Unlocked Partnerships: 5 Key Lessons for Building a Dynamic Public-Private Ecosystem
Georgios Kolovos
Global Partnerships at OpenTable | UK Accelerator Managing Director
Dear Readers,
In this edition of the Unlocked Partnership Newsletter, I am excited to share with you some valuable insights and lessons I've learned on the journey over the last months of setting up a non-profit organisation and establishing a dynamic public-private ecosystem partners to connect two markets. Starting such an endeavour can be challenging, but incredibly rewarding. Here are five key lessons that I believe can guide anyone embarking on a similar mission:
1. CLEARLY DEFINE MISSION?
The foundation of any successful endeavour lies in a clearly defined mission. This clarity not only serves as a compass for the organisation but also helps to communicate their purpose effectively to potential partners, supporters, and the community at large. It also opens the door for cooperation with others who may initially be seen as competitors.
A foundational step in defining the mission is answering the question: who is the customer? Especially when establishing a new venture, there are multiple potential paths, and the more granular one goes, the more targeted the activities can be. However, this is where the challenge arises—making it too narrow may result in an insufficient pool of customers. Finding the right balance is what will make or break the endeavour.
2. ESTABLISHING AGILE GOVERNANCE FOR SWIFT DECISION-MAKING
Setting up a public-private ecosystem can be challenging, given the multitude of stakeholders with varying time horizons and levels of urgency to execute. This is precisely why establishing a governance structure that enables swift decision-making is crucial.
Our organisation is fortunate to have assembled a dedicated group of entrepreneurial and passionate individuals in the founding board and advisory council. Early in the process, we laid down the ground rules and made a conscious decision to deviate from typical board management processes. Instead, we are holding ourselves accountable for making decisions swiftly. Regrettably, this approach led to the departure of some individuals who couldn't keep up with the pace of operations. However, it also brought a sharper focus on execution.
As I write this, I am preparing for our first board meeting. It's noteworthy that we launched the organisation, defined the strategy, built a team, initiated our first program, and onboarded multiple partners without convening a single board meeting. Instead, we committed to making decisions within a maximum of 48 hours, which has proven to be the cornerstone of our success to date.
3. ASSEMBLED A TEAM WITH A STRONG NETWORK
Speedy decision-making by the board is the initial step; however, the true success of any organisation is shaped during the execution of those decisions. It may sound like a cliché, but it holds true that the likelihood of success often hinges on the people you surround yourself with.
Establishing a public-private ecosystem that spans two markets requires connecting with a multitude of stakeholders. Reaching out to them and understanding their perspectives demands experience within the specific domain. Building a team in this context involves three crucial elements:
4. UNLOCK ACCELERATORS THROUGH STRATEGIC ALLIANCES
Building a public-private ecosystem requires collaboration and partnerships. However, this doesn't mean that the work should start from scratch. Once the objectives are clear, and you begin to access multiple networks, it becomes crucial to seek those initial deals that will accelerate the development of the new ecosystem.
Regardless of your goals, there are likely other organisations, whether public or private, that have already established their ecosystems. Identifying them and ensuring that collaborating with you not only adds value to your venture but also brings benefits to the other party is of paramount importance.
Before commencing the work, I initially believed our engagements would only involve counterparts in the two markets we were connecting. To my surprise, by looking beyond those boundaries, we discovered new alliances that not only contribute to achieving our short-term goals but also pave the way for much faster and broader expansion.
5. LAZER FOCUSED EXECUTION
While a well-defined strategy and strong partnerships are essential, it all boils down to execution. Maintain unwavering focus on implementing the plans and achieving tangible results. Establish clear milestones, track the progress, and adapt as necessary. A relentless commitment to execution is the ultimate driver of the organisation's success.
However, this is easier said than done, especially when you experience early success. In our case, when we announced the organisation, the reception was exceedingly positive, opening up numerous new opportunities. Yet, along with these opportunities came the challenge of exploring new paths while staying true to our original target. The workload and intensity can become overwhelming, but having a strong mission and a confident team is how one navigates through the noise and continues to progress.
In conclusion, building a non-profit organisation and creating a public-private ecosystem to connect two markets is a challenging yet fulfilling endeavor. By clearly defining the mission, streamlining governance, assembling a well-connected team, forging strategic partnerships, and maintaining unwavering focus on execution, you can navigate this complex landscape with confidence.
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The news digest was curated by Konstantinos and if you have questions or suggestions for improving the news letter do reach out on LinkedIn Georgios Kolovos .