What do you have that I don’t, and what do I have that you don’t that we can both benefit from?
The age old saying from Ecclesiastes, “Two are better than one, because they have a good reward for their toil. For if they fall, one will lift up the other; but woe unto one who is alone and falls and does not have another to help” stands true in life as in business.
Founders who understand this have managed to build companies and business that have stood the test of time and made it through the toughest economic periods.
Partnerships do not have to mean selling off part of your company or product, they can mean finding common ground for growth and expansion by leveraging each other’s strengths in terms of market share and product offering.
This is where strategic partnerships come in. What do you have that I don’t, and what do I have that you don’t that we can both benefit from?
In August 1997, Microsoft purchased $150 million of non-voting Apple stock. Additionally, Microsoft agreed to continue developing software such as Microsoft Office for the Mac platform for at least 5 years. Microsoft’s infusion of cash helped stabilize Apple’s finances. This is a move that saved Apple from extinction. Bear in mind that these two were fierce competitors back then but the founders still managed to find common ground.
Apple also partnered with IBM, another one of its competitors at some point to allow users access advanced technologies on Apple devices.
This strategic collaboration helped Apple establish a presence in the enterprise sector which its competitors Google and Microsoft already had a share of and helped IBM create better experiences for its enterprise users on the portable and sleek IPad, their enterprise series was mostly desktop based and not very user friendly.
If you have heard of Redbull then you know this is a company that is synonymous with extreme sports and thrill seeking. Which other company is known for this?
GoPro, the maker of the camera which is also used by thrill seekers to capture cool moments. This was a strategic partnership in waiting and it has strengthened both brands as the go to for any action themed or outdoor events for anyone seeking a thrill.
Some of the best partnerships have been between big brands and music artists/athletes, this has mostly been in the fashion, apparel and beverage sectors where artists and athletes promote these brands for years so much so that it becomes a part of their identity, with this their fans start to consume these products as well and become lifetime loyalists of these brands.
Back in Kenya a number of startups have also been leveraging the power of partnerships.
BasiGo an EV startup in Kenya, which assembles electric busses for public transportation partnered with one of Nairobi’s best known and trusted public service transport providers, Metro, to enable it roll out its first Electric busses. This move not only made Metro cool but also made people aware of BasiGo as a company and what they are trying to achieve.
The partnership between M-kopa solar and Safaricom also helped M-kopa cement itself as a brand that customers can trust, it gave them access to an already available large customer base and enabled them leverage Safaricom’s M-pesa payments product fully which really helped simplify the user experience on their platform and propelled their growth.
When done right partnerships can make customer acquisition and retention efforts a lot easier.
For small startups and products, partnerships can come in terms of referrals and recommendations where complimentary partnering products recommend each other to their different audiences and customer bases.
It can also come in terms of advertising and product placements for complimentary services and products.
Skill exchange and knowledge sharing among founders with common goals can also be a form of strategic partnership. The list is really endless. You simply have to look at how symbiotic your relationship can be with another founder and work on making that collaboration as effective as it can be.
Cool Finds:
💸 Roam, a Kenyan-based EV startup raises $24M Series A funding.
⚖ AI that helps with efficient case research for Kenyan Lawyers.
Product Spotlight: Kanairo 101
If you have played Temple Run or Subway Suffers then this is a mobile game that you will enjoy.
The environment, storyline and scenes are based off of the hustle culture of Kenya’s capital Nairobi City.
The localization of the game where by you collect local street cuisines such as Mturaa (local sausage), Mahindi choma (roasted maize), Smocha (this one you have to try) among others also makes it very relatable.
When you finished your daily tasks at 3:39pm but the boss won’t let you leave until 5:00pm, this game can definitely help you kill that hour.
The game currently has 5000 plus downloads 🥳
Do tell a friend to tell a friend.
