It’s no secret that collaborations between startups and large companies have tons of potential. But they can be difficult to establish and maintain.
Harbor Launch recently launched an Industrial Liaison Program (ILP) to prepare early stage startups for one of the most daunting tasks in establishing a relationship with strategic industry partners — the first approach. Funded by TEDCO and in partnership with Sinai Hospital’s BioIncubator, the ILP brought 6 experts in financial and regulatory affairs to Harbor Launch to meet with Harbor Launch and Sinai companies. Participating firms included Evergreen Advisors, Hogan Lovells, Saul Ewing Arnstein & Lehr, and Hyman, Phelps & McNamara.
These meetings were like our Entrepreneur Office Hours in Hyperdrive (learn more about those here). As we all know, to make a jump to light speed, the mechanics under the hood have to be in order. The participating companies prepped in the months leading up to launch to be prepared to make this happen. Startups were given a voice in the planning and identified financial and regulatory strategies as key areas of focus. Beyond helpful advice in those arenas, the ILP also provided a platform to produce, revise, or update key documents such as executive summaries. We capped the day off with a reception sponsored by PNC Bank, where companies and mentors could continue to discuss and meet the other participants.
Looking toward the galaxies not so far far away, Harbor Launch will begin planning the next implementation of the program. The ultimate goal of this program is the generation of successful industry partnerships; this has just been the first step. Harbor Launch continues to work with entrepreneurs to build out a successful model that will enable these partnerships, and attempt to break through the Industrial Partner Force Field.