Written By

Mr. Kofi B. Biritwum

BSc HRM, MSc Tech Mgt & Entrp

Introduction

Referencing to the Methodology of the Research and findings, the study could conveniently come to certain conclusions about Risk associated with ICT Start-Up Partnership. These findings and conclusions are objectively deduced from obtained data and analysis.

Findings

Various literature proposed that people form Partnership for various reasons and it all based on what is the End game for the Entrepreneur. These reviews did not totally deviate from our survey conducted with both the Entrepreneurs and Business Partners. The following were the summary findings of the study.

Importance of ICT Startup Partnership

ICT Startup Partnership is a very flexible business model that has the capacity to generate a greater return on investment for the Entrepreneur with little or small initial investment. It remains the best form of business category taking into cognizance the global trend in industry dynamics. In considering the benefit that will come to the ICT Startup Entrepreneur, the growth of the business has, a great repel effect on all individuals connected to the Startup Venture.

It also observed that Entrepreneurs look out for certain benefit in entering into ICT Start-Up Partnership and because Tech businesses has the potential of high cash turnover, the Entrepreneur would then need Partners who could invest into the Enterprise. It also observed that a requirement for ICT Start-Up Partnership should be that the Partner brings to the table his Technical Abilities. Tech Businesses normally requires different Skillset to survive and succeed so most often Entrepreneurs would also look out for like-minded Technical People.

ICT Startup Partnership Failures

Regardless of the fact that most Startup businesses consider financial support as the main reason for the business failure, ICT Startup Partnership consider the commitment of the business Entrepreneur as a growth factor. Trust in the ICT Startup venture and the Entrepreneur is important in the Partnership process. The skill requirement of the Entrepreneur cannot be over emphasized since the ICT industry require various specialized skillset with constant introduction of new technologies. 

Even though Entrepreneurs applaud ICT Start-Up Partnership, they were not silent on the associated dangers for which they raise ‘red-flag’ against it.

ICT Startup Entrepreneur Preference for Partnership

In business decision making, the Entrepreneur has variety of options to consider therefore among the various types of businesses the Entrepreneur is expected to make prudent, sound choice. That is why from the study it established that the ICT Startup Entrepreneur prefers partnership against the others. It is said that two heads are better than one therefore it makes sound decision for the ICT Entrepreneur to make a Partnership Choice.

It was also evident from the survey and opinion of various Entrepreneurs involved in the study and as quoted in the research that Partnership is the preferred model. However, there were those who said they would resort to the other forms of business because they intend not to spread risk associated in the ICT Start-up Partnership

Strong ICT Startup Partnership

The findings established that in building a lasting and strong ICT Startup Partnership a well-documented agreement needs to be formulated. It should always be clear the requirement and responsibilities of the parties involved in this type of business venture. A review of the Partnership requirement is needed consistently through meetings and other scheduled forums.

The Cardinal objective of a business Venture is to succeed and make profit hence from this research, it observed that ICT Entrepreneurs accrue some benefit after entering into ICT Start-up Partnership, which includes Financial Security that makes the Venture liquid. Some are able to increase their investment Portfolio by joining a Start-Up involving ICT business with time whiles others are able to create and improve relationship out of it.

Conclusion

The main objective of this research is to determine what causes ICT Start-Up Partnership failure and from intensive reviews and research, it has been determined that Commitment from all Partner’s help in a long way to save the venture.

In making a decision among the various forms of business, Partnership remains optimal in choice for ICT Startups because of its effect. Conclusively the entrepreneur can mitigate losses by spreading liabilities and can revive the Startup with the other Partners.

The research also conclusively determined other measures to protect the ICT Entrepreneur thus choosing partners who have the required Skillset to improve the fortunes of the venture. If the driving force of the ICT Startup Partnership is in the mutual interest of the Parties is to succeed, the obstacles are surmountable. A proper documentation always seals the agreement that reduces fallout for the partners.

‘The Part of Partnership that makes it difficult is the Part of the Parties’. This notwithstanding is very safe than the other Business types for the Entrepreneur especially those venturing into ICT Startups.

The best antidote therefore is to START the venture, think through the choice of the Partner and ensure that he/she is committed to the cause of the venture as it has been discussed in this research paper. 

Recommendations

The following proposals are recommended by the researcher for the purposes of this research topic;

1.      Partnership remains the best form of business type for new ICT initiatives hence Entrepreneurs should be encouraged to forms this venture so that risk associated can be shared and minimized.

Various institution of learning and training should endeavor to guide student on partnership business formation whiles making entrepreneurship compulsory in all business courses. A database of entrepreneurs who are interested in forming partnership should be developed at both the regional and national levels with a clear category of demands by the entrepreneurs so that they can be screened and paired if they have passionate interest in Startup Partnership.

More so a vetting committee can be setup to select who will managed and shortlist interested and partnership driven entrepreneurs.

2.      Institutions should also train and assist graduate Students to venture into ICT Partnership since the global transformation hinges on it and especially for third world countries.

ICT Entrepreneurial training materials should be organized such that students will be passionate about forming partnership in order to create solutions for national development. Through evolving technologies, many areas need re-engineering in their service provision i.e., payment and transportation systems. It is therefore relatively easier for two or more people to come up with a comprehensive mobile solution to locate commercial transport with government support than an individual taking up a project of that nature.

3.      More effort is required from the government to encourage and assist ICT Entrepreneurs and graduates by setting up venture capitalist group that have specialty in ICT and ICT Entrepreneurs hub to groom and develop Personnel who have interest in this sector.

The effort of Venture Capitalist groups is quite restricted since they don’t intend to take risk on Sole Proprietors so their operations in supporting entrepreneurs who form Partnerships are also like the traditional financial institutions operations where they explore all forms of securities before they assist the entrepreneurs.

In addition, the government allocated budget that will fund Partnership Entrepreneurs should also include Researching into the potential areas of success in ICT Startups. This also have the potential to induce a lot of interest in budding Entrepreneurs to venture into ICT Startup Partnerships.

4.      Various organization should also support Graduate ICT Entrepreneurs to understudy their ICT business model and assist them acquire some level of management skill to startup with.

Organizations have considerable resources to assist graduates who have ICT Entrepreneurial edges to understudy and support such individuals. Most interns are put behind the desk or made to run errands in the organization instead of giving the opportunity to be part of the organizational operations.  Others have no or limited contacts with CEO’s or business leaders who have varied skills in running multiple startups in order to understudy them for their Entrepreneur hand on practice. Very often Graduates learn from afar or understudy other workers who are just after their monthly Pay cheques.

It is therefore recommended that together with the institutions involved, an arrangement for specialized training for such potential ICT graduate entrepreneurs be consistently organized. This in essence will allow Graduate ICT Entrepreneurs acquire insight in risk associated in Startups and Partnership