Many businesses achieve success through win-win partnerships. Still, be careful when negotiating an agreement that involves intellectual property.
Partnering with large companies is often the most effective way to grow your business. You gain a new sales channel, learn from those with more experience and knowledge than you, and add credibility to your business. Yet the path can be risky. Selling a potential partner on the merits of your business can require you to disclose intellectual property with no guarantee that you will close a deal. You can reduce your risks by taking several steps to protect yourself .
While not indicative of most partnership negotiations, this column follows the ongoing story of one potential match that went sour. I offer it as a cautionary tale for any business considering a partnership that involves intellectual property.