What Makes A Good Business Partnership?

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Burkhard Boeckem News

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Burkhard Boeckem, CTO of Hexagon AB. Read Burkhard Boeckem's full executive profile here.

Forming successful partnerships is like composing a piece of music for an orchestra. Fundamentally, each section needs to work well together, but that's not enough. Each stage of the process can create a triumph, a failure or something in between that doesn't represent the effort involved.

It is finding an overlap between you and them.

Usually, a good tech collaboration is built between two CTOs—they can see the business case in the technology or service and know how the solutions are going to fit together. In terms of what the partnership should do, it should solve a real-world issue, not revolve around a hyped-up press release.

If you are an early startup, for example, the bigger and better-known partner may overshadow you. Make sure to agree to co-marketing early on so you can grow your brand through the partnership. Assess if the benefits outweigh the risks. A pilot project is a good way to test the waters, followed by further rollout if successful.Even though it's a corporate partnership, you are always partnering with people.

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