How to Dance with Corporate Cupids

5 Secrets to Winning Over Your Startup’s Key Strategic Ally

I am often asked by entrepreneurs about the role and criticality of having a champion on Corporate Development (or “CorpDev”) team of a potential strategic partner. In response, I start by describing what these “Corporate Cupids” do (yes, as my nickname suggests, they are skilled matchmakers), and then I caution everyone not to fall in love with cupid. In the spirit of Valentine’s Day week and as a former Corporate Cupid myself, I feel that I owe you a more detailed explanation to help you rethink and fine tune your approach to strategic partners.

While you don’t have to start your conversations with a potential strategic partner at the CorpDev level, members of the CorpDev organization are an excellent initial point of contact for you if you don’t have a direct relationship with any of the product or business unit leaders in that organization. This is especially the case if your ultimate intentions involve exploring potential investment or acquisition interest.

If you manage to win a champion on the CorpDev team, you will then be granted access to the rest of the organization and get a warm introduction to the ultimate decision makers in that company. All the CorpDev team member needs to do at that point is to get you and internal approver in a conference room, dim the lights, and paint the right (strategic) picture. It is important to note that CorpDev team serves and supports the rest of the organization, as Finance, Accounting, and Legal do for instance, but has little approval power or any resources to actually make a deal happen. In other words, CorpDev teams influence the strategic trajectory of very large organizations, without authority. The best CorpDev teams, like the best matchmakers, understand the needs of the parties and when they find a suitable match, make the connection and provide the right conditions for love to blossom. Of course, once a potential deal gathers momentum and has the requisite organizational blessings, CorpDev teams roll up their sleeves and do the necessary work to move it from initial engagement to the happy-ever-after phase.

Here are 5 secrets to wining over the hearts and minds of these Corporate Cupids:

1. Lead with Value

“Strive not to be a success, but rather to be of value.” — Albert Einstein

Much like deciphering a complex algorithm, articulating your startup’s value requires a nuanced understanding of both your startup’s mission and your potential partner’s unmet needs. Imagine your solution not as a mere product but as the missing piece of a puzzle they’ve been trying to solve. Key is to find your strategic value to them and position yourself accordingly. Sometimes, that may take years of preparation. For example, when we looked at the universe of potential acquirers for Webs.com back in 2019, we realized that most of them were focused on small business solutions. That propelled us to transform our product suite from a generic website creation platform to one focused on helping small businesses establish an online presence. We worked on that for 18 months before we were ready to approach our wishlist of potential strategic partners.

2. Stay Curious

“True knowledge is when one knows the limitations of one’s knowledge.” — Confucius

In the pursuit of forging meaningful partnerships, a mindset of curiosity underpinned by intellectual humility is indispensable. Your encounters with the Corporate Cupid should be as much about asking the right questions as they are about having the answers. Curiosity propels us to dive deeper into understanding the intricate workings of a potential strategic partner’s world, uncovering needs and aspirations that even they might not have fully articulated. Intellectual humility, moreover, allows us to acknowledge the limits of our understanding, creating space for learning and growth. Together, these qualities foster a dialogue rooted in genuine discovery, where the goal is not to impress with what we already know but to explore what we can achieve together. Just as a scientist approaches their research with a hypothesis yet remains open to unexpected findings, so too must entrepreneurs approach partnerships with a mindset that values the journey of learning over the destination of agreement. In this space of shared curiosity and humility, partnerships are not just formed; they are discovered, revealing possibilities that were invisible before. This mutual quest for insight becomes the foundation upon which truly transformative partnerships are built.

3. Reveal your Authentic Self

“Always be a first-rate version of yourself and not a second-rate version of someone else.” — Judy Garland

Authenticity is the cornerstone upon which meaningful partnerships are built. In a world awash with polished pitches and rehearsed narratives, the value of genuine interaction stands out as a beacon of trust and relatability. Being authentic means presenting your startup not as an infallible entity but as a living, evolving venture that faces challenges and seeks growth through strategic alliances. It involves sharing not just your successes but your learning curves, allowing potential partners to see the real journey behind your venture. This vulnerability, far from being a weakness, is a powerful connector, fostering a level of trust and understanding that transcends conventional partnership dynamics. An authentic approach invites Corporate Cupids to engage with you not just on a business level but on a human level, paving the way for partnerships that are rooted in mutual respect and shared values. Remember, in the dance of corporate collaboration, those who dare to be genuine are the ones who truly resonate, creating partnerships that are not just strategic but profoundly impactful.

4. Don’t Pitch, Teach, or Preach, Tell a Story Instead

“Marketing is no longer about the stuff that you make, but about the stories you tell.” — Seth Godin

In a world bombarded by pitches, grand standings, and proposals, crafting a narrative that sticks is an art form. The most compelling pitches are those that tell a memorable story, one where the potential partner sees themselves not just as investors or business partners but as characters in a shared quest in pursuit of a common mission. This narrative doesn’t shy away from the data or the hard facts but frames them within a story that speaks to the human aspirations, challenges, and the very desire to be part of something greater. As you craft your story, consider not just what your startup does, but the human condition it addresses, and how that story intersects with the narratives that Corporate Cupids are seeking to write to further advocate for you in their organizations.

5. Pace Yourself

“To lose patience is to lose the battle.” — Mahatma Gandhi

The path to partnership is a slow dance, one that often requires more patience than we, as entrepreneurs burning with urgency, might be inclined to give. Yet, it’s this very patience — that willingness to engage in the slow, deliberate steps of getting to know each other, of building trust and aligning visions — that often leads to the most enduring and fruitful partnerships. It’s about recognizing that the best relationships, like the strongest trees, grow slowly, rooting deeply into the ground before they reach towards the sky. In this dance, every step, every turn, is an opportunity to demonstrate your commitment, your reliability, and the depth of your vision.

A Symphony of Strategy and Synergy

As you reflect on these secrets to winning over Corporate Cupids, remember that the essence of these interactions lies not in the mechanics of negotiation but in the art of building relationships. In this journey, the greatest secret perhaps is recognizing that these strategic alliances, much like the most profound human relationships, are built on mutual respect, shared vision, and a commitment to grow together.