Thinking Like A Startup
Startups have to be innovative and nimble. This post from FoxBusiness suggests continuing to "think like a startup" is a good idea no matter what stage of Biz Dev you are in.
The tendency, the post explains, is to bring in a "professional management" layer too early. That layer is used to the big budgets of the Fortune 1000 and can't thrive in startup land.
I have an interesting perspective since I left a Fortune 1000 company to start FoundObjects.com. Here is what was difficult about that transitions:
* Was used to legitimacy being granted automatically.
* Had to train & develop new muscles because we had NO MONEY.
* Had to solve problems differently because we had NO MONEY.
* Planning cycle shortened and became more about MONEY today instead of market domination tomorrow.
* Tactics changed because low hanging less expensive to develop fruit had to come to the top.
* Partnerships changed because we had to trade things other than money and that usually meant looking for partners in similar stages of development.
That last bullet is a key. Don't try and pitch a Fortune 1000 when you are a startup unless you are trying to sell them something and only do that when invited. You can't crack those vaults, tempting as it may seem, unless they are already interested.
This means you have to create alliances with companies in similar stages of development or maybe one or two steps up the ladder. Hit singles to learn how to hit homers.
QUANTITY in startups is often more important than quality and it RARELY is when working for a giant. Giants can afford to be snobs, startups can't. Why I like startups :).M
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