One lesson I've learned repeatedly is that there is absolutely zero substitute for developing your own audience/network/user base. If you're early, do not fall into the trap of being starry-eyed by doing some BD deal with your dream partner. It likely either won't happen, or even worse, if it does happen it won't move the needle. You will waste your time and energy getting your hopes up only to have them completely crushed. That will happen enough times on your entrepreneurial journey, you don't need to self-inflict it by fantasizing about some magical partner. Would you rather focus on making your product the best it can be and honing your unique strategy within customer acquisition channels? Or do you want to endlessly compile make-believe data, presentations, and impossible scenario planning for partners for whom you're an insignificant-rounding-error-fifth-tier-pet-project? Control your own destiny and don't be someone else's b*tch. https://lnkd.in/eMpbgipD
100% agree with this take. Until you have your own audience, partnerships are a distraction.
This applies at the individual level as well. In this case: You = startup Partner = employer Best time to start building your personal brand was yday
Don’t build your castle on borrowed land…
Agreed. Take ball control
I Love the last sentence. This is definitely the way to go !
Jared is comin’ in hot! 🙌
General Partner at Defy.vc
11moLoving your posts, Jared :). This is a great post and it is almost completely TRUE. Especially about building your own audience and customer base (and getting product-market fit) before hoping that a partner is going to help you accelerate. I am tempted however to write a counterpoint post, as there are cases where partnerships really have worked for startups. Jared knows my story at Qik, where our partnerships with Sprint, T-Mobile, and Samsung really put us on the map. But yes we had a product with direct user traction first.