More and more large established companies are discovering the benefits of partnering with small tech startups to achieve particular goals.
The established company can access a specific technology to solve a specific problem, without having to invest the time, money and expertise needed to do it in-house.
As a smaller company, you get a much-needed income that allows you to continue with your project. You can also use this corporate partnership as a platform to build your reputation. A proven technology, as used by company x, is a lot more attractive than a promising technology that has not yet proved itself in the commercial world.
Have you thought about how this partnership will end? Have you thought about how long the established company will need your technology? Do they intend to use you forever, or will they want to take it in house and cast you aside?
Remember, large corporations become large by looking after their interests before those of others. When you are excited about the possibilities that a new business partnership can bring, you can forget to consider all the possible scenarios, all the what-ifs.
You may only discover what those legal terms of the contract you signed mean when it is too late if you did not have the contract checked at the time. The agreement you willingly signed as a startup could now be restricting your ability to grow.
If you end up in a dispute with a corporate partner, you need experienced legal representation to help you navigate the tricky waters.