4 unexpected ways to partner with a company to help your startup

Entrepreneurs and businesses often find themselves pitted against each other in the popular consciousness. Entrepreneurs are portrayed as disruptors of the status quo, nimblely seizing opportunities from slow businesses. Meanwhile, companies are positioning themselves as giants ready to use their influence, funding and brand recognition to retain customers at all costs.

While these outdated stereotypes remain pervasive, a bigger truth remains: entrepreneurs and businesses need each other to survive. In fact, startup founders frequently find that partnering with companies is a wise move, especially at a time when the flow of startup capital is slowing.

Not long ago, The Wall Street Journal reported that Q2 2022 early-stage investment deals fell 22% year-over-year. This translates into less seed funding available for startups. So it makes sense for entrepreneurs to consider finding ways to collaborate with established businesses in hopes of building relationships, while laying the groundwork for future financial investment opportunities.

But money isn't the only reason entrepreneurs partner with companies. Entrepreneurs can learn a lot by taking notes on what's going on in large organizations today. The truth is, if you have big ideas for business, looking to partner with bigger organizations may be your best bet for success. If you're a startup founder, take a look at the following four potential benefits you could enjoy by partnering with an established organization.

1. You can get exclusive access to knowledgeable mentors.

Having trustworthy mentors is one of the easiest ways to succeed in the corporate world. Fortunately, working with executives and thought leaders who want to help you grow your products or services is a great way to establish mentors early in your career journey.

BizTimes recently published an article about a Milwaukee incubator program offered by Northwestern Mutual. The program was created to help black tech entrepreneurs get closer to realizing their dreams through connections with local businesses. The program also has a strong mentorship component that helps drive tangible results for participants, as evidenced by some companies that have raised over $500,000 in the first year.

As such, mentorship is an important benefit of partnering with a large organization. Not only will you get insights from those with more experience, but you can also offer to help, for example by providing insight into what's going on in the entrepreneur scene.

2. You can take notes on the main principles of management and leadership.

Large companies that have been around for a while tend to have good management practices and processes in place. They may not have the speed of a startup, but they can compensate by leveraging proven repeatable systems.

Getting an insider's view of how a large company is run can also serve as an informative training ground for your startup design. You may want to take notes on what seems to work best. For example, what aspects of your partner business would you like to emulate? Are there any management principles that could strengthen your fledgling business?

You won't like everything you see, and that's fine. Nevertheless, you can learn a lot from an established organization and you will eventually come away with useful concepts and ideas to use in your own business.

3. You get the benefit of a "gut test" on your own innovation practices.

Being knee-deep in a foreign ecosystem can be a great way for you to reconfigure your own innovation methodologies. After all, you and your partner company are aiming for the same outcome: attracting customers with your innovations. Unfortunately,...