Develop Partnerships

Partners can play vital roles in helping small businesses win in SBIR competition, and build successful enterprises. Partners can provide assets and resources that complement those at the small business, and enable achievements that otherwise would be unattainable.

Success in SBIR competition and in growing a small business requires a full spectrum of assets. These include science, technology, management, administration, marketing and sales, financing and more. Most small businesses are asset rich in some categories (e.g., science and technology) but asset poor in others (e.g., marketing and manufacturing). Partnerships are a mechanism to provide complementary assets to enable a winning team combination.

Partnerships can shore up weaknesses in a broad spectrum of small business activities. For example, accountants, legal counsel, management consultants and bankers can be vital partners for a small business as it is created, nurtured and developed. Partners in Phase 1 competition (especially university resources) can shore up personnel credentials, and make the difference between winning and losing. Most of Wyoming's SBIR winners have had university partners.

As small businesses move into Phase 2 competition and prepare for the Phase 3 activities (commercialization), strategic partners usually are critical. Partner contributions can include financing, production capabilities and market access, and management skills.

Too many small businesses attempt to the meet the requirements of SBIR competition and business growth alone without seeking partnerships with outside resources. It takes time and sometimes money to develop relationships with quality partners, and to establish beneficial win-win partnerships. But the alternative is likely to be stymied SBIR competition success and business growth. Give high priority early to establishing synergistic partnerships for winning in the SBIR competition and for growing the business. They can make the difference between success and failure!!!