By Jennifer Gatewood, PMP , CrowdFundBeat Guest Editor,
KYP: Know Your Partner!
Before you jump into a partnership, you better “Know Your Partner!” They will impact your business!
Most of us have been through closed-door corporate business meetings. You know the ones, only a couple of people are involved in a decision that determines the fate of many. Many times a “sacrificial lamb” is unwittingly offered up, the boardroom door is opened, and the masquerade of “Blame Gamers” and “Problem Shifters” come out in full force.
Now, crowdsourcing has shifted power from the boardroom to virtual corporate and home offices around the world. Transparency and accountability are no longer afterthoughts in business relationships, they are requirements. Gone are the days when a sacrificial lamb will satisfy questions of curiosity.
New “value-add” partnerships are formed based on what each partner brings to the table and their integrity. In this new virtual “office”, businesses recognize and appreciate the wisdom and talent of the ecosystem crowd. It is an environment where the pioneers work alongside the newcomers to make a strong infrastructure.
The players in the securities crowdfunding ecosystem recognize that individual success is truly dependent on the success of many. This environment requires a deep rooted foundation of integrity, honor, quality, hard work, and dedication that some can never comprehend.
It’s a fact that your partnerships will be a reflection of you! Consider the ramifications, if you unwittingly entered a new business deal with a company or person who was involved with embezzlement, fraud, or securities violations. How would your company fair?
Bad actors are not confined to issuers and broker dealers. They can be the friendliest business person at the other end of the phone, email, or table. So, before you leap into a relationship, get the facts first!
We have an opportunity to define quality and value in this new work environment. We have an obligation to build it with integrity!
When considering any partnership, get to Know Your Partner!
Some questions to ponder as you are considering equity crowdfunding partnerships in the ecosystem:
1) What is their “end game”? In other words, what do they want when it’s closing time?
2) What are the fruits of their labor? Is there evidence of ‘good’ contributions?
3) Will they pass a Bad Actor check?
4) Does the partnership do more than increase revenue? There may be times when the revenue isn’t there, but the value must remain.
Jennifer Gatewood, PMP
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