How to find strategic partnerships as a startup looking to scale

Hands up if you think partnerships are just a way to get more customers?

Sure, they can be – but the best partnerships do much more. They give you an edge you couldn’t achieve alone.

A great partnership can open new markets, cut costs, speed up adoption, or position you as a leader. They give you access to something valuable that would take years to build yourself.

These types of partnerships can be the difference between growth and stagnation. Let’s break down what makes a great partnership and how to find one for your startup.

Why create a strategic partnership

A strategic partnership isn’t just about teaming up with another company, it’s about multiplying your impact in ways you can’t do by yourself.

The best partnerships create leverage, turning 1+1 into 10, not just 2. That’s the difference between a true growth accelerator and a vanity collaboration.

For example, at Stone & Chalk, we see fintech startups often partnering with big banks. The startups gain access to new markets and the partnership gives them scale and credibility. For the banks, they get access to fresh, innovative solutions for their customers.

A good partnership should unlock something fundamental for both sides: new revenue streams, stronger market positioning, better operational efficiency, or access to an audience that was previously out of reach.

When done right, a partnership should feel like a force multiplier.

What types of partnerships are best

Not all partnerships are created equal. Some change the trajectory of a business, while others amount to little more than co-branding with no real impact.

These usually fall into two categories:

• Vanity collaborations: These are partnerships done for PR reasons, with no clear business advantage. If the only measurable outcome is a press release, it’s not a strategic partnership, it’s a distraction. Many “brand collaborations” fall into this trap.

• One-Sided Deals: A partnership should create real value for both sides. If one party gets access to customers while the other just gets exposure, it’s not a fair exchange. Many startups fall into this trap when partnering with large corporations – they get overshadowed or deprioritised, while the corporate extracts all the value.

The best partnerships feel like a cheat code, giving both sides an advantage they couldn’t have built as separate companies.

These partnerships that drive the most value tend to fall into a few key categories:

• 1. Distribution partnerships: These partnerships allow one company to leverage the other’s existing reach to acquire customers at scale.

• 2. Technology integrations: Some partnerships create massive value by embedding a company’s product into another platform, making it the default solution.

• 3. Co-marketing and brand alliances: When two brands target the same audience but offer complementary products, co-marketing can be an easy win. Successful brand alliances include:

• 4. Market access and regulatory advantages: Some partnerships give one side an easier pathway into a new market or regulatory landscape.

• 5. Supply chain and operational efficiencies: Not all partnerships are about revenue growth, some are about making operations significantly more efficient.

If a deal doesn’t create asymmetric value, it’s not strategic, and usually isn’t worth pursuing as a startup. However, if there’s value, they can be a solid investment of your time.

When to look for strategic partnerships

Not every startup is ready for partnerships. The right deal at the wrong time can be just as bad as a bad deal.

If your product isn’t solid, your business model isn’t stable, or your growth engine isn’t working on its own, a partnership won’t fix those problems. It will only add complexity.

For early-stage startups, most partnerships are distractions. You’re still figuring out your product, your market, and how to grow. A partnership adds another layer of coordination and risk – often with a much larger player that can dictate terms.

That’s why partnerships tend to make the biggest impact for startups in later stages, when the fundamentals are already working.

There are a few clear signals that your startup is at the right stage to benefit from a partnership rather than be overwhelmed by it.

1. Market fit is validated

If you don’t have product-market fit, a partnership will only amplify your weaknesses. Instead of fixing underlying issues, it will expose them at scale.

You need a product that customers already want before leveraging a partnership to accelerate adoption.

• You’re ready if: Customers are buying, retention is strong, and referrals are happening organically.
• You’re not ready if: You’re still pivoting or struggling to get traction.

2. You need new acquisition channels beyond paid marketing

Most startups rely on a mix of paid marketing, organic traffic, and direct sales in the early days.

But at scale, paid channels get expensive, and organic channels can hit a ceiling.

If your customer acquisition costs are climbing and you need a more scalable way to grow, partnerships can be the answer.

• You’re ready if: You’ve maxed out the efficiency of your current acquisition channels and need new ways to scale.
• You’re not ready if: Your paid marketing still isn’t profitable, and you’re looking for a quick fix.

3. Revenue expansion is more valuable than customer Acquisition

Early on, the focus is on getting more customers. But as your business matures, increasing revenue per customer becomes just as important, if not more so, than simply bringing in new users.

Partnerships can help you unlock new revenue streams, upsells, or higher-value customers.

• You’re ready if: You have strong retention and see opportunities to grow revenue per customer.
• You’re not ready if: You’re still struggling with churn or have a leaky funnel.

4. You need operational scale, not just marketing reach

Some of the best partnerships aren’t about getting more customers, they’re about scaling the infrastructure behind your business.

This is especially relevant in industries with supply chains, logistics, or regulatory hurdles.

• You’re ready if: You need partners to help with manufacturing, distribution, or regulatory access to unlock new markets.
• You’re not ready if: You’re still working out basic operations or fulfillment.

What to look for in a strategic partner?

At this point, the biggest challenge isn’t proving that your startup works, it’s scaling efficiently. This is when strategic partnerships become a powerful growth lever.

