success!
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