My experience over the last few years has been in the education and training space that involves some form of social improvement components. While education is notorious for being a difficult industry (it’s slow, outdated, full of bureaucracy etc.), it has the capacity to make a significant impact on our society. While Biz Dev may still mean many different things to many people, and vary a bit by company, Founders (should) handle the Business Development responsibilities during the early stages of a venture. I’ve been involved with a few business development teams beginning in college, and I’ve come to see what has worked and what does not.
The ideal structure of an early-stage Biz Dev team, that is very deal and partnership heavy, has four people. I’ve worked collaboratively with my co-founders over the years, and together we’ve closed deals, but here, I’ll briefly discuss the ideal ‘lineup’.
The first member of the Biz Dev team is the Point Guard (or coach) on the court, usually the COO, who sets up the game-plan, directs plays and guides you in the right direction. The PG can react to what the other team is doing too, and make adjustments simultaneously as needed.
The second is the Shooting-guard, which has the ability to drive the ball to the hoop, is typically a weapon from long range, and often creates their own shots. This person goes out, and actively sources and brings in deals and/or partnerships. An integral part of a successful team.
The third is the Small-forward position, which is considered to be the most versatile of the five basketball positions, due to the nature of its role. This person takes the ball that (in this case) the SG/PG passes along after the deal is closed. Small-forwards’, being versatile, typically do a little bit of everything on the court, so they’re offering help with any updates or issues -- similar to an account manager’s role.
The fourth and final piece is the Center, which would play more of a junior Biz Dev role. The Center usually plays close to basket, gathering rebounds, contesting shots on defense, and setting screens on plays on offense. This person supports all three members. Helping to build and update the company materials, keeping the pipeline clear, and generally getting involved anywhere that can lend support in any capacity.
While many earlier stage start-up teams include only the founders’ handling these responsibilities, if you have a Biz Dev team like this, you will go on to do championship-caliber things.
