Everyone is looking for their breakout moment, and startups are no exception. With so many new businesses constantly popping up, it’s important for fledgling companies to get off the ground and make a splash in the market. Entering into a relationship with a large enterprise is one of the biggest breakthroughs a startup can experience. It builds credibility in the market, attracts new business, and fosters the kind of growth startups crave.
Winning an enterprise relationship is a difficult journey for startups, and requires hard work and determination. As part of the 2017 PACT Capital Conference in Philadelphia, PA, Transactis’ CEO Joe Proto was asked to speak with Jim Graham, PNC Banks’ Head of Domestic and Global Treasury, along with Randy Gaboriault from Christiana Care Health System and its technology partner, CloudMine. The panel discussed the process of initiating, forming, and finalizing their relationships. The results of the discussion highlighted key considerations startups should prepare for in order to be successful in winning large enterprise business:
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Refine Your “Sell” –Make sure your pitch is clear and concise. Efficiently explain why the enterprise needs your business to address its needs.
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Understand the Regulatory and Requirements Environment – Enterprises are always looking for new ideas and new companies to work with – but not many of these startups meet the strict regulations large enterprises are ruled by. Startups must meet the highest level of information security, compliance and regulatory guidelines to earnt the trust of larger companies.
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Prepare for the Long Haul – Contract negotiations with a large enterprise can drag on, so it is important for startups to have realistic expectations when it comes to the deal’s timeline. Be prepared for a six to twelve-month long process or more and make sure you are fostering growth from other areas of your business.
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Find a Champion in the Enterprise – Everyone in an enterprise has veto power, but few people have the power to say yes. Startups will still need a senior executive who will take the risk on behalf of their teams, as long as your company will positively impact their business.
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Persevere – Starting a business is not for the faint of heart. Be ready to face many obstacles and bring the resilience needed to overcome them.