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Key Takeaways You don’t need more money than the biggest players in your space to compete with them. Industry partners can provide much-needed financial support for a new business.
When looking for partners in the private sector, ssk yourself: What do you really need? Who’s going to help you move in the direction you need to go, vs. who might make that journey more complicated?
While the private sector can provide funding, public institutions like universities and colleges can give you access to lab testing and research.
Most startups are budget-conscious by necessity in the early days, if not totally strapped for cash. That’s certainly what I remember when Roof Maxx was getting off the ground. We just couldn’t afford to outspend the biggest companies in our industry when it came to product or business development.
So we didn’t try. Instead, we sought out strategic partnerships that would help us punch above our weight.
Collaborating with respected private and public organizations in our home state of Ohio lent legitimacy to our novel roof restoration solution for homes and businesses without requiring massive marketing or R&D budgets.
Here’s what I learned about identifying and approaching these entities, and how you can do the same.
How to court the right industry partners
Industry partners can provide much-needed financial support for a fledgling business. But not every business association or advocacy group is going to be right for your company.
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