This regular feature addresses some of the challenges that start-ups face by asking three experts to respond to a different question each month — anything from marketing and financing guidance to advice on partnerships and mentors.
Here’s Hofstein’s response:
The first question to define is “partnership with whom?”
You will face very different issues when, for example, partnering with another founder to create a company together than you do when negotiating a relationship between a startup and a more established company.
If pursuing the latter type of partnership, the two most important points to examine are:
- What level of commitment is the partner company making to your technology? What will happen if your visions for the technology diverge? Protect your company’s long-term interests through a pre-nup agreement.
- Are your skill sets complementary? What does your partner bring to the table that you don’t have? Ideally, you should pursue partnerships where 1 + 1 equals 3 or more.
To read the full post, including responses from Lance Laking, MaRS entrepreneur-in-residence and advisor, and Susan Morais, business lawyer and strategist at the MaRS legal clinic, visit the MaRS blog.
Posted by Elizabeth Monier-Williams, marketing and communications manager.
– See more at: http://www.marsdd.com/2013/03/01/one-question-three-experts-partnerships/#sthash.Hiw9BUGz.dpuf