Entrepreneurship 101: What We Look For in a Partner
A Two-Fold Approach
When evaluating potential entrepreneurial partners, finding the right fit goes beyond just the individual—it also extends to the product, project, or technology they bring to the table. At Ideal Strategic Partners, this dual focus is key to fostering successful collaborations that drive innovation and growth. In this video presentation, Scott Moffat, Co-Founder and Head of Partnerships at Ideal Strategic Partners, delves into what makes an entrepreneur an ideal partner and what criteria their project should meet.
The Ideal Partner
Motivation and Drive: One of the foremost qualities Ideal Strategic Partners seeks in an entrepreneur is unwavering motivation and drive. This goes beyond goals for financial gain; it’s about having a compelling “why” behind their venture. Entrepreneurs who are deeply passionate about solving a problem or making a meaningful impact are more likely to persevere through challenges and drive their projects to success.
Open-Mindedness and Coachability: Successful entrepreneurs are open-minded and willing to learn. They understand that the business landscape is constantly evolving, and they must adapt swiftly to stay ahead. Being coachable allows an entrepreneur to absorb new information, pivot when necessary, and continuously improve their approach.
Learning Agility: Learning agility is crucial in today’s fast-paced world. Entrepreneurs must possess the ability to quickly grasp new concepts and apply them effectively. This agility enables them to capitalize on emerging opportunities, make informed decisions, and maintain a competitive edge.
The Ideal Project
Market Potential: We typically prioritize projects with a total addressable market sizable enough to warrant investment. However, it’s not just about the market size; it’s also about the underlying trends and growth rates. Ideal Strategic Partners looks for projects in industries with a compound growth rate that outpaces inflation, indicating significant market opportunity.
Problem-Solution Fit: At the core of Ideal Strategic Partners’ approach is identifying genuine problems and allowing market demand to shape the solution. This data-driven approach minimizes guesswork and ensures that the product or project addresses a real need, increasing its chances of success.
Versatility and Universality: When evaluating technologies, Ideal Strategic Partners prioritizes multi-purpose and universal solutions. A product with broad applicability not only widens the market but also enhances its potential for widespread adoption.