Business Partnering Innovation Business Series

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Business PartneringInnovation Business Series
Your Partner for Ventures in Science and
Technology
The U.S. Civilian Research and Development
Foundation (CRDF) Industry Partner Development
Program (PDP)
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Finding Business Partners
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Business Networking

• Develop a Networking Map
• Develop your statement (Pitch)
• Start with people you know
• Ask specific questions
• Easily answered
• Contacts
• Information
• Introductions
• Adapt from what you learn
• Build relationship with key people

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Networking Map
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Networking Table
Pitch Im a scientist with the Institute of
Applied Methods looking to meet RD managers from
Telecom equipment companies. Your name was given
to me by my (friend/colleague) name who I know
(how?). Name indicated that you may be in the
position to (refer/introduce) me to one or two
software vendors that sell to telecom
manufacturers. . .
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Internet Search

• (Handout)
• Multiplier Organizations
• Trade Shows Expositions
• Industry Associations
• Intellectual Property
• Business Directories
• Industry Analysts
• Technology Commercialization Marketplaces

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Patent Search for U.S. Partners

• U.S. Patent and Trademark Office
• http//patft.uspto.gov/netahtml/search-bool.html

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Find Companies, Names, Location
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Select Potential Partners

• Partner for critical needs
• Select Partners with
• Demonstrated capacity
• Well matched to need
• Reasonable personalities
• Professional culture
• Sufficient need time allocated
• Commit after proven performance

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Developing Partners
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Developing Partners

• Seek various prospects
• Still be selective
• Can take months to establish cooperation
• Communicate well
• Standard English, clear and concise
• Tech disclosures 1 page, non-confidential, cover
  letter, CV
• Tailor information for each company
• Target well
• Large companies sometimes less open
• Small companies may be more open
• Find companies involved with your research area
• Understand US market for your technology
• U.S. colleagues can help find contacts and market
  info
• Investigate BEFORE contacting
• Prepare exactly how research will benefit
• Verify company makes products relevant to your
  technology

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Investigate Potential Partners

• Customer Information
• Market position
• Competitors
• Suppliers
• Partners
• Customers
• Product position
• Financial position
• Trends
• Internal situation
• Plans, rollout-outs
• Decision-making
• Culture
• Politics
• Personalities
• Policies
• History

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Pitching to Business People

• 3 Pitches
• Engineer/Tech Manager
• Technology pitch
• Solves problems, relate to marketing
• Commercial engineers are not scientists
• Business manager
• Business goals pitch
• New markets, products, competitive edge
• Financial manager
• Cost savings, increased sales or profit
• 3 Steps Initial Contact
• Design subject line
• Email message
• Follow-up (Fax, phone, voicemail)

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Business Email

• Subject Early Diagnosis Advantage for Test
  Equipment Business
• Melody Landsforth
• Director, Research and Development Department
• Digene Corporation
• Gaithersburg, MD
• Dear Melody,
• I lead an advanced research team in molecular
  medicine and have testing technology of direct
  potential benefit to Digene. We are a leading
  Eurasian facility in the field of gene therapy.
  I would like to meet with you at your office in
  late May.
• Our latest technology enables very early cervical
  cancer diagnosis, which, as you know, is central
  to the test equipment market.
• Please indicate a few dates in May that you would
  be available to meet.
• Best Regards,
• Nurzhan
• Nurzhan Ukbaev

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International Business Culture

• Large
• Thousands of companies
• Millions of professionals
• Specialized
• Specific matching is key
• Busy
• 50 to 200 emails per day
• 10 to 50 phone calls per day
• 1000s of opportunities
• RESULT Behavior Elimination
• (focus, select, prioritize, filter)
• Subject Line (email)
• Subject line is everything, its your pitch!

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Get a Reply

• Niche get specific
• Communities get small when you get specific
• Key points ONLY
• Do NOT cover everything!
• Open with your most convincing proposition or
  benefit
• Just enough
• Incentive to take next step
• Get to them to next conversation
• Goal is a meeting
• In-person if local relationship
• Telephone if out of area
• Email is the last resort (not preferred)

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How to Get a Deal - Meetings

• Get them to talk first!
• Give a little and then ask a question
• Find their needs
• Guide with questions to learn needs
• Tempt with information
• Give enough information to get them excited
• Pitch yourself to address their needs
• Pitch your technology to address their needs
• Guide them to a solution
• Devise solution using you your technology

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How to Get a Deal - Closing

• Conversations move the process
• Emails / voicemails ONLY to get to next SCHEDULED
  conversation
• Never leave without . . .
• Scheduling next conversation (date time)
• Action items, responsible person, and due dates
• Starter project
• Propose and easy, formal activity to engage
• Assessment, prototype, collaboration
• Easy, quick, sure to impress or exceed
  expectations
• Close
• When close to agreement, propose initial
  engagement
• Price, schedule and payment terms
• Follow-up with fax/email confirmation
• Get commitment, point-person, and schedule next
  conversation

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Partnering Summary

• Network
• Research on internet
• Qualify
• Prepare opening pitch
• Get needs
• Jointly establish solution
• Close propose initial project
• Price, schedule, payment terms

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QA Partnering
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CRDF Contact Information

• U.S. Civilian Research Development Foundation
  (CRDF)
• 1530 Wilson Boulevard, Suite 300
• Arlington, VA 22209 USA
• Emails
• info_at_crdf.org General CRDF enquiries
• pdp_at_crdf.org Partner Development Program
  (business questions)
• fstm_at_crdf.org First Steps to Market Grants (new
  partnerships)
• nstm_at_crdf.org Next Steps to Market Grants
  (commercial partnerships)
• Website www.crdf.org
• Tel [phone]