March 29, 2016
Last week, I toured LACI, L.A.’s cleantech incubator. It was quite impressive and looks like it has been set up for success. It was launched by the city of Los Angeles and has become a vast partnership of government and private resources. It is uniquely positioned for success in the arts district of L.A., backed by large institutions, universities, businesses and more. It shares space and resources with Los Angeles Water and Power and contains an incubator, a makerspace and a workforce and training center.
With these powerful partnerships, it is hard to imagine LACI as anything but successful. After only a few years, it has been named #3 in the world. How can we replicate this type of success? Are you thinking about the power of strategic partnerships?
One tip to implement this week:
I am not suggesting we all go out and find a way to start an incubator; however, I am suggesting we can think about strategic partnerships. Where do we want to go in the future? With our companies? Departments? Careers? And supply chains?
Think about these questions. Then, consider who you would like to build a relationship with to support these objectives? Think about a win-win strategy. Entering into partnerships shouldn’t be considered lightly. Who can you work with 10, 20 and 30 years down-the-road?
Strategic partnerships require risk; however, if you are careful in selecting your partners, you can certainly WIN long-term. I’ve seen more companies and executives achieve resounding success if they thought long-term and developed relationships that could generate win-win, exponential results.