AI Research Inc.’s Greg Orzeck on Seeking Out New Corporate Partnerships
Four Steps to Help Facilitate a Smooth and Complimentary Working Relationship
When a company wants to grow, no matter how strong and efficient the it may be, it is likely that at some point during its lifespan, it will seek to strategically partner itself with another company. Be it for a single project or a long-term venture, corporate partnerships can be of great benefit to all parties concerned–but only if the right connections are made. But among the vast sea of corporations, what is the best method by which to choose a partner? What criteria ought to be considered when selecting a firm to form an alliance? AI Research Inc.’s Director of Business Development Greg Orzeck states there are four simple steps to facilitate finding just the right corporate partner and establishing a smooth and complementary working relationship. Greg Orzeck took the time to outline and explain his four-part strategy to finding the ideal corporate partner.
Establish Clear Objectives
Nothing will assist the process of seeking out new corporate partnerships more than establishing clear objectives. Although it may sound like boilerplate advice, Greg Orzeck explains that articulating the goals and desired achievements of any collaborative enterprise will reinforce core values, and provide clarity at each point in the decision-making process. At the very outset of selecting a corporate partner — before anything else is done — a company should gather together its primary officers to settle upon the project’s key objectives in clear, simple language. These objectives should then be applied to each prospective corporate partner. The results of this process should narrow down the list of potential collaborators significantly.
Honestly Evaluate the Strengths and Weaknesses of All Concerned
No company is perfect, but some companies are a better fit to tackle certain challenges than others. Generally speaking, in forming corporate partnerships, a company with strengths in one area (say, the assembly and manufacturing of automobiles) will seek out another company to assist in areas where it is deficient (say, the marketing and advertising of automobiles). This is an example of the quintessential corporate marriage, of course — most projects that require a collaborative effort between two companies won’t be so grandiose and straightforward as the classic Detroit-Madison Avenue relationship. The point that Greg Orzeck makes is, once a company has made its list of objectives, it can pinpoint industry leaders and make objective assessments as to their suitability for partnership. This will make it much easier to figure out which companies have strength and capability where it is needed most in order to carry out the desired project goals.
Conduct Thorough Research
Once a short list of prospective corporate partners is compiled, deep research into every candidate should be conducted. This goes far beyond a mere evaluation of strengths and weaknesses. Ideally, a team is assembled to tackle this task. They then set about producing detailed reports on each corporation under consideration for partnership. The research contained within these reports is meant to illuminate things such as success rates, core competencies, business culture, accounting practices, and solvency, amongst other things. These insights will assist a company’s decision-makers in understanding the unique features and specialties of each prospective partner, and ultimately, in making an educated final choice.
Finally, Trust Gut Instinct
Once the objectives of a corporate partnership have been clarified, the strengths and weaknesses of each candidate company have been assessed, and the deep research has been conducted, all that’s left is an old-fashioned gut check. There is no substitute for gut instinct. Although intuition should by no means be the main arbiter for making a final decision, Greg Orzeck says it has a role to play. If something seems off about a company’s culture, practices, or personnel, that instinct should be heeded. At this time closer re-evaluation may be a necessary precaution. By the same token, if a potential partner company induces nothing but good feelings in all key decision-makers, that instinct should also be considered. Sometimes, though it may be hard to put into words, a company just has an ‘it’ factor, or what might otherwise be characterized as a certain je ne sais quoi, and ignoring that may mean passing up a tremendous opportunity.
Following this simple methodology of four easy steps will help any company in its search for a smooth and mutually beneficial corporate partnership.
Greg Orzeck is a co-founder and managing partner of AI Research Inc., and leads the company’s business development efforts. With over two decades of experience in the medical industry, and ten years as an owner/manager of a clinical research organization (CRO), he has established himself as an expert in the field of clinical research. Born in Malvern, Pennsylvania and a graduate from Temple University, Greg Orzeck currently resides in Exton, Pennsylvania, where he enjoys playing golf, and spending time with his wife of 18 years and their two dogs.