At this stage, you’re looking for more than just brand exposure or short-term customer acquisition. You need partnerships that:

• Open new customer acquisition channels that go beyond paid marketing.
• Help you expand revenue per customer rather than just increasing customer count.
• Improve operational scale, making your business more efficient.
• Provide access to markets or resources you couldn’t reach on your own.

The best partnerships give you something you can’t easily buy, whether that’s distribution, infrastructure, credibility, or regulatory access. The worst ones drain your time, create operational complexity, and lead to disappointing results.

To avoid the latter, you need a framework for identifying partnerships that truly move the needle. Here’s a system you can apply to test the match with a strategic partner.

1. Alignment of goals

The first filter for any potential partner is goal alignment. Even if a partnership looks good on paper, it won’t work if both companies have different objectives.

Start by asking:

• Does their growth strategy align with yours? If they’re focused on one-off deals and you’re looking for a long-term collaboration, it’s a mismatch.
• Are they solving a similar problem from a different angle? The best partnerships happen when two companies are tackling the same problem from different directions and can combine forces to create a stronger solution.

Let’s say you’re a startup hoping to partner with a large corporation purely for exposure. If the corporate sees no real benefit beyond PR, they won’t prioritise the partnership. You need to find another angle to approach them as partners.

2. Asymmetry of resources (but symmetry of value)

Great partnerships happen when each side has something the other wants, but don’t have. This creates leverage.

Think of partnerships as an exchange:

• Startups bring speed, agility, and deep product knowledge.
• Large companies bring distribution, scale, and regulatory access.

If both companies bring the same thing to the table, the partnership is redundant. But if each side provides something unique, the deal becomes high-value.

3. Complementary, not redundant

A good partnership creates new value, something that wouldn’t exist otherwise. A bad one simply overlaps existing efforts.Ask yourself:

• Does this partnership create something new? Or are we just stacking two similar offerings together?
• Will it expand our market, product capabilities, or customer base?
• Are we cannibalising each other’s business?

Two direct competitors partnering when neither side has anything unique to offer is not a great partnership. If a deal doesn’t create new value, it won’t be a long-term success.

Where to find strategic partners

Once you know what makes a great strategic partnership, the next challenge is finding the right partners.

The best partnerships don’t come from cold outreach or generic networking, they emerge from shared ecosystems, mutual needs, and existing relationships.

The right partner should have something you need and vice versa. They should help you grow without creating unnecessary complexity. Here’s where to start looking.

1. Your existing network

Before searching externally, look at your current network.

Many of the best partnerships come from companies you’re already working with in some capacity.

Start by considering:

• Customers – Are there power users who could become partners? Some of the best partnerships come from companies that already use your product and see a way to integrate or extend it.
• Suppliers – Do you have vendors that could turn into strategic partners? If your company relies on a key supplier, a deeper partnership (such as exclusive terms or co-marketing) could benefit both sides.
• Investors and advisors – Investors often have broad networks and can introduce potential partners. If your investors have stakes in multiple companies, they may already have an incentive to connect you.
• Existing integrations – If your product integrates with another platform, is there an opportunity to deepen that relationship? A formal partnership might allow you to reach their customers more directly.

2. Adjacent industry players who share your audience

The best partnerships often happen between companies that serve the same customers but in different ways. They’re not competitors, but they operate in overlapping spaces.

Look for companies that:

• Sell to the same customer but don’t compete directly.
• Solve a related problem that complements your offering.
• Could benefit from bundling their solution with yours.

To identify these partners in your industry, there’s a few questions that are worth asking:

• What products do my customers use alongside mine?
• Who sells to the same decision-makers but isn’t a competitor?
• What services could integrate naturally with mine?

3. VCs, accelerators, and startup ecosystems

If your startup is VC-backed or part of an accelerator, your investors and ecosystem partners can be a goldmine for strategic connections. Why?

• Many VCs facilitate partnerships between portfolio companies to create value across their investments.
• Accelerators and tech hubs often build networks of startups that could complement each other.
• Large corporates that invest in startups may be actively looking for partners to integrate into their supply chain or distribution channels.

If you’re in an accelerator or working with investors, don’t just look for funding, ask who they can introduce you to.

That’s one of the strengths for us at Stone & Chalk, working with startups to connect you with corporate partners.

4. Competitor collaborations

Sometimes, even direct competitors can form valuable partnerships.

If you share infrastructure, supply chains, or regulatory challenges, collaboration might be more beneficial than competition.

This is especially common in industries where:

• No single player can dominate alone.
• Customers benefit from compatibility between competitors.
• Regulatory requirements push companies to work together.

For startups, this could look like:

• Sharing data or research to strengthen an industry standard.
• Creating interoperability between competing platforms.
• Pooling resources for lobbying or regulatory approval.

If you’re in a fragmented market where no single company can win alone, a strategic competitor partnership could give you both an edge.

Final thoughts

A great strategic partnership at the right time can unlock access to new markets, accelerate revenue, and solidify your competitive advantage.

It’s how startups punch above their weight, competing with giants by leveraging strengths they don’t yet have.

The best partnerships create asymmetric value. They bring together two companies with complementary strengths – one providing what the other can’t easily build on its own.

They work because they solve fundamental business challenges. If you do it right, one great partnership can change the future of your business.