As an early stage technology company, the early deals done with big companies can set the course for the business for some time into the future. Getting them done is rarely simple, but the first step is to make sure you have the right champion.
It is a common misconception that because you are engaged in discussion with someone at a company, that you’re engaged with the company as a whole. It is rare that a large multinational invests all of its expertise, budgets and problems in a single individual or team, and frequently teams are empowered to solve their own problems in an economic way and encouraged to share their solutions with the group. This means that generally speaking there are multiple potential entry points into a company, and it’s wise to take advantage of this.
A second common misconception is that because an individual at a big company fully understands a specific problem or opportunity, that they truly care about solving it or grasping it. In actual fact, the vast majority of big companies have a real mix of cultures and sub-cultures meaning that even in the most board-mandated innovation-orientated environments, individuals can on occasion still get decapitated for taking undue risk or diverting themselves excessively from their day jobs to chase the prospect of a new technological Nirvana. Added to this, some people just don’t care as much as they ought to.
Large multinationals are generally constituted of complex and flowing networks of interests, perceptions and political capital. A good champion will help you to understand and navigate these very human elements, as well as support forward mapping the process to close. If they’re serious about wanting to get the deal done, then it’s in their interests to be open.
And so, at the risk of sounding like a Sunday supplement, a quick round-number checklist to help you to spot whether you have a good one. They:
- Understand what it does
- Understand the value of what it does
- Know to whom internally it has value and the nature of the problem it solves
- Can explain it to others
- Have real personal credibility
- Have a track record of on-boarding external technology
- Want to get a deal done
- Will empathise with your needs and work with you towards a shared goal
- Are frank about timing and will support sticking to an agreed timeframe
- Will help you to understand the process to getting a deal done, and all of the gates you need to pass through and the boxes to tick
If your primary engagement is with an individual with all of the above characteristics, great – you stand a chance of getting it done. If not, that doesn’t necessarily mean you want to jump off that horse, but it’s well worth considering getting new blood into the stable. Early technology deals should be done as much as possible from the same side of the table, focussed on benefits and structures for win-wins. A good champion works with you towards common objectives.
Getting the right champion is just the beginning, and from there on out its essential to be building your own political capital, and understanding first-hand the inner machinations of the business, but you’ll never understand it nearly as well as when you have a talented insider with aligned interests.