Partnerships across all industries are extremely common. This is no different in the tech industry where technological advances in the past forty years have completely altered the workforce. While the tools of business may have changed, Executive Vice-President, Chief Strategy and Growth Office at PayPay, Jonathan Auerbach, says, success still comes down to the people behind the tools.
“To maximize the opportunities presented by the digital economy, while also keeping up with customer patterns that can change seemingly overnight, will require a fundamental shift in strategy. To prepare our businesses for the next wave of transformation and opportunity and to produce innovations that can be scaled, we need to work in partnership.”
Trust, respect and communication are the building blocks of strong partnerships. When one of those is lacking, disputes can begin to brew.
- Division of labor
You are only one side of the equation in a business partnership, however, you have more control than you may think.
Setting the stage for success:
- Come to the partnership with respect for the other entity and what they’ve accomplished to get to where they are.
- Remember that partnerships are mutually beneficial, so there will have to be some give and take.
- Work with your partner to have a crystal-clear contract drawn up. Outline all the pitfalls that go along with the most common partnership disputes listed above.
- Employ the golden rule by treating your business partners with the respect you would expect to see in return.
Remember, tech companies who successfully partner have a greater reach and chance for survival. Your time and energy spent building these relationships and curbing any disputes will pay off.